The Gross Domestic Product (GDP) of the United States (U.S.) declined in the second quarter of this year,revealed yesterday by a preliminary estimate from the U.S. Department of Commerce. The GDP decreased in the second quarter of this year by 0.9% on an annual basis. However, the economy shrank less than in the first quarter. At that time, U.S. GDP fell by 1.6%. In the fourth quarter of 2021, a growth of 6.9% was still reported.
The annualized inflation rate in Germany is 7.5% in July. This was reported by the German statistics office Destatis. This makes the inflation rate slightly lower than a month earlier, when the rate was 7.6%. On a monthly basis, consumer pricesincreased by 0.9% in July.
Consumer confidence in the Eurozone deteriorated further in July. The index reflecting confidence decreased from -23.8 in June to -27.0 in July. Confidence also declined among businesses. In the industrial sector, the index decreased from 7.0 to 3.5. Confidence in the services sector decreased from 14.1 to 10.7.
The 6M Euribor increased with 1 basis point to 0.63% compared to previous business day. The 10Y Swap decreased with 10 basis points to 1.66% 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 Federal Reserve has raised the key interest rate by 75 basis points. This became apparent from the interest rate decision of the American central bank on Wednesday evening. The federal funds rate was increased by 75 basis points to a range of 2.25 to 2.50%. The decision was adopted unanimously. In mid-June, the US central bank also raised the interest rate by 75 basis points, after a rate increase of 50 basis points in May and 25 basis points in mid-March. The Fed previously cut interest rates to near zero per cent and started buying bonds in 2020 to support the US economy during the corona crisis, which led to a deep but short recession. Central bankers then agreed to keep interest rates around zero until inflation was just above 2% and the labour market returned to full employment. The Fed said at the end of January that all these conditions had been met.
The price of a barrel of crude oil closed higher on Wednesday, after the latest data from the US energy agency EIA showed that US crude oil inventories fell last week. The data showed that US crude oil inventories fell by 4.5 million barrels to 422.1 million in the week ending July 22. Gasoline stocks fell by 3.3 million barrels to 225.1 million barrels. Fuel oil and diesel stocks fell by 0.8 million barrels to 111.7 million. The capacity utilisation rate of refineries was 92.2% compared to 93.7% a week earlier.
The confidence among Dutch manufacturers increased in July. This was shown Thursday by figures from the Central Bureau of Statistics (CBS). The confidence index went from 8.1 in June to 8.4 in July, according to the CBS. This is because the opinion on stocks of finished products improved. Producer confidence was well above the long-term average of 1.0 in July. Manufacturers were more positive about their stocks of finished products than in the preceding month. Their opinions on expected activity remained stable, whereas their opinions on their order books were slightly less positive than in June.
The 6M Euribor decreased with 1 basis point to 0.62% compared to previous business day. The 10Y Swap increased with 2 basis points to 1.76% 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.
European shares moved sideways and bond markets rallied on Tuesday as some disappointing earnings, the prospect of another super-sized United States interest rate hike and a looming gas crisis all kept the mood cautious. Asia had been buoyed overnight by a new Chinese plan to tackle its property crisis and as tech giant Alibaba sought a primary listing in Hong Kong , but Europe and Wall Street could not keep it going.
Since it began its current round of interest-rate hikes this year, the U.S. Federal Reserve (Fed) has aimed to let investors know ahead of time not just where rates are heading generally but exactly how big a move to expect each time. And despite some snags, including what analysts say was a last-minute but successfully telegraphed change of plans before the June meeting, Fed Chair Jerome Powell isn’t likely to abandon those efforts.
New Zealand’s central bank is reviewing its recent performance regarding monetary policy, Governor Adrian Orr said on Tuesday, after criticism of its pandemic measures, and those of other central banks, figured in a recent report. Inflation near three-decade highs is forcing people in New Zealand to grapple with rising costs and little wage inflation.
The 6M Euribor decreased with 8 basis points to 0.63% compared to previous business day. The 10Y Swap decreased with 9 basis points to 1.74% 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.
