Market information
Thursday, September 09, 2010
Wednesday, the Federal Reserve reported in the Beige Book that the economic growth in the United States continues, but shows signs of slowing down. The report is based on twelve regional offices of the Fed. According to five of these districts, the Fed economic growth is at a moderate pace, while five other districts report mixed conditions or an economic slowdown. The remaining two districts reported a positive development.Ten of the largest financial institutions in the Netherlands will test their products on the interests of their customers, Theodor Kockelkoren, member of the Board of the Netherlands Authority for the Financial Markets. The AFM wants compensation for the damage of these products to the customers. Theodor Kockelkoren wants the first results of the investigation next year.
Wednesday, figures from the German Ministry of Economic Affairs shows an increase of the industrial production on monthly basis in June. The industrial production in Germany rose by 0.1% on monthly basis, economists expected an increase of 1.0%.
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).
Wednesday, September 08, 2010
Yesterday a council of European finance ministers revealed different views about the way banks and other financial institutions should be extra charged. The European Commission would like to introduce two different arrangements. First, the bank levy is intended to fill an emergency fund for a future banking crisis. In addition, the import tax should reduce the excessive risks taken by banks and should enforce more banks to become responsible for the social costs of a crisis.
José Barroso, president of the European Commission, is exploring new forms of European funding and will include European bonds. Issuing bonds is an extremely sensitive topic for some European countries. Weaker countries can only obtain money at high interest rates but through Eurobonds, all European States can benefit from low interest rates. Barroso also said that he was against euro speculation, and speculation against weak States, and will address the trade in credit derivatives to limit.
After a few days of an increasing U.S. interest rate, it has dropped sharply again yesterday. This reintroduces the fear of a double dip. Especially uncertainty surrounding the health of European banks accounted for the decline in U.S. interest rates.
The 6M Euribor remained unchanged at 1.13%. The 10-year swap decreased 3 basis points to 2.53%.
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).
Tuesday, September 07, 2010
According to De Nederlandsche Bank (DNB) the commercial Dutch banks have not further tightened the credit terms on loans since the emergence of the credit crisis. DNB also announced that credit growth over the last twelve months was 2.9% higher in July. DNB expects banks not to ease on credit terms in the near future with the new capital requirements under Basel 3.
The expectations are that the core capital of banks under Basel 3 relative to its risk-weighted assets must meet higher standards. The Bundesverband Deutscher Banks claims that the ten largest German banks need EUR 105 billion to meet these new capital requirements.
Although the stock markets in the United States were closed and no major industrial or macro-economic figures were announced, the AEX index closed 0.4% higher at 330.53 points yesterday.
The 6M Euribor remains at 1.13% and the 10Y swap decreased 4 basis points to 2.56%.
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, September 06, 2010
Last Friday the AEX index closed 0.9% higher at 329.35 points. Figures on the American labor market satisfied the investors at the Amsterdam stock exchange. Although the American labor market shrank with 54,000 jobs in August, economists expected the number of jobs to shrink with 105,000.
The Indian economy reported in the second quarter of this year the strongest economic growth since the credit crisis: 8.8% annually. Economic growth in the first quarter of this year was 8.6%. The impending rise in inflation in India makes an increase in the interest rate by the central bank likely.
There are growing concerns over the large number of bad bank loans in China. While the banks still demonstrate a strong performance, expectations are that the banks have to raise money to strengthen their balance sheets in the coming months.
The 6M Euribor remains at 1.13% and the 10Y swap increased 8 basis points to 2.60%.
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).
Friday, September 03, 2010
After months of negotiations the European Parliament reached an agreement on supervision of financial markets. From January 1 three supervisors will be appointed for banks, insurance companies and financial markets. The supervisor of Banks will be based in London, for insurance companies in Frankfurt and for financial markets in Paris. There will also be a European Systematic Risk Board, this setting will improve the financial stability in Europe. Jean-Claude Trichet, President of the ECB, will be the chairman for the first few years.Figures from Eurostat show that the economy in the euro zone in the second quarter of 2010 compared to last year were better than expected. The year-on-year growth of the gross domestic product (GDP) was 1.9%. The European Statistical Office expected a growth of 1.7%.
According to figures by Eurostat released on Thursday, the product prices in the euro area in July rose on both a monthly and annually basis. On a monthly basis the product price index (PPI) rose by 0.2% in July, an increase of 0.3% was expected. Annually the PPI rose, as expected, by 4.0%.
The 6M Euribor remains at 1.13% and the 10Y swap increased 9 basis points to 2.52%.
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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