Market Information Thursday 22 August 2024

Employment in the United States has grown substantially less over the past year than previously reported. This was revealed Wednesday from the annual revision by the U.S. Department of Labor. Job growth in the period from April 2023 to March 2024 was 818,000 lower than previously reported, which means that the labor market cooled earlier and faster than expected. The revised estimate means that the U.S. economy added approximately 2.1 million jobs during that period. Initially, job growth was estimated at 2.9 million jobs. The lower job growth gives the Federal Reserve additional impetus to lower interest rates in September, as is widely expected.

The European Union has already achieved its target to fill its gas reserves to a minimum of 90 percent. This was reported by the European Commission Wednesday. The goal was achieved ten weeks before the November 1 deadline. With these reserves, the EU has covered a third of its total gas consumption during the winter. This means the EU is well-prepared for the upcoming winter, stated Kadri Simson, European Commissioner for Energy. Last year, the 90 percent target was reached on August 18. According to figures from the Dutch Gasunie, reserves in the Netherlands were 86.9 percent filled as of August 19.

Investments in the Netherlands declined in June. This was reported by Statistics Netherlands (CBS) on Wednesday. The volume of investments in tangible fixed assets was 10.3 percent lower than a year earlier, CBS reported. This is mainly due to reduced investments in buildings, infrastructure, aircraft, passenger cars, and machinery. The figures are not adjusted for working days. June 2024 had two fewer working days than June 2023. According to CBS, the conditions for investments in August are “less favorable” than was the case in June.

The 6M Euribor is unchanged at 3.41% compared to previous business day. The 10Y Swap decreased with 2 basis points to 2.44% 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.