On Friday, the price of a barrel of crude oil closed higher following the speech by Fed Chairman Jerome Powell at the central bank symposium in Jackson Hole, Wyoming. The October future for a barrel of West Texas Intermediate crude oil closed at USD 79.83 on the New York Mercantile Exchange, representing an increase of USD 0.78.

According to the University of Michigan’s final data, American consumers’ trust in the economy declined in August, while their expectations for inflation saw a slight increase. The consumer confidence index fell from 71.6 in July to 69.5. An earlier preliminary figure for August had suggested an index level of 71.2. The inflation expectation for the next 12 months reached 3.5%, up from 3.4% in July.

“Interest rates will increase as much as necessary to contain inflation,” stated Christine Lagarde, Chair of the European Central Bank (ECB), during a speech at the annual symposium hosted by the Kansas State central bank in Jackson Hole, USA, on Friday. “In the current climate, this means that the ECB should maintain an interest rate level that brings inflation back to the 2% target.”The 6M Euribor decreased with 2 basis points to 3.93% compared to previous business day. The 10Y Swap increased with 4 basis points to 3.16% 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 German economy decreased slightly in the second quarter of 2023,. According to final figures published by the German statistical office Destatis. On an annual basis, the German gross domestic product decreased by 0.2%, adjusted for calendar effects. This also corresponds to the preliminary results.

New orders for durable goods in the United States dropped more than expected in July 2023, mainly due to a decrease in vehicle orders. This was revealed by figures from the US government on Thursday. Orders decreased by 5.2% on a monthly basis. Economists anticipated a decrease of 4.1%. In June 2023, orders had increased by 4.4%. This figure was slightly revised downward from a previously reported increase of 4.7%.

The Turkish central bank has sharply increased the interest rate to reduce high inflation. This was announced by Turkey’s monetary policy body on Thursday afternoon. The interest rate was raised from 17.5% to 25.0%. In July, an additional 250 basis points were already added. On Thursday, the bank stated that with this new step, it aims to reduce inflation, as recent indicators suggest that the increase in underlying inflation pressure continues.

The 6M Euribor is unchanged at 3.95% compared to previous business day. The 10Y Swap increased with 1 basis point to 3.12% 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.

European consumer confidence fell again in August, according to data from the European Commission. The confidence index was -16.0 in August, down from -15.1 in July.

Investments in Dutch tangible fixed assets, increased by 7% in June, compared to last year. Companies mainly invested more in transport equipment, machinery, infrastructure and buildings. The figures have not been adjusted for variations in the number of working days, while June had one more working day in 2023.

On Wednesday, crude oil prices fell for the third consecutive day. West Texas Intermediate oil futures for October closed 0.9% lower at USD 78.89. It was also announced that US crude oil inventories fell 1.4% last week, from the week before that.

The 6M Euribor increased with 1 basis point to 3.95% compared to previous business day. The 10Y Swap decreased with 12 basis points to 3.11% 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.

Dutch consumers became more pessimistic in August than in July. This was revealed on Wednesday by figures from Statistics Netherlands. The confidence index decreased from -39 in July to -40 in August. This puts consumer confidence well below the average over the past 20 years of -10. Confidence reached its highest ever reading in January 2000 at 36 and its lowest ever reading in September 2022 at -59.

Investments in the Netherlands in June were 7.0% higher compared to the previous month. This was revealed on Wednesday by Statistics Netherlands. According to the statistics office, this was mainly because more was invested in transport equipment, machinery, infrastructure and buildings.

The growth of the Japanese economy increased in August. This was revealed on Wednesday by preliminary figures from S&P Global. The service sector purchasing managers’ index increased to 54.3 in August from 53.8 in July. And Japan’s purchasing managers’ index for manufacturing increased to 49.7 in August from 49.6 in July. With that, the composite index increased to 52.6 in August from 52.2 in July. An index reading greater than 50 indicates economic growth, while less than 50 signals economic contraction.

The 6M Euribor is unchanged at 3.94% compared to previous business day. The 10Y Swap decreased with 6 basis points to 3.23% 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 July, Dutch house prices dropped on a yearly basis just as much as they did in June, as reported by the Statistics Netherlands on Tuesday. Prices in July were 5.5% lower than the previous year, just like in June. In May, the decline was slightly sharper at 5.6%.

On Monday, the price of a barrel of crude oil closed lower, continuing the downward trend from last week. The September futures contract for a barrel of West Texas Intermediate crude oil concluded Monday’s trading session 0.7% lower at USD 80.72 on the New York Mercantile Exchange.

On Monday evening, the yield on the 10-year US Treasury bond increased to 4.35%, a level not seen since 2007. The shorter-term 2-year US Treasury bond is yielding 5%.

The 6M Euribor is unchanged at 3.94% compared to previous business day. The 10Y Swap increased with 6 basis points to 3.29% 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.