Russia said it will cut gas supplies to Europe from Wednesday, aiming at the countries that have backed Ukraine, while missile attacks in Black Sea coastal regions raised doubts about whether Russia stick to a deal to let Ukraine export grain. The first ships from Ukraine could set sail in days under a deal agreed on Friday, the United Nations said, despite a Russian missile attack on the Ukrainian port. Moscow indicates it is not interested in a complete stoppage of gas supplies to Europe.
U.S. Treasury officials indicated on Monday overall income and jobs figures suggested the economy was in good shape and not in a recession, even if data due this week shows gross domestic product (GDP) declining for a second consecutive quarter. The U.S. Commerce Department is planned to report second quarter GDP on Thursday, and economists predict a gain of just 0.5%. After a 1.6% annualized drop in first-quarter GDP, a negative second quarter result would likely turn critics of President Joe Biden to declare a United States recession.
The dollar held just below multi-decade peaks on Tuesday as traders awaited a rate hike from the U.S. Federal Reserve but wondered whether hints of a slowing economy may cause a shift away from its focus on inflation. The euro rose 0.21% to USD1.0240. The yen stabilized at USD 136.43 . Traders have been pessimistic on expectations as markets try to figure out if or when policymakers might pause inflation-fighting efforts amid signs the economy is starting to slow.
The 6M Euribor increased with 8 basis points to 0.71% compared to previous business day. The 10Y Swap decreased with 3 basis points to 1.83% 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 macroeconomic agenda for this week is relatively calm, but there are certainly some important things on the schedule. Much attention will be paid to the interest rate decision of the US Federal Reserve (Fed) on Wednesday evening. Last week, the European Central Bank (ECB) raised the interest rates for the first time in 11 years, and not by 25 basis points but by 50 basis points. It seems certain that the Fed will also raise interest rates again this week, but the question remains by how much. Other macro figures next week are consumer confidence in the United States (UN) and Germany, some inflation figures in Europe and the US and a series of growth figures.
The Fed is expected to raise interest rates by at least 75 basis points next week. But the markets have taken an example from the Bank of Canada and the ECB, saying the Fed may need to move beyond this level and target a 100 basis point hike. Although the IMF still expects economic growth of 2.2% in 2023, currency specialists see growth coming in at 1.0% to 1.5%. The US housing market is of great concern. Last week, the number of new homes under construction in the US fell to its lowest level since September 2021.
The Japanese economy showed less growth in July. This was revealed on Friday from preliminary figures from Markit. The Japanese manufacturing index was found to have fallen from 52.7 in June to 52.2 in July. The composite index thus fell from 53.0 to 50.6. An index reading greater than 50 indicates growth, while less than 50 indicates contraction.
The 6M Euribor decreased with 1 basis point to 0.63% compared to previous business day. The 10Y Swap decreased with 16 basis points to 1.86% 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 European Central Bank (ECB) raised its policy rates by 50 basis points. This is the ECB’s first interest rate increase in 11 years. As a result of this increase, the deposit rate now stands at 0.00%, the policy rate at 0.50% and the penalty rate at 0.75%. The interest rate increase is higher than expected. The ECB previously hinted at a 25 basis point increase, but now believes that a more substantial increase is appropriate to curb high inflation. The next ECB meeting is scheduled for September 8.
Existing private homes in the Netherlands have become considerably more expensive in June. This was shown this morning by figures from Statistics Netherlands (CBS) and the Land Registry. Houses were on average 16.6% more expensive than one year earlier. In May and April, the increase was respectively 18.8% and 19.7%, so the increase seems to be slowing down.
The growth of the Japanese economy appears to be slowing down again. The service sector index came in at 51.2 in July and the manufacturing index at 52.2. A value above 50 indicates growth, but both indices were higher in June this year. In particular, growth for the services sector has stalled. In June, the index was still at 54.0. Growth in Japan’s manufacturing sector appears to have fallen less sharply. The June index reading was 52.7.
The 6M Euribor increased with 11 basis points to 0.64% compared to previous business day. The 10Y Swap decreased with 3 basis points to 2.02% 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.
