Market information
Friday, July 23, 2010
This afternoon, after the close of the markets, the results of stress tests in which 91 European banks participated are published by the European Banking Committee of Supervisors. The results include the effects of two stress scenarios that the banks have analyzed. There is disagreement on the usefulness of the transparency regarding these stress tests. On the one hand, transparency is needed on the risk profile of banks, but on the other hand, the openness of these figures may lead to reduced confidence in the financial sector. ING Financial Markets states that a possible consequence of a relatively poor outcome of banks from a particular country is that credit spread to be paid on the government bonds from that country will increase drastically.
The coverage ratio of large pension funds in the Netherlands is still below the minimum required coverage ratio by the dutch central bank of 105%. The nominal coverage rates for pension funds for the metal sector, PME and PMT, are respectively 91% and 93% at the end of June. The returns on assets are not disappointing, but the persistence of low interest rates causes the value of the liabilities to remain high. The other big pension funds in Netherlands, Zorg en Welzijn (healthcare) and ABP (government) have not reached the required level either with coverage ratios of 99% and 95%.
The 6M Euribor remains at 1.13%. The 10Y swap increased 5 basis points to 2.91%.
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).
Thursday, July 22, 2010
After five bad days the AEX finally experienced a good trading day. The Amsterdam Stock Exchange closed at 326.36 points, a gain of 1.8%. The profit was mainly due to good results from U.S. banks including Morgan Stanley and Wells Fargo.
U.S. president Barack Obama has put his signature under the so-called ‘Dodd-Frank Wall Street Reform and Consumer Protection Act’. The Reform Act provides the strongest consumer protection in history, according to Obama. The Reform Act provides, inter alia, the establishment of an oversights board that will monitor the financial markets.
Yesterday, the gold price increased by 0.72% and now yields to USD 1192 per ounce. The gold price is already increasing for months and will continue to increase according to experts. Several outlooks forecast that the gold price will yield to USD 1350 at the end of 2010.
Tomorrow the results of the stess tests will be publicly announced, which were executed at the 91 biggest banks of Europe. Yesterday, leaking information about the results of the stress tests already resulted in a decline of the Euro.
The 6M Euribor remained unchanged at 1.13%. The 10Y swap decreased with 4 basis points to 2.86%.
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, July 21, 2010
Yesterday, after a brief revival the euro fell below $ 1.30. This came after news on the stress tests results for European banks. There was news that the German Hypo Real Estate mortgage lender had not passed the test, despite repeated assurances from European leaders that the banks are doing well. Although Hypo Real Estate is the only German bank that has not passed the test, it was enough to initiate a fall in the Euro exchange rate. Yesterday as well, the Central Bureau of Statistics published figures showing that consumer confidence in the Netherlands has improved in July. The consumer confidence index amounted in July to -14 to -18 in June. The consumer confidence about the economic climate appears to be significantly less negative than in June. This sub indicator of consumer confidence rose to -19 in July, an increase of 10 points with respect to a month earlier. The 6M Euribor increased with 1 basis point to 1.13%. The 10Y swap remain unchanged at to 2.90%. 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, July 20, 2010
Activity in the European building sector has declined for the second month in a row. Across the European Union 1.0% fewer buildings were produced in May from a month earlier. Compared to a year earlier, the drop is -6.3%. In the Netherlands production increased, 3.7% more buildings were produced in May than in April.German producer prices rose 0.6% from a month earlier in June. The increase from a year earlier is 1.7%. Energy prices are the main driver of the increasing price level. From May to June, these prices rose 2.1%.
The AEX-index closed with a 0.6% loss on 322.00 points yesterday. For a large part of the trading day the index was in the green. However, after the opening of Wall Street and the publication of index figures of American home builder confidence, the stock exchange lost its winnings. The confidence index was at 14 points whilst analysts expected 16.
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, July 19, 2010
On Friday, Eurostat published the figures which showed an unexpected trade deficit of EUR 500 million in the balance of trade. Consulted economists expected a trade deficit of EUR 500 million, the trade deficit was EUR 3.4 billion in May.Eurostat also decided to defer the adjustments of the budget figures of Greece with six months. Therefore it will certainly take until October before it becomes clear how the Greek economy is doing. The study is more extensive than previously thought.
In June, the consumer prices in the United State have declined slightly. There was a deflation of 0.1% compared to previous month. Consulted economists expected that the consumer prices remained unchanged, according to figures published by the U.S. government.
The 6M Euribor increased with 1 basis point to 1.11%. The 10Y swap decreased with 4 basis points to 2.85%.
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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