Market information

Monday, February 01, 2010

Last Friday, the U.S. Department of Commerce announced a GDP growth of 5.7% for the fourth quarter of 2009. It is the strongest QoQ growth in the past six years. The growth exceeded the expectations of analysts who counted on a growth of 4.6%. The strong growth was mainly caused by companies that complemented their stocks again. On an annual basis the economy declined by 2.4%.

The better than expected growth rates for the U.S. economy could not prevent declining prices on New York stock exchanges. The Dow Jones index lost 0.5% on Friday and the S&P 500 lost 1%. Investors are not convinced that the higher than expected growth in the fourth quarter results in a period of steady growth, because it would be a brief revival after government action.

The European Commission investigates the guarantee that the Swedish government provides for the loan of the European Investment Bank to Saab of EUR 400 million. European regulation allows Member States to provide guarantees for loans of poor performing companies, but a premium should be paid. The commission examines whether the new combination Saab Spyker pays a sufficient amount to the Swedish government.

The 6M Euribor increased to 0.97% and the 10Y Swap decreased with 3 bp to 3.42%.

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