House prices in the largest urban regions of the United States slowed down again in September. This was revealed by Standard & Poor’s Case-Shiller figures on Tuesday. On a year-on-year basis, prices rose 9.7% in September, following a 12.1% rise a month earlier. House prices in the 10 largest regions fell 1.4% on a monthly basis. On a year-on-year basis, house prices in the 20 largest regions rose 10.4% in September. This compares with a plus of 13.1% a month earlier. The 20 largest regions saw a 1.5% month-on-month decline in September.
Consumer prices in Germany rose less than expected in November. This was revealed on Tuesday by preliminary figures from German statistics agency Destatis. On a year-on-year basis, prices rose 10.0% in November after a 10.4% rise in October. In September, prices also rose 10.0%. In November, prices fell 0.5% compared to October. In October, the month-on-month increase was still 0.9%.
China’s purchasing managers’ index for manufacturing fell to 48.0 in November from 49.2 in October on Wednesday, according to official figures. Economists’ advance expectations pointed to an index of 48.9. The services purchasing managers’ index came in at 46.7 in November. That was 48.7 a month earlier.
The 6M Euribor increased with 7 basis points to 2.44% compared to previous business day. The 10Y Swap decreased with 2 basis points to 2.67% 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.
Danish financial regulator FSA has filed charges against the Danish Jyske Bank for violating money laundering rules. According to the Danish regulator, this would mainly involve customers linked to Jyske Bank’s Keyplan Mortgage branch. The bank allegedly failed to conduct sufficient bookkeeping investigations of high-risk customers, and in certain cases also failed to investigate suspicious transactions.
The euro was surprisingly strong against the dollar on Monday, trading 0.7 percent higher at 1.043. Despite turmoil in China, where dissatisfaction over strict lockdowns against the coronavirus has led to open protests.
Confidence among Dutch business owners in manufacturing increased slightly in November. The confidence index grew from 2.5 in October to 3.0 in November, as entrepreneurs were more positive about expected business activity. In more than half of all industries, producer confidence increased in November compared to October.
The 6M Euribor is unchanged at 2.37% compared to previous business day. The 10Y Swap increased with 2 basis points to 2.69% 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.
Last week, Credit Suisse, Switzerland’s second-largest bank said it expects to make a pre-tax loss of up to 1.5 billion Swiss francs ($1.6 billion) during Q4 and revealed that wealthy clients had made hefty withdrawals, leading to a big drop in liquidity, breaching some regulatory limits.
Bank of Japan (BOJ) Deputy Governor Masayoshi Amamiya said on Sunday the central bank will conduct a survey annually, seeking ways to nurture the country’s growing climate finance market. The BOJ last year rolled out a funding scheme targeting activities aimed at combating climate change, as part of efforts to align itself with a global push toward a greener society. Under the scheme, the central bank offers zero-interest loans twice a year to banks that boost green and sustainable loans. It has lent 3.6 trillion yen ($26 billion) to 63 financial institutions under the scheme.
The current level of Polish interest rates is having a positive impact on the economy and the Monetary Policy Council’s (MPC) pause in policy tightening will continue, MPC member Ireneusz Dabrowski said. Earlier this month the MPC left its main interest rate unchanged at 6.75% for the second month in a row, and National Bank of Poland (NBP) Governor Adam Glapinski said Poland’s rate hike cycle is paused but could continue. Dabrowski said that based on current data it is not possible to determine how long the Council will decide to leave interest rates at the current level.
The 6M Euribor increased with 1 basis point to 2.37% compared to previous business day. The 10Y Swap increased with 10 basis points to 2.67% 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.
Sweden’s central bank, the Riksbank, raised interest rates by 75 basis points from 1.75 to 2.50% on Thursday. Inflation is still far too high and the risk of that high inflation becoming entrenched is still substantial, according to the Riksbank. The Riksbank foresees an economic contraction of 1.2% next year, where previously a contraction of 0.7% had been forecast.
The Tokyo core consumer price index was 3.6% higher in November than a year earlier, government data showed on Friday. The rise exceeded a median market forecast of 3.5% and the 3.4% increase seen in October. While the rise was driven mostly by electricity bills and food prices, companies were also charging more for durable goods as the weak yen pushed up the cost of imports, the data showed.
