Issue link: https://maltatoday.uberflip.com/i/405994
maltatoday, WEDNESDAY, 29 OCTOBER 2014 11 Business Today www.creditinfo.com.mt info@creditinfo.com.mt Tel: 2131 2344 Your Local Partner for Credit Risk Management Solutions Supporting you all the way Exchange Rates Issue Date: 28-Oct-14 Set: 2 Issue Time: 14:35:57 Value Date: 30/10/2014 Currency Cash Cash Non-Cash Non-Cash Revaluation Buying Selling Selling Buying British Pound (GBP) 0.8226 0.7645 0.7684 0.8078 0.7881 United States Dollar (USD) 1.3304 1.2364 1.2427 1.3065 1.2746 Swiss Franc (CHF) 1.2587 1.1697 1.1758 1.2360 1.2059 Australian Dollar (AUD) 1.5011 1.3951 1.4022 1.4742 1.4382 Canadian Dollar (CAD) 1.4914 1.3860 1.3932 1.4646 1.4289 Japanese Yen (JPY) 143.5700 133.4235 134.1113 140.9888 137.5500 Danish Krone (DKK) 7.7700 7.2200 7.2500 7.6300 7.4400 Swedish Kronor (SEK) 9.7800 9.0900 9.1400 9.6000 9.3700 Hong Kong Dollar (HKD) 10.3208 9.5916 9.6410 10.1354 9.8882 Norwegian Krone (NOK) 8.8100 8.1900 8.2300 8.6500 8.4400 New Zealand Dollar (NZD) 1.6766 1.5581 1.5661 1.6465 1.6063 Singapore Dollar (SGD) 1.6940 1.5743 1.5824 1.6636 1.6230 South African Rand (ZAR) 14.5001 13.4755 13.5450 14.2396 13.8923 Czech Koruna (CZK) 28.9700 26.9200 27.0592 28.4468 27.7530 Polish Zloty (PLN) 4.4200 4.1100 4.1266 4.3382 4.2324 Hungarian Forint (HUF) 340.3213 290.8245 301.6500 317.1180 309.3868 Moroccan Dirham (MAD) 12.1990 10.4246 ********* ********* 11.0900 Tunisian Dinar (TND) 2.3900 2.2200 2.2338 2.3484 2.2911 United Arab Emirates Dirham (AED) 5.1498 4.4007 4.5646 4.7986 4.6816 Bahraini Dinar (BHD) 0.5287 0.4518 ********* ********* 0.4806 Gibraltar Pound (GIP) 0.8668 0.7407 ********* ********* 0.7880 Israeli New Sheqel (ILS) 5.2657 4.4998 ********* ********* 4.7870 Kuwaiti Dinar (KWD) 0.4052 0.3463 ********* ********* 0.3684 Saudi Riyal (SAR) 5.2603 4.4952 ********* ********* 4.7821 Turkish New Lira (TRY) ********* ********* 2.7559 2.8973 2.8266 Thailand BAHT (THB) ********* ********* 40.3143 42.3817 41.3479 Chinese Renminbi (CNY Onshore) ********* ********* 7.5972 7.9868 7.7920 Chinese Renminbi (CNH Offshore) ********* ********* 7.5970 7.9866 7.7918 All Chinese Renminbi transactions, irrespective of amounts, are to be referred to Branches or Treasury. Rates shown here are indicative only and are subject to change without notice. The final exchange rate offered by the bank /applied to your transaction may vary from the rate indicated here. Our staff at the Branches or Treasury will be pleased to provide you with exchange rates for your specific transactions. The rates quoted above are against the euro. 17.29 17.34 1231.00 1231.92 SILVER GOLD D + 1 SEPA payments and payments sent to countries and in the currencies regulated by the Payments Services Directive (PSD) D + 2 All Other Currencies US Dollars per TROY ounce Value Date Currency Same Day EUR/GBP/USD/CAD PUBLIC Regular market closed –28/10/2014 Symbol Code Volume Traded Value Traded Trades High Price Low Price Open Price Close Price Change Twap ● BOV 74845 167852.800 10 2.250 2.240 2.250 2.250 0.000 2.243 ▲ FIM 16427 10349.010 2 0.630 0.630 0.630 0.630 0.010 0.630 ▼ GO 2000 5298.000 1 2.649 2.649 2.649 2.649 -0.051 2.649 ▼ HSB 2500 5050.000 3 2.020 2.020 2.020 2.020 -0.020 2.020 ▼ IHI 23000 13510.000 4 0.600 0.550 0.600 0.550 -0.050 0.587 ▲ LOM 5700 9918.000 1 1.740 1.740 1.740 1.740 0.010 1.740 ● MDI 101500 22330.000 3 0.220 0.220 0.220 0.220 0.000 0.220 ● MIA 4200 9882.000 2 2.360 2.350 2.350 2.360 0.000 2.353 ● PZC 24010 14662.100 2 0.611 0.610 0.611 0.610 0.000 0.611 ▲ TML 19000 10020.000 2 0.530 0.525 0.525 0.530 0.005 0.527 ▼ G15A 14361 14876.560 1 103.590 103.590 103.590 103.590 -0.010 103.590 ▼ G15F 50000 51910.000 1 103.820 103.820 103.820 103.820 -0.070 103.820 ▼ G17C 16600 18442.600 2 111.100 111.100 