On Monday, it was confirmed that China has once again lowered interest rates, as indicated in a report by the People’s Bank of China. On Monday, the one-year loan prime rate was lowered by 10 basis points to 3.45%, while the five-year rate remained unchanged at 4.2%. The recent actions of the Chinese central bank reflect growing concerns about the slowing Chinese economy.

The Netherlands maintains its AAA credit rating even as its economy has entered a recession, according to a new report by credit rating agency Fitch Ratings released on Friday evening. Fitch also stated that the outlook remains stable, noting, “The Dutch AAA rating is supported by a flexible and open economy with high added value.”

In July, inflation in the eurozone decreased further, as confirmed by final figures released by Eurostat on Friday. Prices increased by 5.3% year-on-year last month. In June, the inflation rate was 5.5%, versus 6.1% in May.

The 6M Euribor decreased with 2 basis points to 3.94% compared to previous business day. The 10Y Swap decreased with 7 basis points to 3.23% 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 unemployment rate in the Netherlands increased from 3.5% in June 2023 to 3.6% in July 2023, according to data published by Statistics Netherlands on Thursday. In July 2023, 362,000 people between the ages of 15 and 75 were unemployed.

The Dutch economy is projected to grow by 0.7% this year and by 1.4% next year. This was stated by the Bureau for Economic Policy Analysis on Thursday in its preliminary Macro Economic Outlook 2024. In 2022, the growth in the Netherlands reached 4.3%.

The central bank of Norway has further increased official interest rates. This was revealed on Thursday in the interest rate decision by the Norges Bank. The key interest rate was raised unanimously from 3.75% to 4.00%. The Norwegian krone increased by 0.3% against the euro after the release of the interest rate decision, reaching 0.087.

The 6M Euribor increased with 2 basis points to 3.96% compared to previous business day. The 10Y Swap increased with 5 basis points to 3.30% 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.

Released Federal Reserve minutes show that officials, at the last meeting, were divided over the need for further interest rate hikes. In July, the Federal Reserve raised the policy rate by 25 basis points, putting the rate now in the range of 5.25% to 5.50%. The officials stressed the negative economic risks associated with another interest rate hike.

Statistics Netherlands (CBS) estimates that the Dutch economy contracted by 0.3% in the second quarter of this year compared to the previous quarter. This follows a 0.4% economic decline in the first quarter of this year. With two consecutive quarters of economic contraction, the Netherlands is now officially in a mild recession.

According to Eurostat figures, the eurozone economy grew by 0.3% in the second quarter. In the first three months of this year, the economy remained at the same level. On an annual basis, the eurozone economy showed growth of 0.6%.

The 6M Euribor decreased with 2 basis points to 3.94% compared to previous business day. The 10Y Swap decreased with 2 basis points to 3.25% compared to previous business day.

Confidence among American home builders fell in August, after rising for seven consecutive months. This was revealed on Tuesday by data from the National Association of Home Builders. The NAHB housing index fell from 56 in July to 50 this month. NAHB explained this decline by the sharp rise in mortgage rates, which are now approaching 7.0%. Construction costs are also increasing.

U.S. import prices rose in July. This was revealed on Tuesday by figures from the U.S. Department of Labor. Import prices increased by 0.4% on a monthly basis in July, while export prices increased by 0.7% on a monthly basis in July. On an annual basis, import prices decreased by 4.4% in July and export prices decreased by 7.9%.

The Federal Reserve’s index of manufacturing in the New York region decreased sharply in August. This was revealed on Tuesday by the release of the Empire State index. The index decreased from 1.1 in July to -19.0 in August, signaling that managers at industrial companies have become considerably more pessimistic about market conditions.

The 6M Euribor increased with 3 basis points to 3.96% compared to previous business day. The 10Y Swap increased with 6 basis points to 3.27% 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 a monthly survey conducted by Bloomberg news agency, ECB-experts stick to their prediction that policy rates will rise from 3.75% to 4.00% in September. Last month during the ECB press conference, ECB President Christine Lagarde hinted at a pause in interest rate changes.

Data from Statistics Netheralands (CBS) shows the confidence score of Dutch entrepreneurs, showed a slight decline from -8.1 to -8.3, compared to the previous quarter. During the corona pandemic in 2020, confidence reached a low of -51.9. In the third quarter of 2021, the confidence score reached a high of 12.9.

The Federal Reserve Bank of New York conducted a survey revealing a decline in near-term inflation expectations among US consumers, for the fourth consecutive month. The survey reported that the median one-year-ahead inflation expectations decreased from 3.8% in June to 3.5% in July. This drop brought the expectations to their lowest point since April 2021.

The 6M Euribor decreased with 1 basis point to 3.93% compared to previous business day. The 10Y Swap decreased with 1 basis point to 3.21% compared to previous business day.