Market information

Wednesday, November 09, 2011

Yesterday, Italian Prime Minister Silvio Berlusconi announced to resign as soon as the Italian Parliament passes urgent budget reforms. These reforms should lead to a decrease of the Italian public debt. Moreover in 2012 nearly € 300 billion in bonds will expire. Italy has to find new investors for these bonds. The total debt of Italy is € 1,900 billion, which represents 120% of gross domestic product.

Today, it is expected that Greek political leaders will announce the new government. The last obstacle in the negotiations seems to be the new prime minister. The former vice president of the ECB, Lucas Papademos, has been mentioned several times as the successor of Papandreou. Sources within the socialists and conservatives parties say that there is some resistance to his candidacy. Also Papademos himself seems to have his doubts.

The news about Berlusconi and the good Chinese inflation rates resulted in a positive mood on Asian markets. The Nikkei in Tokyo closed 1.1% higher. Wall Street welcomed the resignation of Berlusconi positively. The Dow Jones closed 0.8% higher and the S & P 500 gained 1.2%. The AEX closed yesterday 1.4% higher and also the stock exchanges in Frankfurt, Paris and London ended positively with gains of 1.3%.

The 6M Euribor decreased by 1 basis point to 1.69%. The 10Y Swap increased by 2 basis point to 2.52%.

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