Market information

Tuesday, January 26, 2010

Home sales in the United States decreased with 16.7% during December. Analists expected a drop of only 11.6%. The drop is attributed to the end of a tax credit for first time home buyers. The American government gave a $8000.- tax credit to first time home buyers until December.

Tomorrow president Obama will anounce a new plan to freeze government spending during the State of the Union address. The cuts will be outside the budgets for national security and should amount to $250 billion in the course of this decade. This plan is presented in reaction to the increasing budget deficits in the United States. The deficit for 2009 has resulted in 1.4 trillion dollar.

The economic bureau of ING expects the growth of the Dutch economy for 2010 to be 1.6%. The main driver will be export. Industries which are dependent on world trade will consequently grow at a faster rate. Amongst these are transport, wholesale trade and manufacturing. ING expects that building activity will continue to decrease during 2010 only to start recovery in 2011. The expectations for economic growth of ING reasonably match those of the CBS, the Dutch government statistics bureau, which estimates growth at 1.5%.

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