Market information

Friday, January 29, 2010

The large Dutch option houses support a competitor of the Amsterdam stock exchange. This improves the chance of success for TOM, the alternative stock exchange that is being founded by Optiver and Binckbank.

The euro decreased again against the American dollar and reached a new six month low. The decrease is caused by uncertainty over the dealing with the budgetary deficit by Greece and Portugal.

The AEX-index suffered a small loss yesterday. After a positive start, negative reports about the American economy caused a decrease. A total decrease of 1% was stated.

Also gold decreased in value. Investors abandoned precious metals to profit from the increase of the American dollar against the euro. The same trend is observed in the stock market.

The 6M Euribor increased with 1 bp to 0.97% and the 10Y Swap decreased with 1 bp to 3.45%.

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Thursday, January 28, 2010

Despite that the Federal Reserve released a slightly more positive view of the American economy yesterday, it continues to keep the interest rate at 0.00-0.25% to keep supporting the economy. The economic figures that have been released since the last interest rate fixing indicate a recovery that is yet to fragile to increase inflation and decrease unemployment. The FED did anounce that that it is planning to stop the $1.25 trillion acquisition of mortgage backed securities as of the 31st of March. This acquisition has in part helped to lower mortgage interest rates which has stabilised the real estate market and gave a positive impulse to the financial system.

Figures published by the American ministry of energy yesterday show that the stockpiles of crude oil decreased unexpectedly last week. Stockpiles of crude decreased 3.9 million barrels to 326.7 million last week. Analists expected an increase of 0.9 million.

Yesterday the American ministry of trade also published figures that sales of family homes decreased unexpectedly during the month of December. The number of newly sold homes was 342,000, a drop of 7.6% on a monthly basis. Analists expected an increase of 2.8%.

In the attachment below, today’s market data on money and capital market rates as well as other rates are presented. For more history of these rates or other rates feel free to ask: .(JavaScript must be enabled to view this email address)

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Wednesday, January 27, 2010

Yesterday, figures of the index of the American consumer confidence from January were announced. The index increased from a level of 53.6 in December to 55.9 in January. Analysts expected an increase of the index to 54.0.

Concerns about the creditworthiness of the Greek government have decreased after a larger than expected interest in purchasing a government’s bond issue. The Greek government placed a 5-year loan of €8 billion with an interest rate of 6.2% and investors placed €25 billion in orders.

The British economy has increased less than expected in the fourth quarter of last year. The British GDP increased with 0.1% (QoQ), whereas analysts had expected an increase of 0.4%.

The 6M Euribor decreased 1 bp to 0.96% and the 10Y Swap increased with 1 bp to 3.42%.

In the attachment below, today’s market data on money and capital market rates as well as other rates are presented. For more history of these or other rates feel free to ask: .(JavaScript must be enabled to view this email address)

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Tuesday, January 26, 2010

Home sales in the United States decreased with 16.7% during December. Analists expected a drop of only 11.6%. The drop is attributed to the end of a tax credit for first time home buyers. The American government gave a $8000.- tax credit to first time home buyers until December.

Tomorrow president Obama will anounce a new plan to freeze government spending during the State of the Union address. The cuts will be outside the budgets for national security and should amount to $250 billion in the course of this decade. This plan is presented in reaction to the increasing budget deficits in the United States. The deficit for 2009 has resulted in 1.4 trillion dollar.

The economic bureau of ING expects the growth of the Dutch economy for 2010 to be 1.6%. The main driver will be export. Industries which are dependent on world trade will consequently grow at a faster rate. Amongst these are transport, wholesale trade and manufacturing. ING expects that building activity will continue to decrease during 2010 only to start recovery in 2011. The expectations for economic growth of ING reasonably match those of the CBS, the Dutch government statistics bureau, which estimates growth at 1.5%.

In the attachment below, today’s market data on money and capital market rates as well as other rates are presented. For more history of these rates or other rates feel free to ask: .(JavaScript must be enabled to view this email address)

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Monday, January 25, 2010

Economists see a decreasing economic recovery in the Eurozone. Last week, it was announced that the German economy increased only a few tenths of a percent in the last quarter of 2009. The figure for the purchasing managers index was also published last week. This index decreased for the first time since February 2009 from 54.2 to 53.6, where economists had expected a slight increase. A figure above 50 still implies that there is expansion, but it is slightly decreased. Other reasons mentioned for the moderate growth in the Eurozone are the expiry of government action and the slow rise of unemployment.

There is uncertainty about the position of Ben Bernanke as chairman of the Federal Reserve Bank. It is uncertain whether there is a majority in the Senate for reappointment for a term of four years. President Obama thinks that this majority will be achieved. The tenure of Bernanke is important, because a plan for the commercial banks to limit risk taking could be delayed substantially when Bernanke will not remain as president of the FED.

The Chinese government will take measures to prevent the economy from overheating. In a report by Citigroup it is stated that the central bank will make borrowing money more difficult by raising interest rates. The Chinese economy the fourth quarter grew 10.7% (YoY).

The 6M Euribor remained stable at 0.97%. The 10Y Swap remained unchanged at 3.44%.

In the attachment below, today’s market data on money and capital market rates as well as other rates are presented. For more history of these rates or other rates feel free to ask: .(JavaScript must be enabled to view this email address)

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