Issue link: https://maltatoday.uberflip.com/i/414558
maltatoday, WEDNESDAY, 12 NOVEMBER 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: 11-Nov-14 Set: 2 Issue Time: 14:56:51 Value Date: 13/11/2014 Currency Cash Cash Non-Cash Non-Cash Revaluation Buying Selling Selling Buying British Pound (GBP) 0.8175 0.7597 0.7636 0.8028 0.7832 United States Dollar (USD) 1.2964 1.2048 1.2110 1.2732 1.2421 Swiss Franc (CHF) 1.2551 1.1664 1.1724 1.2326 1.2025 Australian Dollar (AUD) 1.4999 1.3939 1.4011 1.4729 1.4370 Canadian Dollar (CAD) 1.4754 1.3712 1.3783 1.4489 1.4136 Japanese Yen (JPY) 150.1000 139.4957 140.2148 147.4053 143.8100 Danish Krone (DKK) 7.7700 7.2200 7.2500 7.6300 7.4400 Swedish Kronor (SEK) 9.6000 8.9200 8.9700 9.4300 9.2000 Hong Kong Dollar (HKD) 10.0524 9.3421 9.3902 9.8718 9.6310 Norwegian Krone (NOK) 8.8600 8.2400 8.2800 8.7000 8.4900 New Zealand Dollar (NZD) 1.6678 1.5500 1.5580 1.6378 1.5979 Singapore Dollar (SGD) 1.6775 1.5590 1.5670 1.6474 1.6072 South African Rand (ZAR) 14.6119 13.5794 13.6494 14.3494 13.9994 Czech Koruna (CZK) 28.8000 26.7600 26.8993 28.2787 27.5890 Polish Zloty (PLN) 4.4100 4.1000 4.1188 4.3300 4.2244 Hungarian Forint (HUF) 338.5126 289.2682 300.0390 315.4276 307.7397 Moroccan Dirham (MAD) 12.1440 10.3776 ********* ********* 11.0400 Tunisian Dinar (TND) 2.3900 2.2200 2.2286 2.3428 2.2857 United Arab Emirates Dirham (AED) 5.0183 4.2884 4.4480 4.6762 4.5621 Bahraini Dinar (BHD) 0.5151 0.4402 ********* ********* 0.4683 Gibraltar Pound (GIP) 0.8614 0.7361 ********* ********* 0.7831 Israeli New Sheqel (ILS) 5.2149 4.4564 ********* ********* 4.7408 Kuwaiti Dinar (KWD) 0.3979 0.3400 ********* ********* 0.3617 Saudi Riyal (SAR) 5.1264 4.3808 ********* ********* 4.6604 Turkish New Lira (TRY) ********* ********* 2.7413 2.8819 2.8116 Thailand BAHT (THB) ********* ********* 39.7936 41.8342 40.8138 Chinese Renminbi (CNY Onshore) ********* ********* 7.4168 7.7972 7.6070 Chinese Renminbi (CNH Offshore) ********* ********* 7.4235 7.8041 7.6138 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. 15.55 15.62 1154.40 1154.80 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 –11/11/2014 Symbol Code Volume Traded Value Traded Trades High Price Low Price Open Price Close Price Change Twap ▲ BOV 53946 123156.180 20 2.289 2.280 2.289 2.289 0.009 2.283 ▲ GHM 425 794.750 1 1.870 1.870 1.870 1.870 0.010 1.870 ▼ HSB 40557 79366.340 13 1.979 1.950 1.979 1.975 -0.005 1.957 ● IHI 14500 8120.000 3 0.560 0.560 0.560 0.560 0.000 0.560 ● MDS 2900 3857.000 1 1.330 1.330 1.330 1.330 0.000 1.330 ▼ G15A 2766 2859.490 1 103.380 103.380 103.380 103.380 -0.010 103.380 ▼ G15B 14908 15672.780 1 105.130 105.130 105.130 105.130 -0.020 105.130 ▼ G16A 11647 12656.790 2 108.670 108.670 108.670 108.670 -0.020 108.670 ● G17C 87400 96941.560 6 110.940 110.900 110.900 110.940 0.000 110.920 ▼ G18A 5126 6445.430 4 125.740 125.740 125.740 125.740 -0.030 125.740 ▲ G19A 2330 2942.790 1 126.300 126.300 126.300 126.300 0.040 126.300 ▲ G20A 11647 14125.480 1 121.280 121.280 121.280 121.280 0.040 121.280 ▲ G20B 27100 31926.510 1 117.810 117.810 117.810 117.810 0.040 117.810 ▼ G20E 91000 94585.400 8 103.940 103.940 103.940 103.940 -0.110 103.940 ● G21A 81043 99123.700 5 122.310 122.310 122.310 122.310 0.000 122.310 ● G22A 31813 39476.750 3 124.090 124.090 124.090 124.090 0.000 124.090 ▼ G23A 16306 20941.790 2 128.430 128.430 128.430 128.430 -0.310 128.430 ▲ G24A 14000 15457.400 1 110.410 110.410 110.410 110.410 0.100 110.410 ▼ G28A 65000 80528.500 1 123.890 123.890 123.890 123.890 -0.170 123.890 ▼ G28B 90000 108333.000 3 120.370 120.370 120.370 120.370 -0.170 120.370 ▼ G29A 32000 40576.000 1 126.800 126.800 126.800 126.800 -0.170 126.800 ▼ G30A 165800 212517.260 6 128.190 128.020 128.190 128.020 -0.170 128.180 ● G31A 143000 180766.300 5 126.410 126.410 126.410 126.410 0.000 126.410 ▼ G32A 65100 76713.840 6 117.840 117.840 117.840 117.840 -0.160 117.840 ▼ G32B 377000 433878.500 6 115.090 115.050 115.090 115.050 -0.140 115.090 ▼ G33A 560000 627098.000 5 112.000 111.980 112.000 111.980 -0.110 111.980 ▼ G34A 428500 467902.600 20 109.250 109.000 109.250 109.000 -0.500 109.200 ▲ AX24A 11400 12178.550 4 107.000 106.740 106.750 107.000 0.250 106.830 ● BV19A 12000 12787.200 1 106.560 106.560 106.560 106.560 0.000 106.560 ▼ BV20A 5000 5235.500 1 104.710 104.710 104.710 104.710 -0.010 104.710 ● CF19A 22300 22746.000 4 102.000 102.000 102.000 102.000 0.000 102.000 ● GC16A 36600 36600.000 4 100.000 100.000 100.000 100.000 0.000 100.000 ▲ IG24A 15000 15900.000 1 106.000 106.000 106.000 106.000 0.500 106.000 Money Market Report for the week ending November 7, 2014 On Thursday, November 6, the Gov- erning Council of the European Cen- tral Bank (ECB) decided that the interest rate on the main refi nancing operations (MRO) and the interest rates on the marginal lending facility and the deposit facility will remain un- changed at 0.05%, 0.30% and -0.20% respectively. ECB Monetary Operations On Monday, November 3, the ECB announced its weekly MRO. The auction was conducted on Tuesday, November 4, and attracted bids from euro area eligible counterparties of €98.19 billion, €19.96 billion lower 