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Tuesday, December 06, 2011

Rating agency S&P warned 15 countries in the Eurozone last night that their credit rating might be downgraded. Among these countries are the Netherlands and Germany. The ‘watch’ for these fifteen countries has been changed to ‘negative’. The combination of slow political decision taking about the euro crisis, high interest rates on government bonds, high debt levels and weak economic growth were the reasons for S&P's warning. S&P expects to conclude its review after the European Summit of this week.

The French President Sarkozy and German Chancellor Merkel reached an agreement yesterday on new fiscal rules for the Euro countries. This agreement comprises stricter requirements for future budget deficits and a commitment not to force private sector bondholders to take losses on any future eurozone bail-outs.

The Dow Jones index closed on Monday 0.7% higher at 12,097.83. The S&P 500 closed 1.0% higher at 1,257.08, the Nasdaq gained 1.1% and closed at 2,655.76. In Amsterdam the AEX closed 1.44% higher at 305.10.

The 6M Euribor remained unchanged at 1.70%. The 10Y Swap increased by 5 basis points to 2.73%.

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, December 05, 2011

The Italian government approved a package of measures last Sunday that should decrease the budget deficit by EUR 20 billion over the next two years. One of the measures is to increase the retirement age from 62 to 66 years. This weekend, the Vice Minister of Economy, Vittorio Grilli, also announced that he expects that Italy will have a recession next year. It is expected that the growth of the economy will decrease by 0,4% to a growth of 0,5%. Grilli also said that he expects the recession will end in 2013.

U.S. Vice President, Joe Biden arrived in Greece last Sunday for meetings with the Greek Prime Minister, Lucas Papademos and President Carolos Papoulias. It is expected that these meetings will mainly cover the situation regarding the current debt crisis and that Biden will express the support of President Barack Obama for the measures taken by the Greek government to solve the crisis.

The growth of the Chinese economy is slowing down and the country's security chief, Zhou Yongkang, fears that this could lead to social unrest. Although exports in China increased in October by 15,9% compared to the previous year, this was lower than in September. The economic growth of China in the third quarter was 9,1%, while this was 9,5% in the previous quarter. Last week, there were in the south of China several major strikes because of protests against wage-cuts and layoffs.

The 6M Euribor remained unchanged at 1,70%. The 10Y Swap increased with 3 basis points to 2,68%.

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Friday, December 02, 2011

Yesterday, the United Nations forecasted a decrease in the global economic growth in 2012. The UN 'World Economic Situation and Prospects 2012' report has cut the global growth forecast for next year to 2.6 per cent from 4 per cent in 2010. The American investment bank Goldman Sachs forecasted that the economy of the Euro-zone will decrease by 0.8% in 2012.

Yesterday, a spokesman of the International Monetary Fund (IMF) announced that it also will lower its global economic growth forecasts. Brazil is willing to contribute funds to the IMF to help minimize the effects of the European debt crisis. The concrete amount that Brazil will lend the IMF will be discussed in February with the BRICS countries (Brazil, Russia, India, China and South Africa).

Yesterday, the Dow Jones closed at 12020.03 (-0.2%). The AEX in Amsterdam closed with a loss of 2.71% at 296.97.

The 6M Euribor remained unchanged at 1.70%. The 10Y Swap decreased by 6 basis point sto 2.65%.

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Thursday, December 01, 2011

Yesterday, the central banks of the Euro zone, Switzerland, Great Britain, Canada, Japan and the United States cooperated in a joint action to increase the U.S. dollar liquidity in the financial markets. The central banks will decrease the spread on U.S. dollar loans from 100 basis points to 50 basis points. Due to the euro crisis mostly American financial institutions were reluctant to supply U.S. dollars to European banks. This resulted in European banks having difficulties with their U.S. dollar funding.

The financial markets reacted positively to this joint action by central banks. On Wall Street the Dow Jones index increased by 4.24% to 12045.68 points. The main index, the S&P 500, rose 4.33% to 1246.96 points. In Amsterdam the AEX index increased by 4.22% to 299.68 points.

Today, both France and Spain will issue government bonds. In addition, important macroeconomic data is published in the United States today. This includes the weekly jobless claims and ISM manufacturing index in November.

The 6M Euribor decreased by 1 basis point to 1.70%. The 10Y Swap decreased by 7 basis points to 2,71%.

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Wednesday, November 30, 2011

S&P downgraded the status of the Rabobank from triple A to AA stable. Also other large international banks such as Citigroup, Bank of America, Goldman Sachs and Morgan Stanley had their status downgraded. Bert Bruggink, Chief Financial Officer of the Rabobank, said in an interview on BNR news radio this morning not to be surprised. Earlier this year S&P announced an adapted calculation method for banks in which banks can no longer get a triple A status.

Last night, the Euro-area finance ministers agreed on the EUR 8 billon fund to Greece. This fund saves Greece from a bankruptcy this year. The finance ministers also approved enhancements to their bailout fund while backing off from setting a target for its firepower and seeking a greater role for the IMF in fighting the debt crisis together.

The stock markets in New York Tuesday closed positively for the second day in a row. The Dow Jones index closed 0.3% higher at 11,555.63 points and the S&P 500 index closed 0.2% higher at 1,195 points. Asian shares drop after two days of gain. The Nikkei index in Tokyo ended 0.5% lower at 8434.61 points.

The 6M Euribor remained unchanged at 1.71%. The 10Y Swap increased by 6 basis points to 2.78%.

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