The Turkish central bank announced on Thursday that it would cut the policy rate again by 150 basis points, from 10.5 to 9.0%, and announced that this would be the last of the rate cuts in this cycle for the time being. Taking into account increasing risks to global demand, the Turkish central bank assessed that the current policy rate is appropriate. A recession is increasingly seen as an inevitable risk factor, the central bank stated.
The 6M Euribor increased with 2 basis points to 2.36% compared to previous business day. The 10Y Swap decreased with 8 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.
The number of Americans filing new applications for unemployment benefits rose to the highest level in three months last week due to increasing layoffs in the technology sector. Applications for unemployment benefits rose 17,000 last week to a seasonally adjusted 240,000. In addition, the previous week’s figures were revised upward by 1,000. Economists say applications would have to exceed 270,000 to raise concerns about the labor market.
China will cut banks’ reserve requirements in a timely manner, in addition to using other monetary policy tools, to keep liquidity sufficiently high, state media said Wednesday at a cabinet meeting. Hit by COVID-19 restrictions and a sharp drop in the property market, China’s economy is struggling to get back on track, even after a spate of policy measures this year to boost domestic demand.
ECB Vice President Luis de Guindos said the European Central Bank will continue to raise interest rates until inflation is brought down to the medium-term target of 2%, even as the euro zone economy heads toward recession. De Guindos did not elaborate on the size of the possible next interest rate hike in December, but said it would depend on the upcoming ECB forecasts and inflation data in November.
The 6M Euribor increased with 1 basis point to 2.34% compared to previous business day. The 10Y Swap decreased with 5 basis points to 2.65% 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.
Eurozone consumer confidence continued to improve in November but remained in negative territory. This was revealed on Tuesday by preliminary figures from the European Commission. The index, which reflects confidence, improved to -23.9 this month from -27.5 in October. Economists consulted in advance expected a smaller improvement to -26.6.
Global steel production did not change substantially in October. This was revealed on Tuesday by figures from industry body World Steel Association. In total, the 64 steel-producing countries manufactured 147.3 million tonnes of steel last month, roughly the same as a year earlier. September saw a 3.7% increase in production. In China, by far the largest manufacturer of steel worldwide, production rose sharply. There, production rose 11.0% last month to 79.8 million tonnes. By contrast, in the US, production fell 8.9% in September, to 6.7 million tonnes. In Russia, production fell an estimated 11.5% and in Japan it fell 10.6%. The EU experienced a 17.5% contraction in production in September to 11.3 million tonnes. In Germany, production fell more than 14%.
The Reserve Bank of New Zealand on Wednesday raised interest rates by 75 basis points to 4.25% in the face of excessive inflation. New Zealand’s central bank announced this on Wednesday. In October, the bank still decided on a 50-basis-point increase. The bank targets an annual inflation rate of 1 to 3%. However, the latest reading indicated an inflation rate of 7.2%, down slightly from 7.3% a quarter earlier. The Reserve Bank of New Zealand noted on Wednesday that short-term inflation expectations have risen. At the same time, household spending remained on track with high employment, according to the policy body. The New Zealand dollar rose 0.2% to 0.6166 US dollars on Wednesday.
The 6M Euribor decreased with 1 basis point to 2.33% compared to previous business day. The 10Y Swap decreased with 4 basis points to 2.70% 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 economy of OECD countries grew 0.4 percent in the third quarter, compared to a quarter earlier. With this, growth remains weak for the third quarter in a row, with 0.5 percent growth in the second quarter. Japan and the United Kingdom experienced contraction, the United States returned to 0.6 percent growth after two quarters of contraction, and Germany’s growth picked up from 0.1 to 0.3 percent.
The Chicago Fed National Activity Index returned to negative territory in October after rebounding in previous months. The index fell from +0.17 in September to -0.05 last month. In August, the index was still at +0.10. A positive index indicates growth above the historical average. If the index is negative, it implies growth below trend.
House prices in the Netherlands are increasing at a lower pace. Home prices rose again year-on-year in October, but the year-on-year increase slowed further. Existing owner-occupied houses were 7.8 percent more expensive in October than a year earlier. A month earlier, the increase was 9.4 percent, and in August it was 11.9 percent.