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, November 5, 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 0.58% 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 and 182-day bills maturing on December 5, 2014, and May 8, 2015, respectively. Bids of €44.35 million were submitted for the 28-day bills, with the Treasury accepting €14.35 million, while bids of €40.80 million were submitted for the 182-day bills, with the Treasury accepting €13.64 million. Since €35.42 million worth of bills matured during the week, the outstanding balance of Treasury bills decreased by €7.43 million, to stand at €253.99 million. The yield from the 28-day bill auction was 0.062%, i.e. 2.4 basis points lower than on bills with a similar tenor issued on October 31, 2014, representing a bid price of 99.9952 per 100 nominal. The yield from the 182-day bill auction was 0.146%, i.e. 0.8 basis point lower than on bills with a similar tenor issued on October 17, 2014, representing a bid price of 99.9262 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 and 91-day bills maturing on December 12, 2014 and February 13, 2015, respectively. Market commentary - Bank of Japan announces fresh wave of asset purchases This time last week, markets were happily grappling with the notion that the Bank of Japan had announced a fresh wave of asset purchases only a few days earlier, eagerly awaiting the ECB's next move. A few days later, after the Bank of Japan surprised markets with a marked expansion of its asset-purchase programme, ECB's Mario Draghi stepped up to the plate and gave markets a somewhat strong signal that additional policy easing was on the way in the eurozone as well. Draghi's mention of the need to "closely monitor and continuously assess the appropriateness of its monetary policy stance" coupled with the phrase that the ECB and its sub- committees were discussing the "timely preparation of further measures to be implemented, if needed" indicated that it was now only a matter of time (and not if) the ECB intervened in secondary markets. It was also comforting to note that such high profile sentences were included in the statement and not in the Q&A sessions, which means that Draghi had the backing of the whole entire Governing Council. Draghi clearly stated that the ECB wants to see its balance sheet increase by €1trn to the levels seen back in March 2012; in order to achieve this, it is almost a certainty that the existing Asset-Backed Securities and Covered Bond programmes will be insufficient and the ECB will most likely have to come up with new forms of assets purchases. Expectations so far remain rife that eventually, the ECB will have to succumb to the idea of purchasing corporate bonds from the secondary markets if it wishes the asset purchase programme to achieve the desired effect, and that is of getting inflationary levels back to the ECB's "% comfort zone (a far cry away from current levels of 0.4%). Without a doubt, Eurozone GDP growth data for Q3 will be a catalyst for the case in favour of for further policy action. Following disappoint data last week, analysts seem to have revised their forecasts for Q3 and subsequently Q4 lower as disappointing German and French numbers are expected to skew the regions Q3 GDP print lower. Across the Atlantic, the mid- term elections have now placed the Republican Party at the forefront of setting the agenda in Congress. Despite this marked shift in power in the Senate and Republicans gaining more seats in the House, no major shakes are expected on the implementation of fiscal policy. What is positive for the markets, and this was clearly evidenced by the strong sessions succeeding the results of the elections was that the risks of a government shutdown or debt ceiling crisis have been reduced as the objective for the Republicans is now to pass as many bills as possible. On the data front, last week's employment report indicated yet another strong print in terms of unemployment data. Meanwhile, the BoE's inflation report for the month of November is expected to indicate a decline in the Bank's growth forecasts coupled with a marked downward revision of its near- term inflation estimates this on the back of the weakening of the oil price. On the flip side, the unemployment rate is falling faster-than-expected, which scenario supports wage growth in 2015 and 2016. This week is expected to be the last of the busy weeks in earnings seasons, as well over three quarter of the major companies in the Eurozone and the US would have reported earnings, with current earnings seasons showing encouraging signs as most companies beat expectations and earnings gained ground. On the data front, we're heading for a light week. Having said that, some key confidence indices in the Eurozone and the US as well as key CPI figures for some of the large Eurozone countries are expected to set the tone for most of the week, as are the retail sales and jobless claims. This article was issued by Calamatta Cuschieri, visit www.cc.com.mt for more information. The information, views 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 newspaper.