1. ACTUAL DEVELOPMENT OF FINANCIAL MARKETS Assoc. Prof. Dr. Petr Budinský University of Finance and Administration Prague, Czech Republic petr.budinsky@vsfs.cz www.vsfs.cz

2. FINANCIAL MARKETS Bonds Stocks Commodities Forex Derivatives

3. BONDS Yields based on interest rates The higher the yields the lower the prices Very low yields on European bonds High yields on bonds – Russia and Greece

4. 10Y GB US

5. 10Y GB GER

6. 10Y GB CZ

7. 10Y GB FR

8. 10Y GB IT

9. 10Y GB SP

10. 10Y GB GR

11. 10Y GB RU

12. 10Y GB MEX

13. STOCKS High volatility since 2008 Impact of Quantitative Easing Difference between US and Europe The situation in Russia and Greece

14. DJIA

15. S&P500

16. EuroSTOXX 50

17. NIKKEI

18. COMMODITIES Energy, Precious metals, Food Impact of Financial crisis in 2008 Very high volatility a associated risks Consequences for the economic situation

19. Brent Crude Oil 1Y

20. Brent Crude Oil

21. GOLD

22. GOLD 1Y

23. WHEAT

24. WHEAT 1Y

25. FOREX The weak currency as a goal US recovery and its impact to USD QE in Europe and its impact to EUR Lessons from China, Great Britain and Switzerland

26. USD/EUR

27. CZK/EUR

28. CZK/USD

29. MXN/USD

30. MXN/CZK

31. CHF/EUR

32. RUB/EUR

33. RUB/USD

34. DERIVATIVES Futures, Options, Swaps and CDS Hedging versus Speculation Role of derivatives in financial crisis in 2008 CDS as risk measure

35. CDS 10Y US

36. CDS 10Y GER

37. CDS 10Y CZ

38. CDS 10Y FR

39. CDS 10Y IT

40. CDS 10Y SP

41. CDS 10Y GR

42. CDS 10Y RU

43. CDS 10Y MEX