The German business climate improved in March. This was revealed Monday by figures published by the Ifo research institute. The Ifo index for German business climate for industry and trade rose to 93.3 this month from 91.1 in February. An index of 90.9 had been expected in advance by economists.
China spent $240 billion between 2008 and 2021 to bail out 22 developing countries. This is revealed in a study by researchers from the World Bank, Harvard Kennedy School, AidData and the Kiel Institute for the World Economy, which was published on Tuesday. China has lent hundreds of billions of dollars to build infrastructure in developing countries, but lending is declining since 2016 as many projects have failed to pay the expected financial dividends. Chinese loans to countries in debt distress rose from less than 5% of its overseas loan portfolio in 2010 to 60% in 2022, the study said.
Lending growth in the European Union has slowed down sharply in recent months following the ECB’s tightening interest rate policy. The index that data provider Bloomberg tracks for Eurozone funding conditions deteriorated to level since late 2011 last week. The latest Bank Lending Surveys, the ECB surveys of about 150 banks, show that eurozone banks’ lending requirements have risen to levels not seen since early 2012.
The 6M Euribor decreased with 1 basis point to 3.28% compared to previous business day. The 10Y Swap increased with 7 basis points to 2.94% 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 Dutch economy grew by 0.6 percent in the fourth quarter. This emerged from a second estimate by the Statistics Netherlands on Friday. The growth follows a stagnation in the third quarter. Initially, a contraction of 0.2 percent was reported for the third quarter. Compared to a year earlier, gross domestic product grew by 3.2 percent in the fourth quarter. According to the first calculation, that was 3.0 percent.
The funding requirement of the Dutch State will be slightly reduced next year. This emerged on Friday from the outlook for 2023 of DSTA, the agency of the Ministry of Finance. The Netherlands has an estimated financing need of 99.7 billion euros for 2023, compared to more than 101 billion euros by mid-December. Of this, 31.6 billion still has to be raised on the capital markets and 3/4.5 billion on the money markets.
The US economy grew significantly faster in March. This was revealed on Friday by provisional figures from S&P Global. The purchasing managers’ index for the services sector was 53.8 in March, compared to 50.6 in February. That is the highest level in 11 months. Economists had forecasted an index of 50.3.
The 6M Euribor increased with 8 basis points to 3.29% compared to previous business day. The 10Y Swap decreased with 3 basis points to 2.87% 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 Swiss central bank has raised interest rates by 50 basis points, as announced by the SNB yesterday. The SNB raised interest rates from 1.00% to 1.50% to counter new inflationary pressures. The increase is in line with market expectations. Switzerland’s inflation rate stood at 3.4% in February, after prices started to rise again at the beginning of the year. Inflation is now expected to be 2.6% this year, and 2.0% in 2024 and 2025. In December, the central bank reckoned on 2.4% inflation for 2023 and 1.8% for 2024.
The number of new applications for unemployment benefits in the United States fell slightly in the week ending March 18. This was revealed by US Department of Labour figures on Thursday. The number of new applications for unemployment benefits fell from 192,000 to 191,000. Economists’ expectations were at 198,000 new applications. The four-week moving average was 196,250 applications. That is 250 less than a week earlier. The number of extended support applications in the week ending March 11 stood at 1.694 million applications, 14,000 more than a week earlier.
The Bank of England (BoE) raised interest rates for the 11th time in a row on Thursday, but said a surprise resurgence in inflation would probably fade fast, prompting speculation it has ended its run of hikes. The BoE sounded more upbeat about the outlook for Britain’s economy but noted the risks posed by turmoil among global banks. The BoE’s nine decision makers voted 7-2 in favour of a 25 basis-point increase in the Bank Rate to 4.25%. This rate rise extends a run of increases that began in December 2021, although it was the Monetary Policy Committee’s smallest increase since June.
The 6M Euribor increased with 14 basis points to 3.21% compared to previous business day. The 10Y Swap decreased with 9 basis points to 2.90% 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.
Oil prices fell on Thursday following three sessions of gains. Brent crude futures fell 66 cents, or 0.9%, to $76.03, while U.S. West Texas Intermediate crude (WTI) dropped 74 cents, or 1.0%, to $70.16.
The Federal Reserve raised interest rates for the ninth time in a row on Wednesday, opting to continue its campaign against high inflation despite stress in the banking industry following the collapse of two regional banks. The Fed on Wednesday announced a 25 basis point rate hike, to a range of 4.75% to 5%. That is the highest level since the eve of the credit crisis in 2007.
UK inflation unexpectedly rose to 10.4% in February. Economists had counted on inflation slowly returning to more normal levels after peaking at 11.1% in October, not taking into account a record 18% rise in food prices. That is according to data published by the UK statistics office ONS on Wednesday. Economists on average assumed inflation of 9.9% in February, up from 10.1% in January.
The 6M Euribor decreased with 3 basis points to 3.07% compared to previous business day. The 10Y Swap increased with 4 basis points to 2.99% 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 were less pessimistic in March than in February, according to Statistics Netherlands (CBS). The confidence index rose from -44 in February to -39 this month. Consumers were less pessimistic about the economy and the willingness to buy was also less negative. Confidence is still low, according to CBS. At -39, consumer confidence in March was below the 20-year average of -10.
Existing home sales in the United States rose sharply in February. This was revealed Tuesday by figures from real estate agency NAR. On a monthly basis, sales increased by 14.5% to 4.58 million homes. Economists had forecast 4.20 million homes. It was the first increase in more than a year. The median sales price fell slightly, to $363,000. That was the first decline in more than a decade.
Investment in property, plant and equipment in the Netherlands increased in January, according to Statistics Netherlands in a report published today. The volume of investment rose with 9.3% year-over-year in January, following a 1.9% decline in December.
The 6M Euribor increased with 4 basis points to 3.10% compared to previous business day. The 10Y Swap increased with 8 basis points to 2.95% 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.
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