Market information

Tuesday, August 31, 2010

August figures show that both consumers and entrepreneurs have more confidence in the eurozone. Entrepreneurial confidence reached 101.8 in August compared to 101.1 in July. Consumer confidence reached -11 in August (-14 in July). The European Commission expected a consumer confidence of -11.7 and economists anticipated -12. According to the European Commission the increase in consumer confidence is the result of optimism about the general economic situation and a decline in concerns about unemployment.

Yesterday Japan announced to take further steps to stimulate domestic demand. The stimulus package totals JPY 920 billion (EUR 8.5 billion). The Japanese economy is suffering from persistent deflation. Simultaneously the Japanese yen appreciates against the euro and the US dollar. Last week the yen reached its highest level against the US dollar in fifteen years.

The Dow Jones started the week with a loss. The index closed the first trading day with a loss of 1.4% at 10,009.73 points. Part of the negative sentiment was caused by disappointing figures on US domestic income. Gross income increased slightly by 0.2% in July compared to June, but this was less than the 0.3% increase that economists expected.

The 6M Euribor remains unchanged at 1.14%. The 10Y Swap decreases with 8 basis points to 2.31%.

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