Market Information Friday 25 August 2023
The German economy decreased slightly in the second quarter of 2023,. According to final figures published by the German statistical office Destatis. On an annual basis, the German gross domestic product decreased by 0.2%, adjusted for calendar effects. This also corresponds to the preliminary results.
New orders for durable goods in the United States dropped more than expected in July 2023, mainly due to a decrease in vehicle orders. This was revealed by figures from the US government on Thursday. Orders decreased by 5.2% on a monthly basis. Economists anticipated a decrease of 4.1%. In June 2023, orders had increased by 4.4%. This figure was slightly revised downward from a previously reported increase of 4.7%.
The Turkish central bank has sharply increased the interest rate to reduce high inflation. This was announced by Turkey’s monetary policy body on Thursday afternoon. The interest rate was raised from 17.5% to 25.0%. In July, an additional 250 basis points were already added. On Thursday, the bank stated that with this new step, it aims to reduce inflation, as recent indicators suggest that the increase in underlying inflation pressure continues.
The 6M Euribor is unchanged at 3.95% compared to previous business day. The 10Y Swap increased with 1 basis point to 3.12% compared to previous business day.
In the attachment, today’s market data on money and capital market rates as well as other rates are presented.