Market information

Tuesday, January 03, 2012

Eurozone Manufacturing PMI in December of Markit was 46.2 in the Netherlands, in Germany the index was 48.4, in France 48.9 and in Spain 44.3. The index for the whole Euro zone was 46.9. An index below 50 indicates a decline in economic activity.

The European Central Bank (ECB) purchased 462 million EUR bonds in the last week of 2011 of countries affected by the current euro crisis. Since May 10th 2011, 221 billion EUR of bonds was purchased by the ECB in an attempt to lower interest rates of countries as Greece, Italy and Spain.

There was no trading on the major exchanges on Wall Street yesterday, the AEX index in Amsterdam closed at 316.82 with a gain of 1.39% yesterday. The DAX in Frankfurt closed at 6074.52, an increase of 3.01%.

The 6M Euribor decreased by 1 basis point to 1.61%. The 10Y Swap increased by 7 basis points to 2.47%.

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, January 02, 2012

According to chief economist at the Rabobank, Willlem Boonstra, the eurozone will overcome the debt crisis in 2012. In an interview with Reuters, Boonstra suggests that in the most likely scenario the Eurozone will remain together. Boonstra also notes that despite the debt crisis in Europe, the European Union still has the lowest budget deficit in comparison with other countries such as Japan and the United States. The German Chancellor, Angela Merkel, predicts a more difficult year in 2012. In her New Year's speech, Merkel called for more cooperation in Europe to overcome the ongoing debt crisis. Merkel says she will do anything to solve the debt crisis and strengthen the Euro but to do this Europe will have to learn from its mistakes. Other European leaders also predict a difficult year for the Eurozone in 2012. French President Sarkozy announced that the European debt crisis is not over yet and the Italian prime minister, Mario Monti, expects that this year even more sacrifices will be made.

According to pension adviser Mercer, the average funding ratio of pension funds decreased last year from 97% to 95%. This decrease is partly caused by a further decline in interest rates by 0,3%. De Nederlandsche Bank (DNB) reported last month that the average funding ratio of pension funds in November rose to 97%. If the coverage ratio of pension funds is less than 105%, there is a coverage shortage in the funds.

According to the German Office for Statistics, employment in Germany rose last year by more than 1%. As a result, there were on average 41,04 million Germans working last year. This is a record in German history. German exports increased last year by 12% to a value of EUR 1.075 billion. This year, an export growth of 6% is expected to a value of EUR 1.139 billion. According to the trade association of German Exporters (BGA), the export growth of the past year and the expected growth of this year is the result of the continuing strong demand from emerging economies.

The 6M Euribor decreased by 1 basis point to 1,36%. The 10Y Swap increased by 2 basis points to 2,40%.

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Friday, December 30, 2011

The manufacturing activity in China (HSBC purchasing managers' index (PMI)) has fallen again this month, the index closed at 48.7. An index below 50 indicates a decline in activity. The decline in activity is softer than the decrease of 47.7 in November. This signals that Chinese manufacturing growth may be nearing a bottom according to the Financial Times.

This morning The Dutch Bureau of Statistics published that the producer prices have increased by 8% in November 2011 compared to November 2010. The increase in producer prices is similar to the increase in October. The produces prices are the prices received by producers for their output.

The Dow Jones closed at 12,287.04 with a gain of 1.12%, the S & P increased by 1.07% to 1263.02. The Nasdaq increased by 0.92% to 2613.74, the AEX index in Amsterdam closed with a gain of 1.30% at 310.76.

The 6M Euribor decreased by 1 basis point to 1.63%. The 10Y Swap decreased by 3 basis points to 2.38%.

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Thursday, December 29, 2011

Today the Italian State will issue 10-year government bonds. The Italian government would like to sell EUR 8.5 billion. Yesterday, Italy successfully issued short-term government bonds, including bonds with a maturity of six months. The interest paid on those bonds was 3.25% on an annual basis, about 3% less than the last issuance in November. Nonetheless, analysts expect that demand for the issue of 10-year government bonds will be low.

The Japanese economy appears to be stagnating. The government announced that the industrial production in November decreased by 2.6% from October. Analysts had expected a decrease of 0.8%. In addition, Japan faces deflation again. In October, prices decreased by 0.1% compared to September.

The balance sheet of the European Central Bank (ECB) soared to a record of approximately EUR 2730 billion. This is mainly due to the large increase in loans to European banks

The 6M Euribor decreased by 1 basis point to 1,64%. The 10Y Swap decreased by 2 basis points to 2.41%.

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Wednesday, December 28, 2011

Macroeconomic data from the United States presented a mixed picture yesterday. Consumer confidence in the U.S. has grown faster than expected. The consumer confidence index rose from 55.20 in November to 64.5 in December. Analysts expected an increase to an average of 58.9 in December. The increased figure indicates growing consumer optimism about the recovery of the U.S. economy.

In contrast, residential real estate prices dropped more than forecasted in October. The S&P/Case-Shiller index of property values in 20 major U.S. cities dropped 3.4% compared to October 2010 Analysts forecasted a decrease of 3.2%.

In Amsterdam the AEX index increased by 0.51% to 309.37 points. On Wall Street the main index, the S&P 500, increased slightly by 0.01% to 1265.43 points. The Dow Jones index decreased slightly by 0.02% to 12291.35 points.

The 6M Euribor decreased by 1 basis point to 1,65%. The 10Y Swap decreased by 1 basis point to 2.43%.

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