Ukraine wants to take a first step in restructuring its external public debt. In doing so, the government wants to free up money for the ongoing war with Russia, according to a resolution published on Wednesday. The resolution states that the government wants to reach an agreement with creditors by August 15 latest. Several Western creditors, including the United States, Canada, France, Germany, Japan and the United Kingdom, already announced that they would support a moratorium.
Europe will continue to receive gas supplies through the important Nord Stream 1 pipeline starting next week, according to Russian President Vladimir Putin as stated during a meeting in Iran. He warned that the quantities would be limited, according to news agency Bloomberg.
Dutch consumer confidence in July broke a record low for the third time in a row and the economic confidence of entrepreneurs also fell sharply, figures from Statistics Netherlands (CBS) and I&O Research show. Consumer spending and fixed capital investment increased in May though. Compared to a year earlier, consumers spent more than 19% more on services in May and the volume of investments in tangible fixed assets increased by 7.3%.
The 6M Euribor increased with 3 basis points to 0.53% compared to previous business day. The 10Y Swap decreased with 3 basis points to 2.05% 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 dollar fell against the euro for a third straight session on Tuesday, following a Reuters announcement that European Central Bank policymakers are considering raising interest rates by a bigger-than-expected 25 basis points at their meeting on Thursday to tame record-high inflation. The rebound in the euro, which sent it further away from the parity levels of last week, coincided with falling expectations for an aggressive 100 basis points hike from the U.S. Federal Reserve this month.
Mexican inflation in the first half of July likely remained at levels not seen since January 2001, a Reuters poll showed on Tuesday, fueling bets the Bank of Mexico will again hike its key interest rate at its upcoming monetary policy meeting. The median forecast of 14 analysts was for annual inflation to hit 8.10% during the first half of the month, from 8.09% in the second half of June.
Higher oil prices helped most stock markets in the Gulf rise on Tuesday, with the Saudi index on course to post a third straight session of gains. Saudi Arabia’s benchmark index (.TASI) gained 0.8%, led by a 3.3% rise in Alinma Bank (1150.SE) and a 1.8% increase in Saudi Basic Industries Corp (2010.SE).
The 6M Euribor decreased with 3 basis points to 0.50% compared to previous business day. The 10Y Swap increased with 6 basis points to 2.08% 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. bank executives are optimistic on loan growth as demand for borrowing from retail and business customers increased in the second quarter from the lows of the pandemic, but warned demand could weaken later this year if the worsening economic outlook starts to weaken the consumer confidence. Analysts and investors have been keeping an eye on loan growth, which is a core driver of bank income, after extraordinary government stimulus during the COVID-19 pandemic dampened companies’ and consumers’ appetite for bank borrowing.
U.S. home builder sentiment has fallen in July to its lowest level since the early months of the coronavirus pandemic, as high inflation and the steepest borrowing costs in more than a decade reduced transaction volume. The National Association of Home Builders/Wells Fargo Housing Market Index fell for a seventh straight month to 55, the lowest level since May 2020.
The markets will focus at the ECB interest rate decision on Thursday. Gas from Russia will also be a major focus as maintenance on the Nord Stream pipeline ends on Thursday. The EU is expected to specify its energy contingency plans in case Russia does not resume supply via the pipeline.
The 6M Euribor increased with 8 basis points to 0.53% compared to previous business day. The 10Y Swap increased with 6 basis points to 2.02% 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.
The International Monetary Fund (IMF) is lowering its forecasted growth for the global economy for the upcoming World Economic Outlook update. This was stated by the Bloomberg news agency based on statements by one of the IMF directors. Multiple factors such as rising food and energy prices, the ongoing coronavirus pandemic and an economic slowdown in China are making it very difficult for policymakers, said Ceyla Pazarbasioglu, one of the IMF directors.
On Tuesday the eurozone inflation figure will be reported. Prices are rising worldwide, and certainly also in Europe. In America the Federal Reserve has responded by increasing the Fed funds, but in Europe we are still waiting for a first-rate hike by the ECB. The bank must also be aware of the weaker southern European countries, which could have problems with their debts if interest rates are high. According to currency experts, this is an interesting week for the euro as the ECB releases its interest rate decision and it will become clear whether gas will start flowing through the Nord Stream 1 pipeline again after the annual maintenance.
