Market Information Wednesday 7 December 2022

Market Information Wednesday 7 December 2022

The US trade deficit widened less than expected in October. This was revealed by the US Commerce Department figures on Tuesday. The deficit rose from a revised $ 74.1 billion in September to $ 78.2 billion in October. Analysts had previously forecast $ 80.0 billion. Exports fell 0.7% to $ 256.6 billion in October, while imports rose 0.6% to $ 334.8 billion.

Inflation in countries in the OECD region continued to rise in October. This was reported by the Paris-based think tank on Tuesday. Inflation stood at 10.7% year-on-year. In September, inflation was 10.5%. In 18 of the 38 OECD countries, inflation reached double-digits in October. Food prices saw a 16.1% rise from 15.3% a month earlier. This is the highest rate since May 1974. Energy prices rose 28.1% year-on-year. In September, it was 28.8%. In 13 OECD countries, energy prices rose more than 30%. Core inflation in the OECD region stood at 7.6% in October, unchanged from a month earlier.

German manufacturing output fell slightly in October. This was revealed on Wednesday by figures from Destatis, the German statistical office. Production, adjusted for seasonal and working-day effects, was 0.1% lower in October than a month earlier. In September, output was still up 1.1%. On a year-on-year basis, industrial production slowed down in October, after rising 3.1% in September.

The 6M Euribor increased with 3 basis points to 2.44% compared to previous business day. The 10Y Swap decreased with 6 basis points to 2.54% 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.

Market Information Tuesday 6 December 2022

Market Information Tuesday 6 December 2022

Australia’s central bank decided to raise the Cash Target Rate by 25 basis points to 3.1% in its last monetary meeting of 2022. An accompanying memo indicates that this will not be the last interest rate hike as inflation is still too high. For the month of October, inflation stood at 6.9%.

Commodity trader Trafigura will supply liquefied natural gas (lng) to Germany over the next four years to reduce the European market’s dependence on Russian gas. The Swiss company has secured a $3bn loan secured by the German state specifically for this project. The loan has been arranged and underwritten by Deutsche Bank and one other unnamed bank and syndicated to more than 25 other lenders.

Analysts have become more negative about the performance of companies listed on the Amsterdam stock exchange. High inflation, materials shortages and the overall economic downturn are affecting companies’ earnings trends more than expected, market researchers say after analysing third-quarter figures. They lowered their earnings forecasts for the 25 companies in the AEX index for the 2022 financial year by 10% on average, according to an analysis of information from news agency Bloomberg.

The 6M Euribor is unchanged at 2.41% compared to previous business day. The 10Y Swap increased with 2 basis points to 2.60% compared to previous business day.

Market Information Monday 5 December 2022

Market Information Monday 5 December 2022

The Financial Times reports that European Union member states have cut their gas consumption by almost a quarter. The numbers show that the European Union is successfully reducing its dependence on Russian gas. Research agency Icis shows with data that gas consumption has decreased by 24% compared to the monthly average over the past five years.

Francois Villeroy de Galhau of the French central bank expressed his wish on Sunday that the European Central Bank (ECB) should raise interest rates by another half a percentage point in December to curb inflation, in an interview with TV station LCI. The banker, also a member of the ECB, calls it desirable that the interest rate level be raised to 2% after years of very generous monetary policy. The ECB will decide on interest rates on 15 December.

The Chinese services sector contracted even more in November. This was revealed on Monday by figures from S&P Global. The Purchasing Managers Index was 48.4 in October and fell to 46.7 in November. The purchasing managers index for the Chinese manufacturing industry turned out to have risen from 49.2 in October to 49.4 in November last week, but this still points to contraction. The composite index fell from 48.3 to 47.0.

The 6M Euribor is unchanged at 2.41% compared to previous business day. The 10Y Swap increased with 4 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.

Market Information Friday 2 December 2022

Market Information Friday 2 December 2022

Swiss consumer price inflation is steady at 3.0% in November, which still exceeds the Swiss National Bank’s 0-2% target range, data showed on Thursday. The Swiss National Bank has already hiked rates twice this year to fight inflation. On Tuesday it was reported that the Swiss economy grew a real 0.2% in the third quarter versus the second quarter of 2022 and slowed to 0.5% year-on-year, lagging market expectations.

Greece’s unemployment rate eased to 11.6% in October from an upwardly revised 12% in September, data from statistics service ELSTAT showed on Thursday. The reading was the lowest recorded since March 2010, which was the start of Greece’s decade long economic crisis. The Greek economy is expected to grow by 1.8% next year, at a slower pace than initially expected, as soaring energy costs and higher inflation are seen hurting tourism and curbing domestic demand, the government’s 2023 final budget projected last month.

Eurozone manufacturing contracted less in November, final figures from S&P Global showed on Thursday. The manufacturing purchasing managers’ index rose to 47.1 in November from 46.4 in October, the highest reading in two months. A preliminary reading reported an index of 47.3.

The 6M Euribor decreased with 3 basis points to 2.41% compared to previous business day. The 10Y Swap decreased with 12 basis points to 2.54% 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.

Market Information Thursday 1 December 2022

Market Information Thursday 1 December 2022

Inflation in the Netherlands has decreased substantially to 11.2% in November compared to the price level for consumers in November 2021, according to the provisional figures of Stastics Netherlands (CBS). A big difference with October, when inflation was still 16.8%. This is mainly due to the reduced costs for energy, especially for fuels.

The Dutch industry contracted further in November, according to figures from S&P Global published on Thursday. The manufacturing purchasing managers’ index stood at 46.0 in November from 47.9 in October, the lowest level since June 2020. Despite this, employment rose for the twenty-fifth consecutive month, albeit the smallest increase since November 2020.

Bitcoin fell to less than $20,000 after peaking at $69,000 a year ago, but it seems only a matter of time before the cryptocurrency becomes definitively irrelevant. Ulrich Bindeil and Jürgen Schaaf of the European Central Bank (ECB) write this in a blog on Wednesday. The current stabilization is a “last gasp,” according to the central bank, and that was evident even before the bankruptcy of crypto exchange FTX pushed the price well below $16,000.

The 6M Euribor is unchanged at 2.44% compared to previous business day. The 10Y Swap decreased with 1 basis point 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.