Market information

Tuesday, November 15, 2011

Research by the Organisation for Economic Cooperation and Development (OECD) indicates that the growth of the global economy will decline further. The index of the OECD is based on variables that signal turning points in the economic cycle in the coming six months. The index for the economies of France, Germany, Italy, United Kingdom, Brazil, China and India indicates economic slowdown.

The German Federal Statistics Office announced that the German economy grew by 0.5% in the third quarter, as expected. Higher consumer spending and business investment contributed to this growth.

The Dow Jones lost 0.61% yesterday and closed at 12078.98. The technology exchange Nasdaq lost 0.80% and closed at 2657.22 and the S&P 500 closed at 1251.78, a loss of 0.96%. The AEX closed with a loss of 1.36% in Amsterdam at 296.90.

The Dow Jones lost 0.61% yesterday and closed at 12078.98. The technology exchange Nasdaq lost 0.80% and closed at 2657.22 and the S&P 500 closed at 1251.78, a loss of 0.96%. In Amsterdam the AEX closed at a loss of 1.36% at 296.90.

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, November 14, 2011

The European emergency fund EFSF denied last Sunday that it has purchased its own bonds at a bond auction by the fund last Monday. According to the British newspaper the Sunday Telegraph, The EFSF had purchased more than EUR 100 million of its own bonds to offset the disappointing demand.

The new Italian government should not expect that the European Central Bank will continue to support Italy. According to Klaas Knot, president of the Nederlandsche Bank and ECB board member, the support of the ECB remains conditional and temporary.

According to the Sunday Times the UK government is searching for investors to invest for GBP 50 billion in infrastructure to support the economic growth. The plans are additional to previously announced projects in the UK infrastructure. Simultaneously, the government will not deviate from the budgetary targets in order to maintain the confidence of foreign investors.

Fitch rating agency announced Friday that it will adjust the rating outlook for Hungary to negative. S&P also indicated that it will decline the rating of Hungary. Hungary currently has a BBB status at Fitch but because of the slowdown in economic growth this rating is under pressure.

The 6M Euribor remained unchanged at 1.69%. The 10Y Swap increased by 6 basis points to 2.50%.

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Friday, November 11, 2011

The interest on Italian 10 year bonds dropped to 6.9%. The European Central Bank intervened in the market multiple times on Thursday, buying Italian bonds. Through this intervention the central bank seeks to decrease the interest on State paper. Thursday, Italy borrowed an amount of 5 Billion Euro via 12-month T-bills. On these loans, an interest rate of 6% had to be paid. The interest on the Spanish bonds also dropped to 5.8%.

Yesterday, the U.S. federal government budget deficit decreased with 30% to 98.5 billion, compared to the 140.4 billion dollars in the same period last year. This is due to reduced government spending of 8.7% and tax revenues increases of 11.6%.

The European Commission cut its euro-region growth forecast for 2012. The European Commissioner of Economic Affairs stressed the risk of a recession as leaders struggle to contain fiscal risks. The Gross domestic product is expected to grow 1.5% this year and 0.5% in 2012. In 2013, the economy is expected to expand with 1.3%.

The 6M Euribor remained unchanged at 1.69%. The 10Y Swap increased by 5 basis points to 2.44%.

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Thursday, November 10, 2011

There is still no agreement on a new government in Greece. Last night Prime Minister Papandreou announced that he will resign. Interest rates on Italian 10-years government bonds rose to more than 7%.

The main advisory body of the German Government, the Sachverständigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung, states in a report that the issue of common European government bonds could be a solution to the European debt crisis. This is against opinion of the German Government at this moment, who strongly opposes the so-called Eurobonds.

Yesterday the markets on Wall Street ended the day with a loss. The Dow Jones closed 3.3% lower at 11,769.14. The Nasdaq closed 3.9% lower at 2,621.65 and the S&P closed at 1229.10, a loss of 3.7%. The AEX closed at 294.40 points.

The 6M Euribor has remained unchanged at 1.69%. The 10Y Swap decreased by 13 basis points to 2.39%.

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Wednesday, November 09, 2011

Yesterday, Italian Prime Minister Silvio Berlusconi announced to resign as soon as the Italian Parliament passes urgent budget reforms. These reforms should lead to a decrease of the Italian public debt. Moreover in 2012 nearly € 300 billion in bonds will expire. Italy has to find new investors for these bonds. The total debt of Italy is € 1,900 billion, which represents 120% of gross domestic product.

Today, it is expected that Greek political leaders will announce the new government. The last obstacle in the negotiations seems to be the new prime minister. The former vice president of the ECB, Lucas Papademos, has been mentioned several times as the successor of Papandreou. Sources within the socialists and conservatives parties say that there is some resistance to his candidacy. Also Papademos himself seems to have his doubts.

The news about Berlusconi and the good Chinese inflation rates resulted in a positive mood on Asian markets. The Nikkei in Tokyo closed 1.1% higher. Wall Street welcomed the resignation of Berlusconi positively. The Dow Jones closed 0.8% higher and the S & P 500 gained 1.2%. The AEX closed yesterday 1.4% higher and also the stock exchanges in Frankfurt, Paris and London ended positively with gains of 1.3%.

The 6M Euribor decreased by 1 basis point to 1.69%. The 10Y Swap increased by 2 basis point to 2.52%.

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