Market Information Monday 9 September 2024

The Eurozone economy grew slightly less than initially expected in the second quarter of 2023, according to Eurostat data released on last Friday. The gross domestic product (GDP) increased by 0.2% in Q2, down from the preliminary estimate of 0.3%. On an annual basis, the economy grew by 0.6%, in line with earlier forecasts. In the first quarter, the Eurozone economy had grown by 0.3% quarterly and 0.5% annually.

U.S. job growth in August was slightly lower than expected, with 142,000 new jobs added compared to the forecasted 161,000. Unemployment remained at 4.2%, in line with expectations. Hourly wages increased by USD 0.14 (0.4%) to USD 35.21, with an annual wage growth of 3.8%, higher than the previous month’s 3.6% and economists’ expectations of 3.7%. Additionally, job growth for June and July were revised downwards, with June’s numbers adjusted from 179,000 to 118,000 and July’s from 114,000 to 89,000.

In July, Germany experienced a sharper increase in imports compared to exports. According to data from the German statistics agency Destatis released on last Friday, imports rose by 5.4% month-on-month, while exports increased by 1.7%. On a year-on-year basis, both exports and imports declined, with exports falling by 1.2% and imports decreasing by just 0.1%. The trade surplus for July was EUR 16.8 billion, falling short of economists’ expectations of EUR 20.6 billion.

The 6M Euribor decreased with 2 basis points to 3.36% compared to previous business day. The 10Y Swap decreased with 2 basis points to 2.43% 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.