The 6M Euribor increased with 5 basis points to 2.34% compared to previous business day. The 10Y Swap decreased with 3 basis points to 2.74% 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.
Producer prices in Germany fell for the first time in more than two years in October. This appeared on Monday from figures from Destatis, the German statistical office. On a monthly basis, prices fell 4.2 percent in September. That was the first drop since May 2020.
Dutch consumers were slightly less somber in November than in October, when their confidence reached an all-time low. The Centraal Bureau voor de Statistiek (CBS) published these figures on Monday. Confidence stood at -57 in November, compared to -59 in October. Consumers were somewhat less pessimistic about the economy and willingness to buy was also slightly less negative. At -57, consumer confidence in November was well below its 20-year average of -9.
Investments in tangible fixed assets rose again in September. The Centraal Bureau voor de Statistiek (CBS) reported this on Monday. Capital expenditure was up 4.4 percent year-on-year, after rising 5.0 percent in August. In May and June, however, investment still rose by more than 8 percent per month, while in July there was a marked pause. Investments in buildings and aircraft increased in September.
The 6M Euribor decreased with 2 basis points to 2.29% compared to previous business day. The 10Y Swap increased with 1 basis point to 2.77% 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.
Russia and Ukraine prolong the grain deal. The deal ensures Ukraine can safely export agricultural products through Black Sea ports. Wheat prices fell after news of the deal being extended. At the Chicago Board of Trade -where the main contract for wheat is traded – the price fell 1.6% per bushel.
Consumer prices in the eurozone rose 10.6% in October, according to final figures published by Eurostat on Thursday. In September, the price increase was 9.9%. Core inflation, a key indicator for the ECB, was 5.0% year-on-year in October versus 4.8% in September.
The federal funds rate needs to rise to at least 5% and maybe as much as 7% to bring down inflation in the United States, St. Louis Fed president James Bullard said Thursday. According to Bullard, interest rates have not yet reached the level that can be considered “sufficiently restrictive”. The Federal Reserve has been rapidly raising interest rates this year, from zero to a current range of 3.75 to 4.00%.
The 6M Euribor increased with 1 basis point to 2.31% compared to previous business day. The 10Y Swap increased with 4 basis points to 2.76% 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.
U.S. retail sales increased more than expected in October as households stepped up purchases of motor vehicles and a range of other goods, suggesting consumer spending picked up early in the fourth quarter, which could help to support the economy. The solid retail sales reported by the Commerce Department on Wednesday and signs of a slowdown in inflation raised cautious optimism the economy could avoid an anticipated recession next year or just experience a mild downturn.
Portugal expects economic growth of at least 6.7% this year, beating its 6.5% forecast on the back of domestic demand and tourism, helping the country further slash one of Europe’s heaviest public debt burdens, its finance minister told Reuters. Despite a negative outlook for European economies, he expected Portugal to avoid a contraction in the fourth quarter, thanks to an extra 2.4 billion euros ($2.5 billion) in aid for families since October to tackle inflation.
Grayscale Bitcoin Trust, the world’s largest bitcoin fund, fell almost 7% on Wednesday, as investors dumped more digital assets after last week’s high-profile unraveling of crypto exchange FTX. Crypto investment bank Genesis Global Trading said in a tweet it was suspending redemptions and new loan originations in the wake of FTX’s collapse, which has given cryptocurrencies another hammering this year.
The 6M Euribor decreased with 4 basis points to 2.30% compared to previous business day. The 10Y Swap decreased with 9 basis points to 2.72% 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 contracted slightly by 0.2 percent in the third quarter compared to the second quarter. Investment fell 1.7 percent quarter-on-quarter in the third quarter. Furthermore, government consumption fell fractionally, while households spent 0.1 percent more than in the second quarter of 2022. Exports and imports of goods and services rose 0.9 and 1.0 percent, respectively.
The euro continues to rise against the dollar. The Euro traded around $1.04 on Tuesday, after the currency benefited not only from a beneficial U.S. inflation figure that came out as early as Thursday, but also from diminishing risks surrounding the war in Ukraine, the corona crisis, container prices and China.
