Market information

Friday, November 04, 2011

Thursday, the ECB announced a decrease of a quarter percentage point to 1.25% of the key refinancing rate. The new president of the European Central Bank (ECB), Mario Draghi, stressed a sombre outlook for the European economy in his explanatory statement.

The debt crisis continues to pressure the interbank money market. Eurozone banks deposited the largets amounts of overnight funds at the ECB this year, signaling that banks are hesitant to lending to each other on the interbank market. Eurozone banks deposited 253 billion euros for 24 hours at the ECB, due to concerns regarding the eurozone debt crisis.

There is again an upturn on the European stock exchanges. Thursday, the Greek Prime Minister, George Papandreou, announced the withdrawal to hold a referendum on the adoption of a European rescue plan for the debt crisis in Greece. Additionally, the ECB unexpectedly reduced the key interest rate in the Euro area. The European indicators were already positive by the rumors of the possible resignation of the Greek prime minister. In Amsterdam the AEX index closed 2,10% higher at 304,50 points. The stock exchanges on Wall Street also closed higher due to the news from Greece. The Dow Jones closed 1.80% higher at 12044,47 and the S&P 500 closed 1.88% higher at 1261,15.

The 6M Euribor remained unchanged at 1.78%. The 10Y Swap increased with 8 basis points to 2.56%.

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