111.100 111.100 -0.020 111.100 ▼ G17D 5000 5452.500 1 109.050 109.050 109.050 109.050 -0.040 109.050 ▼ G20A 8000 9704.800 1 121.310 121.310 121.310 121.310 -0.030 121.310 ▼ G20E 26000 27006.200 2 103.870 103.870 103.870 103.870 -0.030 103.870 ▲ G21A 16306 19952.020 2 122.360 122.360 122.360 122.360 0.060 122.360 ▲ G22A 6989 8676.140 1 124.140 124.140 124.140 124.140 0.080 124.140 ▲ G22B 98000 115816.400 5 118.180 118.180 118.180 118.180 0.070 118.180 ▼ G24A 25000 27577.500 1 110.310 110.310 110.310 110.310 -0.010 110.310 ▲ G28A 140000 173474.000 3 123.910 123.910 123.910 123.910 0.270 123.910 ▲ G28B 1668800 2008075.540 12 120.390 120.300 120.390 120.300 0.180 120.330 ▲ G30A 167800 214963.940 8 128.140 128.080 128.140 128.080 0.260 128.110 ▲ G31A 15000 18955.500 2 126.370 126.370 126.370 126.370 0.260 126.370 ▲ G32A 589500 694804.750 13 118.050 117.830 117.830 118.050 0.300 117.860 ▲ G32B 1542300 1773571.600 6 115.200 114.990 114.990 115.200 0.220 115.000 ▲ G33A 78200 87562.200 3 112.080 111.850 111.850 112.080 0.230 111.970 ▲ G34A 333500 365401.170 20 109.640 109.410 109.410 109.590 0.180 109.570 ▲ AX24A 7300 7794.940 1 106.780 106.780 106.780 106.780 0.280 106.780 ▲ GH20A 12000 12826.750 3 106.890 106.880 106.880 106.890 0.540 106.890 ● IG24A 7600 8132.000 2 107.000 107.000 107.000 107.000 0.000 107.000 ▲ IH20A 10000 10249.000 1 102.490 102.490 102.490 102.490 0.010 102.490 ● IH23A 10000 10195.000 1 101.950 101.950 101.950 101.950 0.000 101.950 Money Market Report for the week ending October 24, 2014 ECB Monetary Operations On Monday, October 20, the European Central Bank (ECB) announced its weekly main refinancing operation MRO). The auction was conducted on Tuesday, October 21, and attracted bids from euro area eligible counterparties of €92.92 billion, €10.40 billion higher than the bid amount of the previous week. The amount was allotted in full at a fixed rate equivalent to the prevailing MRO rate of 0.05%, in accordance with current ECB policy. On Wednesday, October 22, the ECB conducted a seven-day US dollar funding operation through collateralised lending in conjunction with the US Federal Reserve. This operation was carried out at a fixed rate of 0.59% and did not attract bids from euro area eligible counterparties. Domestic Treasury Bill Market In the domestic primary market for Treasury bills, the Treasury invited tenders for 28-day bills maturing on November 21, 2014. Bids of €20.00 million were submitted for the 28- day bills, with the Treasury accepting €5.00 million. Since €25.00 million worth of bills matured during the week, the outstanding balance of Treasury bills decreased by €20.00 million, to stand at €278.92 million. The yield from the 28-day bill auction was 0.060%, i.e. 1.5 basis points higher than on bills with a similar tenor issued on October 17, 2014, representing a bid price of 99.9953 per 100 nominal. During the week under review, there was no trading on the Malta Stock Exchange. On Tuesday the Treasury invited tenders for 28-day bills maturing on November 28, 2014. Market Commentary: Chinese, eurozone activity numbers exceed expectations The turbulence in fi nancial markets that had been characteristic just more than a week ago have somewhat faded over recent sessions, aided in part by helpful signals from the major central banks. Some Fed offi cials have voiced their intentions of being less keen to head for a rates normalisation process for the time being while reports indicate that the ECB is pondering the purchases of cor- porate bonds. In fact, the ECB said that it had purchased slightly over €1bn worth of covered-bond purchases last week in its latest attempts to revive the euro-area economy. This series of bond purchases was the third time in six years that the ECB felt the need