During the period from September to November 2023, the British economy contracted by 0.2% on a quarterly basis, surpassing the anticipated decline of 0.1%, as reported by the UK Office for National Statistics (ONS). This contraction was preceded by a monthly growth of 0.3% in November, following a decrease of 0.3% in October.
ING Research predicts that the tobacco sales ban starting July 1, 2024, will cause a 1.5% decline in supermarket revenue, causing the first loss in twenty years. Following an inflation-related increase of 8% in 2023, supermarkets anticipate a loss of €1.7 billion in tobacco sales. ING anticipates a 35% shift in tobacco sales to specialized stores, leading to almost 10% increase in their revenue.
Cryptocurrency ETF’s debuted on stock exchanges, garnering over $4 billion in SEC-approved trading on NYSE, Nasdaq, and Cboe. Grayscale’s Bitcoin ETF drove half the activity, amassing $1 billion in 90 minutes. Bitcoin’s value surged 50% in six months, fueled by rising optimism about approval for spot ETFs, expanding accessibility of the leading cryptocurrency for investors.
The 6M Euribor increased with 2 basis points to 3.92% compared to previous business day. The 10Y Swap decreased with 5 basis points to 2.59% 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.
In a large-scale British-American airstrike, at least 60 targets of the Houthi rebels in Yemen were hit. The unsafe situation in the Red Sea has already led to higher freight rates and increased oil prices. The oil price rose by nearly 2% to $73.40 per barrel of WTI oil on Thursday night. It is expected that the deteriorating situation will result in further price increases.
In December, consumer prices in the United States increased more than initially anticipated, according to data released by the U.S. Department of Labor on Thursday. On an annual basis, there was an increase of 3.4%, compared to the 3.1% from the previous month. Economists had predicted an increase of 3.2%. Core inflation, adjusted for food and energy prices, stood at 3.9% on an annual basis in December, down from 4.0% in November.
The number of bankruptcies in the Netherlands increased in December, as revealed by Statistics Netherlands on Friday. Adjusted for court session days, 91 more companies were declared bankrupt compared to November, marking a 30% rise. According to preliminary data, 3,271 companies were declared bankrupt in 2023. This represents an increase of over 50% compared to 2022, when the number of bankruptcies was 2,145.
The 6M Euribor increased with 1 basis point to 3.90% compared to previous business day. The 10Y Swap decreased with 2 basis points to 2.64% 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.
In November, French industrial production unexpectedly increased by 0.5% compared to the previous month according to data from the French statistical office Insee, economists expected no increase. In October, a decrease of 0.3% was reported. Within the manufacturing sector, production increased by 0.3%, compared to a 0.2% increase the previous month.
In November, wholesale inventories in the United States decreased slightly, as anticipated. The U.S. Department of Commerce reported a 0.2% decline compared to the previous month, in line with economists’ expectations. The previously reported 0.4% decline in October was revised to a 0.3% decrease for that month. On an annual basis, wholesale inventories decreased by 3.0% in November. Wholesale sales remained almost unchanged compared to the previous month, but there was a 0.5% increase on a yearly basis.
Statistics Netherlands (CBS) announced that consumer prices for goods and services in the Netherlands increased by an average of 3.8% in 2023 compared to 2022. In 2022, inflation was 10.0%. Inflation in 2023 was notably influenced by price developments in food and energy. Excluding energy and motor fuels, inflation averaged 6.5% in 2023.
The 6M Euribor decreased with 4 basis points to 3.89% compared to previous business day. The 10Y Swap increased with 2 basis points to 2.66% 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.
The US trade deficit decreased in November, according to data released on Tuesday by the U.S. Department of Commerce. The deficit decreased from $64.5 billion in October to $63.2 billion in November, surpassing analysts’ expectations of $64.7 billion. Exports fell by 1.9% to $253.7 billion, while imports also declined by 1.9% to $316.9 billion. A trade deficit of $15.6 billion with the European Union was reported and a deficit of $21.5 billion with China. However, both deficits decreased in November.
