Market information

Tuesday, December 27, 2011

Yesterday, the research institute CBER (Center for Economics and Business Research) published that Brazil has overtaken Great-Britain as the sixth economy in the world. The economy of the United States is the largest in 2011, behind are China, Japan, Germany and France in consecutive order.

The managing director of the IMF, Christine Lagarde, said in an interview with the French Journal de Dimanche that she expects the crisis in the European economies to affect virtually all economies in the world. China, Russia and Brazil will suffer too from the European debt crisis; so far these countries were the drivers of the global economy.

There was no trading on the stock exchanges in the United States and Europe, the Nikkei stock index in Tokyo decreased by 0.46% yesterday.

The 6M Euribor remained unchanged at 1.66%. The 10Y Swap decreased by 3 basis points to 2.44%.

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, December 23, 2011

Today, rating agency Moody's announced that it will for the time being maintain the negative outlook on the U.S. Earlier this year, S & P lowered the credit status of the U.S. Moody's on the other hand only warns the U.S. and indicates that it should take steps in order to reduce their debts. Should the U.S. not act on this warning within the coming one to two years, the credit rating will be lowered.

The Japanese debt level continues to increase dramatically; it is expected that the Japanese government debt will rise to 250% in 2015. This rate is many times higher than Greece’s and Italy’s debt rate, respectively 165% and 121%. Still, Japan is seen as a safe haven in the U.S. and Europe. Credit rating agencies Moody's, S & P and Fitch are warning that the debts are so high that it is possible that Japan will not be capable of meeting its obligations in the future.

The American markets reacted positively yesterday on the announcement that the number of cash benefits in the U.S. have fallen to its lowest level since April 2008. Especially bank shares did well yesterday. The Dow Jones index gained 0.57% and the S & P closed with a gain of 0.83%. The stock markets in Europe started the last trading day before Christmas positively. The AEX index rose 0.8% after opening and the MidKap-index went up 1.2%. The stock exchanges in London, Frankfurt and Paris were up to 1.2%.

The 6M Euribor decreased by 1 basis point to 1.66%. The 10Y Swap decreased by 4 basis points to 2.51%.

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Thursday, December 22, 2011

Yesterday, commercial banks in the Euro zone made widespread use of the possibility to borrow money from the European Central Bank (ECB) for three years. In total the banks borrowed for EUR 489 billion from the ECB. This amount exceeds all expectations by economists. The ECB action is intended to provide liquidity for the banks and prevent a second banking crisis. Nevertheless, according to economists the expansionary monetary policy of the ECB will not lead to higher inflation. Because this operation does not expand credit that banks provided to private parties.

The stock markets initially were startled by the huge amount of loans lend by the ECB. In Amsterdam the AEX index closed 0.33% lower at 300.80 points. The main index, the S&P 500, closed at 1243.72 points, a gain of 0.19%. The Dow Jones index increased by 0.19% to 12107.74 points.

Today, the Statistics Netherlands Bureau (CBS) will publish its second estimate of the economic growth in the Netherlands in the third quarter. Analysts assume a contraction of the economy by 0.3% compared to the second quarter.

The 6M Euribor remained unchanged at 1.67%. The 10Y Swap decreased by 1 basis point to 2.51%.

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Wednesday, December 21, 2011

Yesterday, the Statistics Netherlands bureau announced that the Dutch are very pessimistic about their financial situation in 2012. This is in contrast with consumer confidence figures in Germany and the USA published earlier this week. Especially the Dutch willingness to buy has decreased, which is unfavorable for household consumption.

Interest rates on Spanish government bonds with a maturity of three and six months have decreased significantly. The effective interest rate on the three months bonds, issued yesterday by the Spanish government, dropped to 1.735%. This is a big difference compared to the 5.1110% in the previous auction, one month ago. This success is thanks to the banks who bought more loans than was estimated. It is suspected that banks bought more because of the new liquidity facility of the European Central Bank, which makes it possible for banks to borrow unlimited money with a term of three years.

Rating agency Fitch warns France for a downgrade of its AAA status. Fitch stated that France has a 50% chance that within one to two years it will lose its triple A status. A loss in the credit status of France or Germany would directly affect the credit status of the European emergency fund.

Investors seem to have confidence in the liquidity operation of the European Central Bank. The ECB will later today auction the three-year bonds. This confidence resulted in gains on the stock markets yesterday. The Dow Jones index gained 2.9% and the S & P 500 closed at a profit of 3%. In Europe, stock markets closed positively after the news that Spain could easily sell € 5.6 billion in Treasury bills at relatively low interest rates. The AEX ended nearly 3% higher. The Nikkei in Tokyo closed 1.5% higher.

The 6M Euribor remained unchanged at 1.67%. The 10Y Swap increased by 5 basis points to 2.52%.

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Tuesday, December 20, 2011

Great Britain announced during the conference call between finance ministers from the Eurozone and other EU countries that they would not offer any additional funds to the International Monetary Fund (IMF). The extra capital supply to the IMF was promised on EU the summit of last week, Denmark, Sweden, Poland and the Czech Republic announced they offer additional funds to the IMF as well.

Consumer confidence in Germany has remained unchanged for January 2012, which is reflected by the research group GfK indicator. This indicator gives an outlook for the German consumer confidence. The index for January was 5.6, equivalent to one month earlier when the consumer confidence level also 5.6.

The Dow Jones index decreased by 0.8% and closed at 11,766.26 points, the S&P closed at 1,205.35 points, a loss of 1.2%. The Nasdaq decreased by 1,2% as well and closed at 2,523.14. The AEX in Amsterdam closed at 293.90 points with a loss of 0.4%.

The 6M Euribor remained unchanged at 1.67%. The 10Y Swap increased by 1 basis point to 2.44%.

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