Market information

Tuesday, August 24, 2010

The purchasing managers’ index for the month of August shows that the Dutch economy is thriving. Although the index decreased from 56.7 in July to 56.1 in August, this is a positive development. An index over 50 indicates a growth in economic activity.

This week will show whether the economic upturn of recent times will lead to a reduction in the provision levels at banks. The banks were taking very high provisions last year in order to cope with bad loans.

Dutch investors fear a double dip. Since the fall of the AEX index from 509.77 to 199.25 points, the index has gradually been climbing back. According to investors, this is only a "relief rally" and only the confidence has increased and the losses have not been compensated.

The 6M Euribor has decreased with 1 basis point to 1.14% and the 10Y swap has decreased with 2 basis points to 2.48%.

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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Monday, August 23, 2010

In an interview with the Financiële Dagblad a board member of the Dutch central bank stated that several accountants and actuaries have acted improperly. This statement concerns valuation and the spread of assets of pension funds in the Netherlands. In reaction to this the Dutch central bank wants pension funds to increase their independence from consulting services and increase in-house knowledge.

The German government has modified the economic growth expectations for 2010. This is due to the good macroeconomic figures of the second quarter. In this quarter the German economy expanded 2.2% compared to the end of the first quarter. The original estimate for 2010 stood at 1.4%. In October the forecast will be adapted to its new value.
In contrast, France has lowered growth forecasts. Although expectations for 2010 are kept at 1.4%, those for 2011 are lowered from 2.5% to 2.0%.

The 6M Euribor remains equal at 1.15% and the 10Y swap has decreased by 5 basis points to 2.50%.

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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Friday, August 20, 2010

The unemployment in the Netherlands decreased for the fifth consecutive time according to the Dutch Central Statistics Bureau’s monthly figures. This decrease is contrary to the expectations of analysts.

The German Central Bank has adjusted the growth forecast for 2010 from 1.9% up to 3% because of the publication of higher than expected growth figures in the second quarter.

The Nikkei index has decreased 13% this year which is the highest percentage of world leading indices. The cause of the decrease is mainly due to the expensive yen and concerns about economic growth in China and the United Stated, which are major sales markets for Japan.

The 6M Euribor remains the same at 1.15% and the 10Y Swap decreased with 4 basis points to 2.55%.

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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Thursday, August 19, 2010

Production in the euro zone construction sector has climbed 2.9% during the second quarter. Compared to a year earlier production levels are still down -2.8%. Dutch construction is still lagging, showing a decrease in the second quarter of -0.8% and a drop of -9.8% from a year earlier.

Mortgage applications in the United States have risen 13% from a week earlier. This rise is propelled by refinancing applications, rising 17% due to historically low financing costs. Applications for mortgages on new purchases dropped 3.4%. According to analysts consumers don’t have enough confidence to buy a house as unemployment in the United States remains at high levels.

The 6M Euribor remains equal at 1,15% and the 10Y Swap decreased with 1 basis point to 2,59%.

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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Wednesday, August 18, 2010

Yesterday, the Minister of Social Affairs and Employment and the Dutch central bank, De Nederlandsche Bank (DNB), announced that twelve to fourteen pension funds have to reduce the pension allowances as a result of the credit crisis. Due to the credit crisis these pension funds have dropped far below the required funding level. The pensions of 150,000 retirees will be affected and reduced by less than 1% to 14% as of January 1, 2011. The names of the pension funds are not mentioned.

After four quarters of growth, Dutch mutual funds reported a decrease of 4.5% in assets for the second quarter of 2010. The decrease amounts to nearly EUR 20 billion, thereby bringing the total assets to EUR 417 billion. Reasons for the decline include revaluation, losses on the stock market and investors withdrawing their money from the mutual funds.

At the end of June 2011 Aegon will have repayed all the state aid it received in 2008. Yesterday, the insurer announced that it has agreed upon the terms of repayment with the European Commission. Analysts expect Aegon to issue shares in order to raise the funds. The shares of the listed company reacted positively on the news and closed 1.3% higher at EUR 4.61.

The 6M Euribor remains at 1.15%. The 10Y swap increased by 4 basis points to 2.60%.

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