Market Information Monday 24 June 2024

The economy in the eurozone grew less in June, with the composite purchasing managers’ index falling from 52.2 to 50.8. The services sector index dropped from 53.2 to 52.6, while the manufacturing index fell from 47.3 to 45.6, the lowest level in six months. The services sector offers no reason to the ECB to cut interest rates again in July, especially since German service providers raised prices more in June than in May. Additionally, European manufacturing increased sales prices in June for the first time since February 2023.

The Dutch funding requirement for this year has been reduced by 9.4 billion euros to 78.6 billion euros due to lower expenditures and higher tax revenues. The Agency of the Ministry of Finance expects that issuance will remain unchanged at approximately 40 billion euros, despite halting the sale of TenneT Germany. Existing DSL bonds will be reopened in July and September, and treasury bills will be issued on the money market.

Global steel production increased by 1.5 percent in May to 165.1 million tons, following a 5.0 percent decline in April. In China, production rose by 2.7 percent, while in Germany, the US, and South Korea, production decreased by 1.9 percent, 1.5 percent, and 10.9 percent respectively. The European Union saw a 1.8 percent increase year-on-year.

The 6M Euribor decreased with 1 basis point to 3.69% compared to previous business day. The 10Y Swap is unchanged at 2.76% 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.