Market information

Tuesday, March 23, 2010

Yesterday the euro depreciated against the dollar. Investors lost trust in the European currency by continuing turmoil over Greece. The German government announced that a solution will probably not be found at the EU summit at the end of the week.

The announcement, of Angela Merkel, that financial markets should not count on a decision of the EU summit over Greece caused a decrease of Greek bonds and stocks. The interest on ten year Greek bonds increased with 12 basis points to 6.49%. To compare: the German interest on ten year bonds equals 3.07%.

American stock exchanges reacted positive on the approval of the new health care system of president Obama. Stocks of companies that are affiliated to the health care industry caused the exchanges to increase, beacuse investors expect a positive role of the health insurance system for drug manufacturers.

The 6M Euribor remained unchanged at 0.95%. The 10Y Swap rate decreased with 4 basis points to 3.27%.

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Monday, March 22, 2010

Inflation in India reached a level of almost 10% on an annual basis in February. As a consequence, the central bank increased interest rates to prevent overheating of the economy. The refinancing rate increased from 3.25% to 3.5% and this was the first increase in two years. However, analysts expect that this measure is taken too late. They expect that the economy, biggest of Asia after Japan and China, is already overheated. Last week, the World Bank pointed out that China should take monetary measures as well to prevent a real estate bubble.

In a hearing from the Dutch parliament today, a better representation of pension holders in the board of pension funds will be discussed. Especially the participation of younger people is reviewed, since their pension benefits run the most risk in the future. In the Netherlands there are around 600 pension funds, which together hold EUR 650 bln worth of pension assets. Because of higher life expectancy and the economic crisis, the assets of pension funds are expected to be dried up within 30 to 40 years time, when holding cash benefits and policy the same.

The 6M Euribor remained unchanged at 0.95%. The 10Y Swap rate decreased 2 basis points to 3.31%.

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 19, 2010

In February, the U.S. index of leading indicators increased for the eleventh consecutive month. The index rose by 0.1%, in line with expectations of economists. The index is considered an indicator for economic growth in the next three to six months.

In February, the U.S. inflation rate was 2.1%. This is slightly lower than analysts’ expectations of 2.3%. The core inflation (inflation excluding food and energy) remained unchanged at 0.1% in February. This was in line with expectations of analysts. Last week, the number of new applications for unemployment benefits in America dropped by 5,000 to 457,000. Analysts expected the number to drop to 455,000 applications.

The trade deficit in the euro zone turned out to be higher than expected. A sharp fall in export trade deficit caused the deficit to decrease to € 8.9 billion. Analysts expected the deficit to be € 4.0 billion. In December, the euro zone had a trade surplus of € 4.4 billion.

The 6M Euribor remained unchanged at 0.95%. The 10Y Swap increased 3 basis points to 3.33%.

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 18, 2010

Amid fears that Greece will fail to secure aid during the EU summit next week, as a Greek official was quoted as saying that the prospect of help from the EU "does not look good", the euro fell to as low as $1.3670 and Y123.25 to the US dollar and yen respectively.

Euro-Zone Current Account and Trade Balance, as well as US Consumer Price Index month on month and year on year figures are to be announced today.

The 6M Euribor decreased by 1 bp to 0.95%. The 10Y Swap decreased by 1 bp to 3.30%.

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Wednesday, March 17, 2010

In response to the S&P 500 that reached Monday its highest level in one and half years, the European stock markets opened higher. The AEX index closed 1.2% higher and closed at 339.26.

Throughout the day numbers on the American import prices over the month February were announced. The prices for imported goods and services dropped 0.3% compared with last month.

After the European stock markets were closed, the Federal Reserve announced to leave the interest rate unchanged. Furthermore, the Federal Reserve does not see any reason to change the interest rate in the near future. The American stock markets reacted positively on this news. The Dow Jones index closed 0.4% higher at 10,685.98.

Later this week the European trade balance over the month January will be announced.

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