to intervene as the bank's goal of staving off deflation and revive the economy was given another push. Meanwhile, recent activity data has been supportive to markets, with Chinese and eurozone activity numbers coming in above expectations. Despite this fresh round of surprisingly worrying data, investors remain cautious, as this week's FOMC meeting and next week's ECB meeting will likely dictate market sentiment heading into the New Year. While St Louis Fed President James Bullard put the subject of a 'tapering' delay as a plausible scenario, analysts still indicate the likelihood of an imminent end to QE3. In the meantime, there were no great surprises over the weekend as the AQR results were published on Sunday afternoon. So far, markets have taken the outcome of the results in their stride with financial bonds leading the gains throughout the large part of yesterday's session. Earnings season is showing good progress- however, most companies will wait to see evidence of sustainable economic growth before actually positioning themselves in such a manner so as to take advantage of a possible recovery. Investors are still worried about European credit fundamentals and economic growth. In China, short-term growth momentum seems to have stabilised, with September industrial production growth accelerating to 8% y-o-y and the HSBC flash PMI up slightly to a three- month high. Still, due to the continued investment slowdown, the economy remains vulnerable. Elsewhere, Japanese Prime Minister Shinzo Abe has been dealt a blow with the resignation of two female cabinet ministers, after claims of misappropriation of public funds. With the Japanese economy being stubbornly slow to recover, coupled with an uncertain global outlook uncertain, the decision on whether or not to proceed with the second VAT hike scheduled for October 2015 is becoming a more plausible scenario. Despite being a close call in the run- up to last weekend's second round of elections in Brazil, Dilma Rousseff remains in power for another term, pledging to its electorate to revive growth in the world's second-largest emerging market. Rousseff, who has maintained record- low unemployment even as the economy posted the slowest growth, faces the challenge of pulling the economy out of recession while capping annual inflation running above the top of the central bank's target range. Her attempts to revive the economy by reducing taxes and increasing subsidized taxes subsidizing lending resulted in spiralling inflation and a wider budget deficit, which has ultimately placed the country's investment grade status in jeopardy. On a final note, Ukrainian parties embracing closer European ties are currently in the process of forming a coalition after sweeping aside the Russian-leaning political forces that hail from the nation's war-torn eastern side of the country. President Poroshenko stated Prime Minister Yatsenyuk's party will be involved in negotiations, with the coalition expected to be formed within the next week and a half. Indications point towards a two-thirds constitutional majority for Pro-European parties, as voting took place over the weekend in what could be described as a fragile truce in eastern Ukraine's seven-month crisis. This article was issued by Calamatta Cuschieri, visit www.cc.com.mt for more information. The information, view and opinions provided in this article is being provided solely for educational and informational purposes and should not be construed as investment advice, advice concerning particular investments or investment decisions, or tax or legal advice. Calamatta Cuschieri & Co. Ltd has not verified and consequently neither warrants the accuracy nor the veracity of any information, views or opinions appearing on this website.