Market information

Friday, January 13, 2012

The president of the European Central Bank(ECB), Mario Draghi, said yesterday the ECB will keep the refinancing rate at 1%. There were “tentative” signs of economic stabilization in the eurozone as successful government bond emissions of Spain and Italy indicated at least temporary easing of the debt crisis in the eurozone.

Spain and Italy raised EUR 22 billion in debt sales yesterday. Spain raised EUR 9.98 billion in bonds maturing in 2015 and 2016. The average yield was 3.384% for a bond maturing in July 2015, a considerable decrease in yield compared to December when similar bonds were sold at a yield of 5.518%. Italy sold EUR 12 billion in bills with maturities of up to 1 year. The average yield on a one-year bill was 2.735%, the yields on similar bills was 5.952% in December.

On Wall Street the S&P 500 increased by 0.23% to 1295,50 points. The Dow Jones index increased by 0.17% to 12,471.02 points. In Amsterdam the AEX index fell by 0.43% to 310.30.

The 6M Euribor decreased by 1 basis point to 1.53%. The 10Y Swap remained unchanged at 2.31%.

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, January 13, 2012

On Wall Street the S&P 500 increased by 0.23% to 1295,50 points. The Dow Jones index increased by 0.17% to 12,471.02 points. In Amsterdam the AEX index fell by 0.43% to 310.30.

The 6M Euribor decreased by 1 basis point to 1.53%. The 10Y Swap remained unchanged at 2.31%.

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Thursday, January 12, 2012

Today, the European Central Bank (ECB) will have a monetary meeting in which it will decide on its key interest rates. The current refinancing rate of the ECB is 1.00%. Analysts expect the ECB will leave its key interest rate unchanged. In addition, also the Bank of England (BoE) will take a decision on its monetary policy. It is expected that the BoE will maintain its official bank rate at 0.5%.

German consumer prices increased in December. The consumer prices increased by 0.7% compared to November and increased by 2.1% compared to December 2010. This is in line with expectations. In addition, preliminary data indicates that the German economy has grown with 3% annually in 2011. Noted should be however that in the last quarter of 2011 the German economy shrank with an estimated 0.25% compared to the third quarter of 2011. Final figures will be published in February.

In Amsterdam the AEX index closed 1.22% lower on Wednesday, at 311.65 points. In the United States the S&P 500 index closed just above the closing level of 1292.48 points on Tuesday. The Down Jones index decreased by 0.1% to 12,449.45 points.

The 6M Euribor decreased by 1 basis point 1.54%. The 10Y Swap decreased by 6 basis points to 2.31%.

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Wednesday, January 11, 2012

Following Germany, also the Netherlands successfully sold EUR 3.1 billion of bonds at a record low interest rate yesterday. The Netherlands paid just 0.853% on government bonds with a maturity of three years. Austria on the other hand, paid a higher interest rate (2.213%) than in August (1.960%) on the five-year government bonds at yesterday’s auction. In comparison, the Dutch five-year rate is just below the 1.2%, the Spanish rate is more than double the Austrian rate. Spain and Italy will sell their bonds in an auction later this week.

Bloomberg and the Swiss Bank UBS predict a bigger slowdown of the Chinese import growth in 2011 than expected. The decline in growth is bad news for the global economy and especially for those countries that sell raw materials in China.

The central bank of Portugal has changed their prognosis for 2012. According to them, Portugal should prepare itself for an even deeper recession. Earlier predictions showed a contraction of the Portuguese economy this year of 2,2%. Yesterday, the central bank announced a predicted decline of 3.1%. A bright spot is that Portuguese economy is expected to grow slightly again in 2013.

Philips’ profit warning didn’t put pressure on the AEX yesterday. The AEX closed 1.2% higher at 315.50 points. The Midcap rose 1.4% to 479.06 points. The figures of Aluminum producer Alcoa encouraged investors on Wall Street slightly. The Dow Jones index closed 0.56% higher. The S&P 500 and the Nasdaq gained 0.89% and 0.97% respectively. The Nikkei in Tokyo followed the Dow Jones index and closed 0.3% higher.

The 6M Euribor remained unchanged at 1.55%. The 10Y Swap decreased by 2 basis points to 2.37%.

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Tuesday, January 10, 2012

Germany issued EUR 3.9 million zero coupon 6-month bills yesterday at 100.0062, the yield at issue was -0.0122%. The bid-to-cover ratio was 1.8. German short-term debt has traded at negative yields in the secondary market for some weeks with three-month, six-month and one-year debt all below zero.

The German Ministry of Economic Affairs announced yesterday that the German industrial production, seasonally adjusted, has decreased by 0.6% in November 2011 compared to October 2011. Analysts had expected a 0.4% decrease in production, the growth of the German industrial production in October was 0.8%.

On Wall Street the S&P 500 increased by 0.23% to 1280.70 points. The Dow Jones index increased by 0.27% to 12392.69 points. In Amsterdam the AEX index increased by 0.21% to 311.76.

The 6M Euribor decreased by 1 basis point to 1.55%. The 10Y Swap remained unchanged at 2.39%.

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