On Tuesday, the DSTA reported that the Netherlands raised €2.075 billion through the reopening of a loan maturing in early 2030. The loan has a maturity date of January 15, 2030, and offers a yield of 2.334%. The outstanding amount under the loan is €9.875 billion.
In November, unemployment in the eurozone decreased, as reported by the statistical agency Eurostat on Tuesday. Unemployment dropped from 6.5% in October to 6.4% in November. In November 2022, the unemployment rate was 6.7%.The 6M Euribor increased with 2 basis points to 3.93% compared to previous business day. The 10Y Swap increased with 6 basis points to 2.64% 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.
In November 2023, Dutch households consumed 0.3 percent more goods and services than in November 2022, as reported by the Statistics Netherlands (CBS). The consumption of services showed an increase compared to the previous year, while the consumption of goods remained nearly stable. Regarding food and beverages, households spent 2.3 percent less, adjusted for price changes, than in November 2022.
The wealth disparities between the top 5% of Europeans and their fellow citizens have slightly decreased over the past five years, as indicated by European data on wealth inequality collected by the European Central Bank (ECB) as part of an experiment. In total, the combined wealth of European households increased by 29% or €13.7 trillion.
Last Friday, a Boeing 737 Max 9 aircraft experienced a blowout after a plug door let loose mid-air. As a result the U.S. regulatory authority is grounding multiple Boeing 737 Max 9 aircraft for inspection in the wake of the incident.
The 6M Euribor increased with 4 basis points to 3.91% compared to previous business day. The 10Y Swap decreased with 2 basis points to 2.58% 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.
According to Eurostat data, producer prices in the eurozone decreased by 0.3 percent on a monthly basis in November, following a 0.3 percent increase in October. On an annual basis, producer prices declined by 8.8 percent, indicating a smaller decrease compared to previous months. Excluding energy prices, producer prices dropped by 0.2 percent on a monthly basis and 0.5 percent on an annual basis in November.
The price for container shipping between Shanghai and Rotterdam has more than doubled in a week, according to data from research firm Drewry. Companies now pay $3577 to transport a 40-foot container, an increase of 115% compared to a week earlier. This price surge is attributed to the threatening situation in the Red Sea, where Houthi attacks force shipping companies to reroute via the Cape of Good Hope, affecting overall capacity and driving prices higher. Drewry anticipates further increases in the coming weeks due to ongoing uncertainties and the prolonged duration of the issues.
Extreme weather conditions, such as flooding and drought, threaten the Dutch real estate market. Climate change, subsidence, and foundation issues cause damage to properties. Additionally, insurers reject housing construction in high-risk areas. Research firm Calcasa estimates that Dutch homes could decrease in value by up to €325 billion. The AFM emphasizes that these risks are inadequately incorporated into housing prices.
The 6M Euribor decreased with 1 basis point to 3.87% compared to previous business day. The 10Y Swap increased with 3 basis points to 2.60% 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.
In December, employment in the private sector in the United States grew more robustly than anticipated, as indicated by figures from payroll processor ADP released on Thursday. The number of jobs increased by 164,000, following a revised growth of 101,000 in the previous month. Initially, a rise of 103,000 jobs had been reported for November. Salaries increased by 5.4% on a yearly basis, slightly down from the 5.6% increase in the preceding month, according to the report.
In December, the inflation rate in the Netherlands decreased to 1.2%, as indicated by the quick estimate from Statistics Netherlands released on Friday. In November, prices had risen by 1.6%. Excluding energy, the inflation rate in December was 3.4 percent, compared to 4.2% in November. The inflation rate without energy and motor fuels peaked in February and March at 8.1% and has since declined, according to the statistical bureau. For the entire year 2023, the CBS reports an inflation rate of 3.8%.
