Market information

Tuesday, June 14, 2011

The German central bank has changed its forecast upwards for the growth of the German economy. The central bank predicts that the German economy will grow by 3.1% this year. In February the central bank predicted a growth of 2.1% for 2011. According to the central bank the growth of the economy is mainly caused by an increase in domestic investments.

Yesterday, US rating agency Standard & Poor's (S&P) has lowered the long term creditworthiness of Greece from B to CCC. In a statement rating agency S&P said that according to them the likelihood of one or more defaults of Greece debt has increased significantly due to internal and political disagreement.

Today, US macroeconomic figures concerning the retail sales in May and producer prices in May will be published.

The 6M Euribor remained unchanged at 1.74%. The 10Y Euro Swap decreased by 4 basis points to 3.30%.

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, June 10, 2011

Yesterday, the European Central Bank (ECB) announced that its key interest rate remains unchanged at 1.25%. In an explanation president of the ECB, Jean-Claude Trichet, hinted at a possible increase of its key interest rate during the next meeting in July.

Yesterday, Statistics Netherlands (CBS) announced that inflation increased to 2.3% in May compared with May 2010. The inflation rate is at its highest level in two and a half years. In April inflation was 2.1%. The increase in inflation is mainly due to higher energy prices and significantly higher prices for fresh vegetables.

Besides the figure on the inflation rate, CBS announced that industrial companies had 13% more sales in April compared to the same month last year. This increase is less than in February and March. The growth in February was 22.3% and 17.4% in March with respect to the previous year.

The 6M Euribor increased by 1 basis point to 1.74%. The 10Y Euro Swap decreased by 2 basis points to 3.34%.

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Thursday, June 09, 2011

According to the official figures published by the Japanese government the Japanese economy shrank by 3.5% year on year in the first quarter. Analysts expected a contraction of only 3.0%. The Japanese government initially estimated a contraction of 3.7%.

Today, both the European Central Bank (ECB) and the Bank of England (BoE) will take a decision on their monetary policy. Analysts expect that the ECB will underline its willingness to increase its interest rates for the second time this year when needed. Currently the refinancing rate is 1.25%. It is expected that this rate is unchanged for now and a potential increase in interest rates might be expected in July.

On Wall Street the major stock indexes declined. The Dow Jones index fell by 0.18% to 12048.94 points and the S&P 500 index decreased by 0.42% to 1279.56 points.

The 6M Euribor increased by 1 basis point to 1.73%. The 10Y Euro Swap decreased by 4 basis points to 3.36%.

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Wednesday, June 08, 2011

Yesterday during a crisis meeting in Luxembourg, EU member states claimed that the compensation of EUR 150 million, which is now being offered to affected growers, is too low. The amount will reimburse 30% of the total damage and a majority of Member States requires 100% compensation for farmers.

According to Minister Jan Kees de Jager, the IMF cannot transfer the next installment of the loan to Greece. First, the funding gap, comprising of a loan of EUR 110 bln and a bail-out to be received of another EUR 100 bln, should be closed before the IMF can pay.

The speech by Fed Chairman Ben Bernanke last night has caused yesterday’s profits from stock exchanges to plummit within a very short time. In his speech he said that the economic recovery is uneven and frustratingly slow. As a result the Dow Jones index closed 0.16% lower, the S & P 500 recorded a minus of 0.1% and the Nasdaq closed at the same rate as the day before.

The 6M Euribor remained the same at 1.72% and the 10Y Euro Swap increased with 5 basis points to 3,40%.

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Tuesday, June 07, 2011

In the United States the concerns about the recovery of the US economy have increased. The disappointing figures about US job growth presented on Friday and a poor outlook for the US housing market resulted in negative sentiment on the stock markets. On Wall Street the main index, the S&P 500, decreased by 1.08% to 1286,17 points.

This evening the chairman of the American Federal Reserve (FED), Ben Bernanke, will give a speech to bankers in Atlanta. Analysts expect Bernanke to elaborate his ideas about the poor economic recovery and, consequently, the possible implications for the US monetary policy.

This afternoon the European Statistical Office, Eurostat, will present the retail sales for the Euro zone in April. Analysts expect an increase of 0.3% compared to March. In March there was still a decrease in retail sales of 1.0% in respect to the previous month.

The 6M Euribor remained unchanged at 1.72%. The 10Y Euro Swap decreased by 1 basis point to 3.35%.

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