Market information
Tuesday, August 03, 2010
The AEX has started the week with a gain of 2.7% and closed at 339.66. Positivism on the Amsterdam stock exchange, but also on other European stock exchanges, was fueled by better than expected quarterly results from the banks HSBC and BNP Paribas. Especially financials benifited from the results of HSBC and BNP Paribas. ING, for example, closed 5.8% higher on Monday.
Investor confidence in the banking sector seems to be restored after the results of the stress test on 23 July 2010. Capital has become relatively inexpensive for European banks for this reason. The Spanish banks Santander and BBVA are the largest issuers of bonds up to this moment. Together they issued EUR 2.75 billion of bonds. Next to the Spanish banks, Rabobank, BNP Paribas, Barclays and Credit Suisse have issued bonds since the stress test results were announced.
The Dutch central bank, De Nederlandsche Bank (DNB), suggest that European countries with large current account deficits should be strictly monitored. European countries with current account surpluses should receive more freedom. Next to the current account, DNB suggest that a maximum of four other indicators should indicate whether a country should be strictly monitored. Possible indicators could be developments in residential prices and the growth in the supply of credit, according to DNB.
The 6M Euribor remained the same at 1.15% and the 10Y Swap decreased with 1 basis point to 2.95%.
In the attachment below, today’s market data on money and capital market rates as well as other rates are presented. For more history of these rates or other rates feel free to ask: .(JavaScript must be enabled to view this email address).
Monday, August 02, 2010
Last Friday, the US preliminary gross domestic product for the second quarter 2010 was published. The economy expanded at 2.4% (annualized rate) which is less than the economists forecast of 2.6% and down compared to the revised 3.7% growth in the first quarter 2010. Consequently, the global equity markets finished this roller-coaster week in the red. During the week, the markets have evolved according to the wave of corporate earnings. The concerns about the US economy have caused a fall of the US Dollar (USD) against the Japanese Yen (JPY) at the lowest point in 8 months (1 USD for 86 JPY).
Despite the rise of the Eurozone inflation to a 20-month high at 1.7% in July, financial markets do no expect a change in the main interest rate of the European Central Bank coming Thursday. The rate should remain at the record low of 1%.
China is expected to have a gross domestic product (in USD) larger than Japan this year meaning the second-largest economy in the world. This result depends on the international currency movements. Note that in purchasing power parity terms, China is already the second-largest economy for years.
The 6M Euribor remained the same at 1.15% and the 10Y Swap decreased with 1 basis point to 2.96%.
In the attachment below, today’s market data on money and capital market rates as well as other rates are presented. For more history of these rates or other rates feel free to ask: .(JavaScript must be enabled to view this email address).
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