Market information

Monday, December 05, 2011

The Italian government approved a package of measures last Sunday that should decrease the budget deficit by EUR 20 billion over the next two years. One of the measures is to increase the retirement age from 62 to 66 years. This weekend, the Vice Minister of Economy, Vittorio Grilli, also announced that he expects that Italy will have a recession next year. It is expected that the growth of the economy will decrease by 0,4% to a growth of 0,5%. Grilli also said that he expects the recession will end in 2013.

U.S. Vice President, Joe Biden arrived in Greece last Sunday for meetings with the Greek Prime Minister, Lucas Papademos and President Carolos Papoulias. It is expected that these meetings will mainly cover the situation regarding the current debt crisis and that Biden will express the support of President Barack Obama for the measures taken by the Greek government to solve the crisis.

The growth of the Chinese economy is slowing down and the country's security chief, Zhou Yongkang, fears that this could lead to social unrest. Although exports in China increased in October by 15,9% compared to the previous year, this was lower than in September. The economic growth of China in the third quarter was 9,1%, while this was 9,5% in the previous quarter. Last week, there were in the south of China several major strikes because of protests against wage-cuts and layoffs.

The 6M Euribor remained unchanged at 1,70%. The 10Y Swap increased with 3 basis points to 2,68%.

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