Market information

Friday, January 27, 2012

The index of U.S. leading economic indicators published by the conference board increased by 0.4% in December 2011. The increase was less than the 0.7% increase forecasted by economists. In November 2011 the index increased 0.5%. This composite index of leading economic indicators reflects economic activity and is an indicator of future economic development in the United States.

According to European Commissioner Olli Rehn, the Euro countries have to provide additional funds to Greece. Currently, the commissioner is preparing measures that should lead to a sustainable solution for Greece. Germany and the Netherlands have already indicated that they will not provide additional funds to Greece.

On Wall Street the S&P 500 closed 0,57% lower to 1318,43 points. The Dow Jones index increased by 0,18% to 12734,63 points.

The 6M Euribor decreased 1 basis point to 1.44%. The 10Y Swap decreased by 3 basis points to 2.36%.

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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Thursday, January 26, 2012

Yesterday, the U.S. Federal Reserve (Fed) decided to keep its key interest rate unchanged. The Federal Funds rate remains between 0.00% -0.25%. Furthermore, the monetary policy committee stated that the Fed will keep the Federal Funds rate low until the end 0f 2014.

A predictive indicator of research agency GfK shows that the German consumer confidence unexpectedly increased in February. The indicator provides a prediction of consumer confidence for the month February. The index states 5.9 and is herewith higher than the 5.6 expected by economists.

This afternoon the leading indicators for December 2011 are published in the United States. These composite indicators forecast economic activity provide a vision for the future economic developments in the United States. Economists forecast an increase of 0.7% in December compared to an actual increase of 0.5% in November.

The 6M Euribor remained unchanged at 1.45%. The 10Y Swap decreased by 6 basis points to 2.39%.

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Wednesday, January 25, 2012

Japan’s first annual trade deficit since 1980 was announced yesterday by the Japanese Ministry of Finance. The trade deficit in 2011 was EUR 24.8 billion. The trade deficit was driven by increased energy imports and the sustained rise in the Yen which hindered exports.

The International Monetary Fund (IMF) states that the world economy in 2012 will grow by 3.3%. In September 2011, the IMF expected a growth of 4.6%. The economy of the eurozone will decrease by 0.5% in contrast to the previously expected growth of 1.1%.

On Wall Street the S&P 500 increased by 0.10% to 1,314.65 points. The Dow Jones index increased by 0.26% to 12,675.75 points. In Amsterdam the AEX index decreased by 0.63% to 320.97 points.

The 6M Euribor decreased by 1 basis point to 1.45%. The 10Y Swap increased by 3 basis points to 2.45%.

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Tuesday, January 24, 2012

Yesterday, the European ministers of Finance came together. Among the subjects discussed was the Greek debt crisis. According to the ministers, banks must take a larger loss on their Greek bonds in order for the Greek debt to not exceed the agreed level of 120% of GDP. The finance ministers agreed that the Greek government should continue negotiating with the banks. The ministers demand that a deal between the Greek government and the banks be arranged in order for a promised new loan of EUR 130 bln to the Greeks.

During the meeting they also reached an agreement on the early arrival of the permanent emergency fund ESM. This fund will have a borrowing capacity of € 500 billion and will commerce on July 1 this year. This is one year earlier than originally planned. Ministers agreed that the fund can start as soon as 90% of its capital is available.

Yesterday the European stock markets ended positively. Especially the banks who did well on the European stock market after news of a possible dilute of Basel 3. The AEX index closed 0.9% higher and the Midcap Index gained 1.2%. In Tokyo, the stock market closed slightly higher, despite a reduced growth rate of the Japanese economy. The Nikkei ended 0.2% higher. The S & P 500 just gained 0.05% but the Dow Jones lost by 0.09% yesterday.

The 6M Euribor decreased by 1 basis point to 1.46%. The 10Y Swap increased by 6 basis points to 2.342%.

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Monday, January 23, 2012

In preparation of the European leaders’ summit on January 30, the eurozone finance ministers will come together in Brussels today. The meeting’s main topics are the budget pact, the situation in Greece and the emergency fund the European Stability Mechanism (ESM), which will replace the current emergency fund EFSF. The German newspaper Der Spiegel says that the Italian Prime Minister Mario Monti argues, for a doubling of the ESM to EUR 1,000 billion.

For the first time in its history, the Federal Reserve will give out predictions about the development of the long term interest rate later this week. Besides the prediction of the interest rate policy, the Fed will also indicate whether it will take additional measures to give a new boost to the economy.

The French business newspaper Les Echos says that Merkel and Sarkozy have plans to harmonize the European corporate tax rates. According to the newspaper they will present these plans later today. The European Commission was already working on such plans, but for Germany and France the progress is too slow.

It will be a busy week on the stock exchanges in the U.S. This week many companies will disclose their quarterly results. This Friday the U.S will also announce the fourth quarter macro-economic figures. On the Amsterdam stock exchange it will be more quiet, only telecom company KPN (Tuesday) and food retailer Sligro (Thursday) will publish with their quarter results.

The 6M Euribor decreased by 1 basis point to 1.47%. The 10Y Swap increased by 3 basis points to 2.36%.

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