Trading in the Japanese bond market, one of the largest in the world, has come to a halt several times in the past month. The Bank of Japan (BoJ) has been conducting interventions in the 10-year market for some time to keep interest rates from rising above 0.25%. These interventions should stimulate the economy, which unexpectedly contracted in the third quarter. Because of these large-scale interventions, interest rates do not reflect real interest rates.
The 6M Euribor increased with 5 basis points to 2.34% compared to previous business day. The 10Y Swap decreased with 6 basis points to 2.81% 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.
Eurozone industry produced more in September than a month earlier. Production rose 0.9 percent in September compared to August. On an annual basis, production in the Eurozone rose 4.9 percent in September.
The Netherlands is importing more and more goods from China. Last year, €48 billion worth of goods entered our country, compared to nearly €40 billion in 2020. Over two third of the total imported goods were immediately re-exported to other countries. In the first eight months of 2022, already €40 billion worth of goods was imported from China. In recent years, the Chinese share of imported goods has grown to about 10%, which roughly corresponds to the share of imported goods from Belgium every year.
While interest rates are rising in the United States and Europe, and many emerging countries are feeling the effects, Indonesia seems to be an exception. Last quarter, the economy grew 5.7% compared to the same period in 2021, and the forecast for the current year is 5.5%. That is a lot higher than the forecast for surrounding countries such as Thailand (3.2%), Japan (1.6%) and Singapore (3.6%). Inflation in Indonesia is relatively low and is expected to reach 4.7% for all of 2022.
The 6M Euribor decreased with 3 basis points to 2.29% compared to previous business day. The 10Y Swap decreased with 2 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.
Democrats have retained their majority in the US Senate. Republicans do have a majority in the House of Representatives. In both cases the differences are very small. In the Senate, the Democrats will receive at least 50 seats and the Republicans 49. One seat has yet to be determined in a so-called “run off” vote in the state of Georgia. But even if it goes to the Republicans and the split becomes 50 to 50, the Democrats with Vice President Kamala Harris as the deciding vote in an equal outcome, still have the majority.
The euro traded well above $1.02 on Friday after the release of, better than expected, inflation figures in the United States on Thursday afternoon.
The ailing crypto exchange FTX has filed for bankruptcy via a so-called ‘Chapter 11’ in the United States and CEO Sam Bankman-Fried is stepping down. This was announced Friday afternoon. FTX filed for bankruptcy in Delaware court.
The 6M Euribor decreased with 1 basis point to 2.32% compared to previous business day. The 10Y Swap increased with 8 basis points to 2.89% 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.
US consumer prices rose 7.7% year-on-year in October, lower than the 7.9% forecast and 8.2% in September. On a monthly basis, prices rose again by 0.4%, the same as a month earlier, while the forecast was for a 0.6% increase. The inflation news made Wall Street euphoric and sent the US stock market sharply higher on Thursday, marking its best day since April 2020.
Canada’s red-hot labor market can weather an economic slump without seeing a major surge in unemployment, the central bank said on Thursday, ahead of another expected interest rate increase. The Bank of Canada has lifted rates by 350 basis points since March, one of its fastest tightening cycles ever, and Governor Tiff Macklem has not ruled out another oversized hike at the next meeting on Dec. 7. Because of the tight labor market and an exceptionally high number of vacant jobs, the economy could decrease without causing a surge in unemployment.
The Bank of Mexico, Banxico, hiked its key interest rate by 75 basis points to a record 10.0% on Thursday, in line with forecasts and following in the footsteps of the U.S. Federal Reserve’s recent three-quarters of a percentage point increase. The bank has raised its target rate by 600 basis points since June 2021, as inflation has blown past Banxico’s target rate of 3%, plus or minus one percentage point. Although some inflation shocks show signs of subsiding, the balance of risks remains tilted to the upside, the central bank said.
The 6M Euribor increased with 1 basis point to 2.33% compared to previous business day. The 10Y Swap decreased with 13 basis points to 2.81% 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.
Cryptocurrencies saw a second day of sharp declines on Wednesday, as crypto investors continued to fret about the stability of the sector and the financial health of major exchange FTX despite plans for a rescue by bigger rival Binance. Crypto giant Binance signed a nonbinding agreement on Tuesday to buy FTX’s non-U.S. unit to help cover a “liquidity crunch” at the rival exchange.
