Market information
Wednesday, June 30, 2010
Yesterday, stock indices worldwide suffered great losses again. The first reason was the the American research institute The Conference Board, which decided to lower its estimates for the growth of the Chinese economy. The previous growth forecast for the next three to six months amounted 1.7%, but is now revised to 0.3%.A second reason for the heavy losses in stock markets was an unexpected decrease of the consumer confidence level in the U.S.. After a three month increase, the index declined by almost ten points to 52.9% in June.
Lastly, new concerns about banks contributed to the losses of yesterday. The European banks have to pay EUR 442 billion back to the ECB this Thursday, what is seen as a test. This amount of money was issued last year as an emergency mean to prevent liquidity problems due to limited access on the money market. As a consequence of the above, interbank rates rose to their highest point in months.
Eventually, the AEX index closed 3.5% lower at 319.03 points and the Dow Jones lost 2.7%.
The 6M Euribor remained unchanged at 1.04% and the 10Y Swap also remained the same at 2.90%.
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