Market information

Thursday, September 30, 2010

Confidence in the European Economy has risen more than expected. Figures published by the European Commission were better than analysts’ expectations. The general Business Climate Indicator rose to 0.77 points. Analysts expected 0.58. The Economic Confidence Indicator is also better than forecast: 103.2 points as compared to 101.3. Confidence figures for the industrial and services sectors were also better than expectations.

Furthermore, the European Commission has published proposals to keep control over member states’ deficits. One of the proposals is a 0.2% of Gross Domestic Product fine for countries which have deficits which are larger than the limit set by the union.

The 6M Euribor remains at 1.16 % and the 10Y Swap remains at 2.56%.

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, September 29, 2010

The Dutch political parties VVD, CDA and PVV have come to a coalition agreement yesterday. The outlines of the agreement are unknown. If the members of the parties agree it is expected that the House of Representatives finalize the agreement on Monday.

Yields on Irish and Portuguese sovereign debt have reached record heights on Tuesday. The yield on Irish ten year sovereign debt increased 17 basis points to 6.6%. The yield on Portuguese ten year sovereign debt rose 11 basis points to 6.4%. In comparison, the yield on German sovereign debt was 2.2% on Tuesday. The increasing yields on the Irish and Portuguese sovereign debt are the result of ongoing turmoil among investors about the economic developments of both countries.

Home prices in the United States increased 3.2% in July compared to the same period last year. Compared to June home prices dropped 0.1% in July. Continuing pressure on home prices remains as a result of the expiration of tax incentives imposed by the US government, the high unemployment rate and the growing number of people who are unable to meet mortgage obligations.

Both the 6 months Euribor and 10 years swap remained unchanged at 1.14% and 2.56% respectively.

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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Tuesday, September 28, 2010

The amount of loans offered by banks in Europe increased in August 2010. Banks lending to households and businesses increased in August 2010 by 1,2% compared to August 2009.

Due to the credit crunch and the increased distrust, investors are not willing to pay more for shares than the bank's equity value per share or book value per share, according to the KBW Bank Index. Before the start of the credit crisis in 2008 bank stocks where never sold at a discount to the liquidation price.

The organisation of independent financial intermediaries, Adfiz, calls for a legal ban on fees for advising consumers on complex financial products. With this legal ban Adfiz intends to improve the image of independent financial intermediaries. Adfiz presented its memo to the Minister of Finance.

The 6 months Euribor remained at 1.14% and the 10 years swap decreased 8 basis points to 2.56%.

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Monday, September 27, 2010

Last Friday the value of the dollar against the Yen suddenly increased from 84.22 to 85.38 Yen. Traders assign the increase to an intervention of the Bank of Japan in order to prevent further increase of the Yen's value; Japanese authorities have not confirmed the intervention.

Japan is considering implementing a stimulation package of 4.6 trillion Yen ($54.6 billion) to improve the economic position. The prime Minister Naoto Kan's administration will aim to avoid increasing issuance of government bonds and fund the package by allocation higher than forecasted tax revenue and left over funds from the 2009 budget.

Last week the emerging-market stocks increased for the fourth straight week after reports indicated that the world's largest economies are growing. Last Friday the MSCI Emerging Market Index in New York faced the highest close since July 2008.

The 6 months Euribor remained at 1.14% and the 10 years swap increased 3 basis points to 2.64%..

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Friday, September 24, 2010

Ireland's GDP has decreased with 1.2% the 2nd quarter of this year, while analysts anticipated a small increase of 0.5%. This caused the interest on Irish sovereign debt to keep rising, with some investors now calling Ireland the "second Greece".

Washington is busy writing the "Chinese Currency Bill", which is intended to counter the undervaluation of the Chinese yuan by imposing import tariffs and restrictions on Chinese products. It is expected that this will put increasing pressure on the relationship between Washington and Bejing.

The Dutch statistics bureau (CBS) announced that the number of jobs in the Netherlands is increasing. In the second quarter of 2010 an increase of 24.000 was measured compared to the first quarter. The increase in jobs was realized mostly in the financial and business service industries and in the temporary employment agencies.

The 6 months Euribor remained at 1.14% and the 10 years swap decreased 7 basis points to 2.61%.

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