Brazil’s Economy Ministry predicted on Wednesday a GDP growth range in 2023 between 1.4% to 2.9%, arguing that the economy’s structural growth is now higher than seen in the recent past. The Ministry’s Economic Policy Secretariat stated in a report that the persistence of forecast errors for the Brazilian GDP in the last three years may indicate a change in the growth trend, drawing attention to the positive effects in the short term of a higher investment rate.
Euro zone interest rates slipped on Wednesday. Investors await key U.S. inflation data, published today, and the results of the U.S. midterm elections.
The 6M Euribor increased with 2 basis points to 2.32% compared to previous business day. The 10Y Swap decreased with 12 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.
Confidence among small business owners in the United States fell in October. This was revealed on Tuesday by figures from the National Federation of Independent Business (NFIB). The confidence index decreased to 91.3 last month from 92.1 in September.
Retail sales in the eurozone increased slightly in September, according to figures published on Tuesday by European statistics agency Eurostat. On a volume basis, retail sales increased 0.4% month-on-month in September. In August, volumes were flat. On a year-on-year basis, retail sales in the eurozone were still down 0.6% in September.
Consumer prices in China increased at a slower pace in October. This was revealed on Wednesday by figures from the Chinese statistics bureau. On a year-on-year basis, prices increased by 2.1% after a 2.8% plus in September and 2.5% in August. For October, economists were counting on a 2.3% rise. On a monthly basis, consumer prices increased by 0.1% in October after a 0.3% plus in September.
The 6M Euribor increased with 2 basis points to 2.30% compared to previous business day. The 10Y Swap decreased with 9 basis points to 3.06% 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.
Yesterday, the dollar decreased versus the euro, which caused the currency pair to come close to parity again. The euro went from 0.98 to near parity and Monday morning even reached parity very briefly. This morning the euro/dollar increased to 0.9994.
Consumer prices in the Netherlands rose slightly less in October than in September. Last month’s annual inflation rate was 14.3 percent, following a 14.5 percent price increase in September. Inflation was 12.0 percent in August and 10.3 percent in July. Prices have been rising since July 2021, when inflation was 1.4 percent.
France is demanding that the European Union responds quickly to U.S. President Joe Biden’s climate bill. The country is concerned about several provisions in the Inflation Reduction Act that give companies tax benefits if certain products are made in U.S. factories. This would discourage investment in the EU and favor U.S. companies.
The 6M Euribor increased with 5 basis points to 2.28% compared to previous business day. The 10Y Swap increased with 1 basis point to 3.15% 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.
German industrial production increased in September, according figures from Destatis, the Federal Statistical Office of Germany. Production, adjusted for seasonal influences and working days, was 0.6 percent higher in September than a month earlier. In August, production fell by 1.2 percent. Year-on-year, industrial production rose 2.6 percent in September, after rising 1.6 percent in August.
On 1 November, more than 2.3 million active companies were registered with the Chamber of Commerce in The Netherlands. That is a growth of 5.5% compared to a year earlier. There are still a lot more companies starting, despite the economically uncertain period.
The number of transactions on the Dutch real estate market is declining rapidly due to the rising interest rates. Investors are hesitant about buying office buildings and shops, for example, due to the uncertainty in the financial markets and concerns about a recession.
The 6M Euribor increased with 3 basis points to 2.23% compared to previous business day. The 10Y Swap increased with 3 basis points to 3.14% 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 central bank raised interest rates again by 75 basis points on Wednesday night. Fed chairman Jerome Powell indicated that it was likely to raise rates at a slightly slower pace, but that the interest rate peak might be higher than expected. The Fed’s comments reinforced recession fears and depressed the outlook for oil demand. In addition, the dollar got a ‘boost’ after the interest rate decision, which is also unfavourable for oil demand. Oil prices fell on Thursday, at a settlement of USD 88.17, the price of a barrel of West Texas Intermediate was 2.0% lower.
