Merck 2010 Annual Report Download - page 43
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The Merck share price showed strong fluctuations. EUR 3.2 billion euro
bond successfully issued.
The recovery that began in the first half of 2009 in the international stock markets continued
in 2010. This was attributable to several factors, including the further recovery of the global
economy, persistently low interest rates set by the leading international central banks, as well
as expansionist monetary policies, especially in the United States. However, the after-effects
of the global banking crisis that escalated in 2008 had a significant impact on the budgets of
a number of eurozone members. Government bond yield spreads increased sharply, prompting
the European Central Bank to issue an unprecedented level of guarantees. This also had an
impact on the euro, the value of which declined significantly against all international reserve
currencies for a time. By contrast, the market for corporate bonds proved to be much more
stable, benefiting from high demand despite comparatively low coupons.
in %
120
100
80
60
Jan. March June Sept. Dec.
Merck DAX ® Bloomberg Europe Pharmaceuticals Index
With the DAX ®, Germany’s blue-chip index of the 30 largest German stock corporations by free
float market capitalization and trading volume, climbing to well over 6,000 points, the German
stock market got off to a strong start in 2010. Growing concerns about the credit ratings and
liquidity of a number of EU member states – especially Greece and Ireland – damped market
sentiment several times throughout the year, in some cases severely. However, the intervention
by European monetary authorities repeatedly proved capable of reassuring market participants.
The DAX ® hit an annual low of 5,434 points on February 5, reached its high of 7,078 points on
December 21, and finished the year on December 31 at 6,914 points, a 16% increase for the
full year. The development of the BEUPHRM Index (Bloomberg Europe Pharmaceuticals Index),
which comprises 22 selected European pharmaceutical companies, was quite different. The
At year-end, the DAX ® was just
below 7,000 points
Company 39Management Report Corporate governance Consolidated Financial Statements More information
Corporate responsibility
Merck in the capital market