Market information

Tuesday, September 13, 2011

Yesterday the shares of banks have fallen dramatically after continuing concerns about the future of the Euro. The pronunciation of the German Minister Philipp Rosler that he does not want to exclude a bankruptcy of Greece did not provide the bank shares with any good. Societé Generale lost yesterday more than 10% like many other banks. Bert Bruggink, Board member of the Rabobank, indicated that the Greece issue has reached a new phase. According to Bruggink it is not whether Greece goes bankrupt but only when.

The Japanese Prime Minister, Yoshihiko Noda has warned for the high Yen which can further erode the Japanese industry. According to Noda, reducing the height of the Yen is one of the top priorities of the Japanese Government.

President Obama has indicated that he wants to finance the comprehensive job plan of 447 billion dollars through tax increases. Especially the wealthy Americans will pay more tax. The Republicans have indicated that they want to cooperate to encourage employment but that they see nothing in any tax increases.

The U.S. stock markets have closed positive yesterday after news that China is talking with Italy about the purchase of Italian Government bonds. The Dow Jones Index closed 0,6% higher on 11.061,12 points. The S&P 500 rose 0,7% to 1.162,27 points. The Nasdaq rose by 1.1% to 2.495,09 points.

The 6m Euribor has decreased by 1 basis point to 1.72%. The 10Y Swap has increased by 1 basis point to 2.51%.

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, September 12, 2011

The concerns about a Greek default increased again, last Friday rates on the credit default swaps to insure the Greek five-year government bond increased by 475 points to a record of 3500 basis points. Moreover, according to analysts it seems that Germany is preparing for a possible default of Greece. The German Minister of Economic Affairs, Roesler, has said that there are no taboos anymore in order to stabilize the euro.

Analysts are expecting that the credit rating of the three largest French banks, BNP Paribas, Societe Generale, and Credit Agricole will be downgraded this week. Credit rating agency Moody's already announced in June that it would reassess the credit rating of the French banks. The grade downgrade is most probably related to the large exposure to Greece of the banks.

Last Friday the world stock markets closed with substantial losses. On Wall Street, the S&P 500 closed 2.67% lower at 1154.23 points. The Dow Jones index closed at 10,992.13 points, a loss of 2.69%. In Amsterdam the AEX index closed 2.57% lower at 276.10 points. Currently, the Nikkei 225 is at a loss of 2.31%. It is expected that in Europe and the U.S. the stock markets will open lower today.

The 6M Euribor remained unchanged at 1.73%. The Euro 10Y Swap decreased by 10 basis points to 2.50%.

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Friday, September 09, 2011

Last Thursday, the OECD presented a report on the largest industrialized countries (G7). It predicted that economic growth would decline significantly in the last quarter of this year. On an annual basis, Germany is expected to undergo a 1.4% decrease. The U.S. economy is however set to grow in the last quarter of this year by 0.4%.

The president of the U.S. Federal Reserve, Ben Bernanke, announced yesterday that the Central Bank will put focus on spurring economic development and reducing poverty through measures to increase employment. He also expressed his concerns about inflation, however, there were no details presented on how objectives of reducing it were to be achieved.

Yesterday, Barack Obama revealed that 447 billion dollars (323 billion euros) available for the creation of new jobs. He wants to achieve this objective via tax advantages for businesses and employees and by creating infrastructure projects. Obama has the support of the Congress to achieve the goals of the proposal.

On Thursday, the Italian cabinet approved the budgetary rules in the Constitution. If the proposal is adopted by parliament, future governments will be required to balance income and expenditure to a greater extent. Earlier this week, the Spanish senate constitutionally also approved the budgetary rules.

The 6M Euribor remained unchanged at 1.73%. The 10Y Swap decreased by 7 basis point to 2.60%.

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Thursday, September 08, 2011

Today, both the European Central Bank (ECB) and the Bank of England (BoE) will decide on their monetary policy. The official BoE bank rate is currently 0.5%. The current ECB refinancing rate is 1.5%. Economists expect that both the ECB and the BoE will leave its main interest rates unchanged.

The European Union member states and the European Parliament agreed on tightening the budget standards of the European Stability Pact. The new agreement enhances that member states that exceed, or are risking exceeding the fiscal standards of the stability pact can be penalized.

Yesterday, the stock markets experienced a positive trading day. On Wall Street the Dow Jones index closed 2.47% higher at 11,414.86 points. The S&P 500 index increased 2.86% to 1198.62 points. In Amsterdam the AEX index closed at 281.05 points, up 2.82%

The 6M Euribor remained unchanged at 1.73%. The 10Y Euro Swap remained unchanged at 2,67%.

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Wednesday, September 07, 2011

The continuing concerns about the European economy have led the Euro for the first time since July 13 under the 1.40 dollar. Reason for this is the distrust among investors about the potential of the Italian Government to address the national debt, discord in the German government on the enlargement of the European emergency fund and the expectation that the ECB will keep interest rates low for the time being.

Tomorrow, Obama will present its new plan to stimulate the economy and create new jobs. According to CNN, this plan will involve 300 billion dollar of investments. This plan should tackle the unemployment rate which is for quite some time around the 9.1%. In response to the European debt crises, Obama has indicated that America still has confidence in Europe to solve these crises.

The export orders of the German industry declined in July with 7.4% compared to the month before. Factory orders have declined 2.8% compared to June.

After a volatile day of trading on the stock exchanges in the US, the Dow-Jones closed 0.9% lower on 11.140 points. The S&P 500 declined 0.74% and closed on 1.165 points. The Nasdaq ended the trading day 0.26% lower at 2474 points.

The 6M Euribor remained unchanged at 1.73%, the 10Y Swap declined 1 basis point to 2.67%.

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