Market Information Wednesday 21 February 2024

In January, the leading indicators for the U.S. economy continued to decline, according to a report from The Conference Board on Tuesday. The Leading Economic Index dropped 0.4 percent to a level of 102.7, following a 0.3 percent decrease in December.

Due to rising inflation, weak domestic demand and a weak currency, Japan has lost its position as the world’s third-largest economy, slipping into its first recession since 2018. The economy contracted with of 3.3% in Q3 followed by a further 0.4% decline in Q4 2023 to a GDP of $4.21 trillion, thus being overtaken by Germany. Economists did not expect a recession for Q4 as reported by Bloomberg, however, reduced spending by Japanese households and businesses and anticipated export challenges, especially from slowdowns in trade partners like China, indicate potential continued economic contraction.

New car sales in Europe significantly increased in January, with the European Automobile Manufacturers’ Association (ACEA) reporting on Tuesday a 12.1 percent rise to 851,690 units in the EU. Notably, Germany and France, key volume markets, showed increased sales by 19.1 percent and 9.2 percent respectively, while electric vehicle sales in the EU jumped by 28.9 percent.

The 6M Euribor increased with 2 basis points to 3.92% compared to previous business day. The 10Y Swap decreased with 4 basis points to 2.73% 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.