Annual inflation in Turkey climbed to a new 24-year high of 85.51% in October, official data showed on Thursday, slightly below forecast, after the central bank cut its policy rate despite surging prices. In the last three months, the central bank slashed its policy rate by a total of 350 basis points to 10.5%. It promised another cut this month as the final move in the current easing cycle, running counter to the global monetary policy tightening trend.
The Bank of England has signalled that borrowing costs will not rise as much as markets expect in the future, even as it imposed the biggest rate rise for three decades to combat soaring inflation. The BoE’s 0.75 percentage point increase to 3% took interest rates to their highest point since 2008. But the central bank issued unusually strong guidance that rates would not need to rise much further to bring inflation back to its 2% target, partly because it forecasts a prolonged recession ahead.
The 6M Euribor increased with 3 basis points to 2.20% compared to previous business day. The 10Y Swap increased with 9 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.
The UK is pressing ahead to tighten oversight of the so-called shadow banking sector, taking the lead ahead of possible co-ordinated international action. UK regulators could preempt recommendations by the G20’s Financial Stability Board (FSB) to require permanently higher liquidity buffers for Liability Driven Investment (LDI) funds, used by UK defined benefit pension schemes, backed by regular stress tests, two sources said.
Central banks will get inflation under control, but there will be turbulence in the near-term due to monetary tightening and geopolitical risks, top bankers said at a summit in Hong Kong on Wednesday. Morgan Stanley CEO James Gorman said his gut feeling was that central banks would manage to curb price rises but investors would need to get used to higher inflation — of around 4% versus 1-2% before “this crisis”.
President Joe Biden’s administration will make $13.5 billion available to help low-income U.S. households lower their heating costs this winter, the White House said on Wednesday. As part of the initiative, the U.S. Department of Health and Human Services is providing $4.5 billion in low-Income Home Energy Assistance Program (LIHEAP) funding.
The 6M Euribor increased with 4 basis points to 2.17% compared to previous business day. The 10Y Swap is unchanged at 3.02% 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.
UK manufacturing showed less contraction in October than previously measured. This was revealed by final figures from S&P Global on Tuesday. The purchasing managers’ index for UK manufacturing has decreased to 46.2 on Tuesday from 48.4 in September against an earlier report of 45.8 in October. An index above 50 indicates growth, while an index below 50 means contraction.
The number of job vacancies in the United States increased in September, after declining sharply in August. This was revealed on Tuesday by figures from the US Department of Labour. In September, the number of job vacancies stood at 10.72 million. In August, there were 10.28 million. A year ago, in September 2021, there were 10.67 million unfilled vacancies.
German exports fell 0.5% on a monthly basis in September, while imports fell even more sharply. German statistics office Destatis reported this on Wednesday. Imports fell by 2.3%. On a year-on-year basis, however, exports increased by 20.3% and imports by 30.7%. These figures are seasonally adjusted. Economists’ expectations for exports were for a 0.6% month-on-month increase and for imports a 0.1% plus. Destatis reported that exports to Russia fell 52.6% in September compared to the same period last year. Germany’s trade balance, or the sum of exports and imports, came in at a surplus of 3.7 billion euros in September.
The 6M Euribor increased with 10 basis points to 2.13% compared to previous business day. The 10Y Swap decreased with 1 basis point to 3.02% 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.
Whereas last week the euro was above parity with the dollar, on Monday the euro exchange rate was lower than the dollar. The reason for the short rebound of the European currency was speculation, that the Federal Reserve is going to change policy, switching from large to smaller interest rate steps.
The war in Ukraine and uncertainty surrounding the election results in Brazil are causing prices of many commodities to rise. The prices of coffee, corn and sugar were a few percent higher on Monday, corn was an outlier with a plus of 6%. This huge increase in grain prices was mainly caused by the halt of grain exports from Ukraine across the Black Sea on Sunday.
There is a slowdown in growth in the European economy. Gross domestic product in the third quarter grew slightly by 0.2 percent on a quarterly basis. In the second quarter, growth was still 0.8 percent. On an annual basis, the eurozone economy grew by 2.1 percent in the third quarter, which is sharply less than the 4.3 percent in the second quarter.
The 6M Euribor decreased with 9 basis points to 2.03% compared to previous business day. The 10Y Swap increased with 5 basis points to 3.03% 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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