Market information

Friday, September 03, 2010

After months of negotiations the European Parliament reached an agreement on supervision of financial markets. From January 1 three supervisors will be appointed for banks, insurance companies and financial markets. The supervisor of Banks will be based in London, for insurance companies in Frankfurt and for financial markets in Paris. There will also be a European Systematic Risk Board, this setting will improve the financial stability in Europe. Jean-Claude Trichet, President of the ECB, will be the chairman for the first few years.

Figures from Eurostat show that the economy in the euro zone in the second quarter of 2010 compared to last year were better than expected. The year-on-year growth of the gross domestic product (GDP) was 1.9%. The European Statistical Office expected a growth of 1.7%.

According to figures by Eurostat released on Thursday, the product prices in the euro area in July rose on both a monthly and annually basis. On a monthly basis the product price index (PPI) rose by 0.2% in July, an increase of 0.3% was expected. Annually the PPI rose, as expected, by 4.0%.

The 6M Euribor remains at 1.13% and the 10Y swap increased 9 basis points to 2.52%.

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