In December, the British services sector exhibited significantly faster growth, according to final figures from S&P Global released on Thursday. The purchasing managers’ index (PMI) for the services sector reached 53.4, compared to 50.9 the previous month. This marks the highest index reading since June. In contrast, the British industry showed a more pronounced contraction earlier this week. The corresponding index dropped from 47.2 to 46.2.
The 6M Euribor increased with 2 basis points to 3.88% compared to previous business day. The 10Y Swap increased with 10 basis points to 2.57% 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.
In December, the contraction in the U.S. manufacturing sector slightly eased, according to data from the Institute for Supply Management. The Purchasing Managers’ Index (PMI) increased from 46.7 in November to 47.4 in December, versus market expectations of 47.2. However, S&P Global data on Tuesday indicated that the U.S. manufacturing sector was still contracting in December, particularly due to a sharper decline in new orders, which fell from 49.4 to 47.9.
In December, Japan’s industrial activity contracted at the fastest pace in 10 months. The final au Jibun Bank Japan Manufacturing Purchasing Managers’ Index (PMI) declined from 48.3 in November to 47.9 in December. This marked the weakest level since February and remained below the 50 threshold, indicating contraction, for the seventh consecutive month. Both production and new orders decreased at the fastest rate since February, influenced by market uncertainty both in Japan and internationally. Input prices increased at their fastest pace in three months due to higher raw material costs.
In December, China’s services sector expanded at the fastest pace in five months, driven by a significant increase in new business. The Caixin/S&P Global Services Purchasing Managers’ Index (PMI) rose to 52.9 in December, compared to 51.5 in November. Firms attributed the improvement to a rise in customer numbers and spending, fueled by robust growth in new business, reaching the fastest pace since May. Foreign demand for Chinese services also increased.
The 6M Euribor is unchanged at 3.86% compared to previous business day. The 10Y Swap decreased with 5 basis points to 2.47% 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.
Construction spending in the United States increased in November, according to data released by the U.S. government on Tuesday. On a monthly basis, expenditures rose by 0.4%. Analysts had expected an increase of 0.6%. On an annual basis, construction spending in November increased by 6.2%.
In November, the money supply in the eurozone declined again, as indicated by data from the European Central Bank released on Tuesday. On a year-on-year basis, the broad money supply, known as M3, decreased by 0.9%, following a contraction of 1.0% in October. Credit provision to households increased by 0.5% in November, compared to a growth of 0.6% in October.
In December, the industry in the eurozone contracted again, albeit to a lesser extent than in previous months, as indicated by the final figures released by S&P Global on Tuesday. The Purchasing Managers’ Index reached 44.4, compared to 44.2 the previous month, marking the highest level in seven months. An index reading above 50 indicates growth, while a reading below 50 indicates contraction.The 6M Euribor decreased with 2 basis points to 3.86% compared to previous business day. The 10Y Swap increased with 3 basis points to 2.52% 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.
The United States was South Korea’s largest export market in December for the first time in two decades. This dethroned China as the most important market for the export of South Korean goods such as computer chips, electronics and cars.
Danish shipping group Maersk is pausing transit through the Red Sea for 48 hours after one of its ships was attacked by Houthi rebels. According to the shipping company, the ship, the Maersk Hangzhou, was attacked on Saturday evening and Sunday morning. The US Navy present in the area said it sank three of the four attacking boats.
On January 1st , the ‘Omgevingswet’ (new Dutch law) came into effect, consolidating various construction and environmental laws. However, the House of Representatives expresses concerns about the implementation, especially regarding potential complications in permit processes and errors in permit issuance. Additionally, the readiness of municipalities for the Environmental Law is being questioned. To prevent potential issues with the implementation of the law in municipalities, they are given the option to gradually introduce the law and temporarily maintain the old procedures.
The 6M Euribor decreased with 1 basis point to 3.88% compared to previous business day. The 10Y Swap increased with 7 basis points to 2.49% 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.
