Market information

Tuesday, June 21, 2011

The Federal Open Market Committee (FOMC) is having a two-day meeting that starts today. The FOMC is the committee of the US Federal Reserves (FED) that decides on monetary policy. Analysts expect that the FED will delay the planned exit from the record stimulus due to the stagnating growth of the U.S. economy. Tomorrow, the FOMC will issue a statement which also contains information about the official interest rates.

Today, figures are published concerning the existing home sales in the United States in May. Analysts expect a decline in the number of home sales to 4.8 million homes annually. This will be the lowest point this year. In April, the number of home sales was 5.1 million on an annual rate.

On Wall Street the most important index, the S&P500 increased by 0.54% to 1278.36 points.

The 6M Euribor remained unchanged at 1.76%. The 10Y Euro Swap increased by 4 basis points 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, June 20, 2011

Concerns about the Greek debt crisis caused oil prices to drop last Friday to its lowest level since February. The price of a barrel of U.S. oil fell by 1.2% to USD 93.80. The price of Brent North Sea oil went down by 0.7% to USD 113.28 per barrel. In February, oil prices rose significantly due to the unrest in the Middle East.

U.S. investors reacted relieved last Friday after it was announced that Merkel and Sarkozy agree on how to cope with the debt crisis in Greece. The Dow Jones index rose by 0.4%, the S & P 500 closed 0.3% higher and the Nasdaq however decreased with 0.3%.

Last night in Luxembourg a two-day council of the euro countries came to an end to discuss possible new loans for Greece. In early July, the finance ministers will decide on additional support to Greece. The prepared statement states that the private sector will play a substantial role in this additional support. The conditions have yet to be established.

The 6M Euribor increased with 1 basis point to 1.76% and the 10Y Euro Swap decreased with 1 basis point to 3.31%.

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Friday, June 17, 2011

Thursday, the International Monetary Fund (IMF) and the European Union (EU) agreed to grant Greece more time to complete the additional savings. European Commissioner for Economic Affairs, Olli Rehn, has confidence in the additional savings of EUR 6 billion, which the Greeks have to complete to receive the fifth tranche of EUR 12 billion. If the fifth tranche is granted next Monday, the Greek government has sufficient funding until September.

Yesterday, Eurostat, the European statistical office, announced that inflation in the eurozone reached 2.7% in May compared to the same month last year. The Netherlands had a lower inflation with 2.4% compared to the eurozone. Countries with a relatively high inflation are Estonia (5.5%) and Slovakia (4.2%).

In the United States figures on the number of initial jobless claims and new home construction were announced yesterday. The number of initial jobless claims fell by 13,000 to 414,000 last week. Economists expected a number of 420,000. In addition, new home construction increased by 37,000 to 560,000 in May. Economists expected an increase of 22,000 compared to the previous month.

The 6M Euribor remained unchanged at 1.75%. The 10Y Euro Swap increased by 5 basis points to 3.32%.

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Thursday, June 16, 2011

According to Nout Wellink, President of the Dutch central bank (DNB) and board member of the European central bank (ECB) , it is necessary to double the emergency fund of the European Union to EUR 1.500 bln. This will allow private investors to participate in a second round of financial aid for Greece and will reduce the danger of Ireland and Portugal getting in the same trouble.

The U.S. stock exchanges faced unexpectedly poor figures on inflation and business activity yesterday. Together with concerns about Greece the result was that the three main financial indicators of the U.S. showed negative results. The Dow Jones index closed 1.48% lower, the S & P 500 declined 1.74% and the Nasdaq showed a minus of 1.76%.

Today in the United States the figure for the number of new homes starts in May is published. Analysts expect that construction started on 545,000 new homes at an annual pace in May. This is an increase compared to April, when there were 523,000 new homes build at an annual pace.

The 6M Euribor increased by 1 basis point to 1.75%. The 10Y Euro Swap decreased by 4 basis points to 3.27%.

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Wednesday, June 15, 2011

The Dutch economy is growing faster than previously anticipated. According to De Nederlandsche Bank (DNB), economic growth reaches 2.2% this year. At the end of last year DNB projected a growth of 1.6% for 2011. For 2012 DNB expects an increase of 1.7% of the Dutch economy. DNB expects that the aging of the Dutch population and global budget cuts will put pressure on the Dutch economy for the coming years.

Chinese inflation reached its highest level in three years. In May inflation was 5.5% compared to the same month last year. Food prices rose 11.7%. In order to reduce the inflation, the Chinese government increased the capital requirements for banks for the sixth time this year. Herewith the Chinese government attempts to curb lending and thereby inflation.

Yesterday, figures on retail sales and producer prices were announced in the United States in May. Retail sales increased 0.3% in May compared to the same month last year. Despite the drop compared to April, the increase was higher than anticipated by analysts. Analysts were expecting an increase of 0.2%. The increase in producer prices in May was lower than in the previous month. The increase was 0.2% in May compared to May 2010. Analysts had previously expected an increase of only 0.1% in May.

The 6M Euribor remained unchanged at 1.74%. The 10Y Euro Swap increased by 1 basis point to 3.31%.

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