Market information

Tuesday, March 09, 2010

Last Monday, the gold price dropped to USD / ounce 1125.75. Due to the euro becoming stronger, the gold becomes less attractive as an alternative to the euro.

Yesterday the oil price reached the highest level in 2 months. A barrel of North Sea oil cost USD 81.75, this is approximately USD 10 more than last month. Nicolas Sakozy, the French peresident, appointed that the eurozone is prepared to help Greece. This decreases the concerns about the future of the euro. By including this optimism about the recovery of the global economy the oil prices increased.

From figures published yesterday by the 'Centraal Bureau van de statistiek (CBS)' shows that the Dutch unemployment rose in all provinces in 2009. In Noord-Brabant the unemployment has a strong increasement, the percentage rises from 3.4% to 4.8%. Also the cities Amsterdam, Rotterdam, Utrecht and The Hague has a strong increasement of the unemployment rate.

The 6M Euribor equals 0.96% and the 10Y Swap decreased with 1 bp to 3.35%.

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, March 08, 2010

Dutch pension funds don’t have to take the weakened position of the insurers where they reinsured their risks into account yet. Minister Donner of Social Affairs announced Friday that the pension funds received deferment until the end of this year will delay. Previously it was determined that the funds on April 1 had to take into account the counterparty risk of their insurer. Due to a devaluation of almost all Dutch insurers the risk profile of the reinsured pension funds was higher than was estimated beforehand, which means that their buffers should be increased.

Last Friday it was announced that the U.S. unemployment rate in February is 9.7%. This is lower than the 9.8% that analysts had expected. In January, unemployment rate was also 9.7%. The news had a positive effect on the mood on the stock exchanges in New York and Amsterdam. The Dow Jones index closed 1.2% higher Friday. The AEX index recorded a plus of 1.9%. This meant a higher closure for the sixth day in a row.

The 6M Euribor remained unchanged at 0.96%. The 10Y Swap remained unchanged at 3.36%.

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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Friday, March 05, 2010

The Institute of International Finance (IIF) has emphasized that too many rules are made on the regulation of banks. This could cause a hindrance in the recovery of the banks. The IIF does not provide solid examples, but this warning is certainly a consequence of the plans by U.S. President Obama to split the banks and the British Prime Minister Brown to banks to pay a special tax.

Several think tanks in Washington suspect Chinese currency manipulation. Reason for this is that the US is facing high unemployment and trade deficits and the presence of Chinese surpluses. Analysts estimate that the yuan is 25% undervalued against the dollar.

The assessment of the 'long term and senior debt ratings "Deutsche Bank has downgraded to Aa3, according to rating agency Moody's. Reasons for this fall from Aa1 to Aa3 are the volatility of the turnover and delays in the acquisition of Deutsche Postbank.

The European Central Bank has left the refinancing rate unchanged at 1.00%.

The 6M Euribor remained unchanged at 0.96%. The 10Y Swap is decreased 1 basis point to 3.36%.

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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Thursday, March 04, 2010

Yesterday, the Greek Government announced additional measures for € 4.8 billion to close the budget deficit this year. Because this amount was greater than was expected by the market, the interest on Greek government bonds decreased. Interest on the pieces maturing in ten years fell yesterday for the first time in weeks below 6%. The euro and the AEX-index benefited from the news. The euro rose 0.8% to $ 1,372. The AEX index closed 1.1% in the plus and that meant the fourth higher end of day closing in the last four days.

In the second half of 2009 Fortis Bank Nederland showed a net loss from ordinary activities of € 23 million. This was partly caused by the provision that the bank recorded for bad loans for an amount of € 220 mln. The bank, together with ABN Amro Nederland owned by the State, can however report a positive result for 2009 due to a one time windfall. This benefit stems from the settlement of a subordinated loan it received from former parent company Fortis Holding. It is still uncertain whether Fortis Bank can benefit from this arrangement, because Fortis Holding challenges the payment related to this arrangement in court.

The 6M Euribor remained unchanged at 0.96%. The 10Y Swap interest rate increased 2 basis points to 3.37%.

In the attachment below, market data of today 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 Zanders: .(JavaScript must be enabled to view this email address)

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Wednesday, March 03, 2010

Consumer prices in the Eurozone have increased by 0.9% (YoY) in February. This was as analysts consulted by Bloomberg had expected. In January, consumer prices rose by 1.0% annually. Producer prices in February increased by 0.7% (MoM), somewhat higher than analysts had expected.

In January, retail sales in Germany remained unchanged in comparison to February , whereas analysts had expected an increase of 0.5%.

In February, Ford was the best selling car manufacturer. Ford sold 43.1% more vehicles (YoY), resulting in a market share of 17%. In previous years, General Motors has been the best selling car manufacturer, a position which they lost despite a 11.5% increase in vehicle sales.

The 6M Euribor remained unchanged at 0.96% and the 10Y swap remained unchanged as well at 3.36%.

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