The 6M Euribor increased with 9 basis points to 0.45% compared to previous business day. The 10Y Swap decreased with 4 basis points to 1.96% 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. stock indexes declined on Thursday after weaker-than-expected earnings from big U.S. banks JPMorgan Chase & Co and Morgan Stanley underscored growing fears of a sharp economic downturn. The benchmark S&P 500 was heading for its fifth consecutive session of losses amid fears that aggressive measures by the Federal Reserve to control soaring prices could push the world’s largest economy into a recession.
Brazil’s Economy Ministry on Thursday raised its forecast for economic growth this year due to stronger results that have been observed in monthly indicators, also maintaining its upbeat view for 2023. Gross domestic product is expected to rise by 2% rather than 1.5% expected previously, as first reported by Reuters on Tuesday. The ministry maintained its 2023 GDP growth outlook at 2.5%.
The 6M Euribor decreased with 2 basis points to 0.36% compared to previous business day. The 10Y Swap increased with 4 basis points to 2.00% 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 Japanese industry produced less in May than was determined in a preliminary measurement. This was revealed today by figures from the Japanese Ministry of Trade and Industry. On a monthly basis production declined with 7.5 percent, compared to a decline of 1.3 percent in April. The first measurement indicated a decrease of 7.2 percent. Also, year-on-year, production in May fell more than previously expected, by 3.1 percent from 2.8 percent in the first report. In April, the decline was 4.8 percent.
After surpassing $5 a gallon for the first time in history, U.S. gasoline prices are finally decreasing, giving relief to consumers in the world’s largest user of the fuel. The average retail price for gasoline nationwide is still $4.631, versus $5.014 a month ago but still $1.485 higher than a year ago, according to the American Automobile Association. Prices are expected to keep falling at least the next few weeks. Global fuel demand has been falling because of the high prices and the strong U.S. dollar making oil more expensive elsewhere.
Singapore’s central bank tightened its monetary policy today, stating that the action would slow inflation. The Singapore dollar spiked after the news and was last up almost 0.7% to 1.3963 per dollar. Economists are expecting further tightening in October.
The 6M Euribor increased with 1 basis point to 0.38% compared to previous business day. The 10Y Swap decreased with 1 basis point to 1.96% 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, world stocks traded mixed as oil prices and bond yields dipped as traders fretted over prospects of further central bank tightening and worries about the health of economies worldwide.
The US dollar’s role as the safe-haven go-to currency for investors concerned about the economic outlook has been burnished in recent weeks, with the U.S. currency roaring to two-decade highs against multiple currencies, while the euro sank to within a whisker of parity with the US dollar.
Nomura expects major developed market central banks to start cutting interest rates next year as inflation eases and expected recessions linger, with peak rates expected to be hit this year. The Japanese bank’s economists expect the U.S. Federal Reserve rate hikes to peak at 3.50-3.75% in February next year, despite an expected recession starting in the fourth quarter.
The 6M Euribor increased with 5 basis points to 0.37% compared to previous business day. The 10Y Swap decreased with 11 basis points to 1.97% 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 Euro reached its lowest point in 20 years against the US Dollar yesterday. Fears that Europe will fall into recession due to the energy crisis combined with the Federal Reserve’s plan to raise interest rates, has caused the Euro to come close to parity with the US Dollar. Maintenance on the main gas pipeline between Russia and Germany, Nord Stream 1, started yesterday and is expected to last 10 days. However, there is doubt whether the gas pipeline will remain closed for longer due to the ongoing conflict between Russia and Ukraine.
Following China’s announcement of new measures to combat the spread of the corona virus, fears of a further drop in oil demand have increased. China is the largest importer of oil so new corona restrictions could lead to lower demand.
Statistics Netherlands announced that the number of bankruptcies in The Netherlands decreased in June. The number of bankrupt companies decreased by 24 on a monthly basis compared to May with an increase of 71. The number of bankrupt companies in the first half of 2022 is over 2 percent lower than the first half of 2021.
The 6M Euribor increased with 8 basis points to 0.32% compared to previous business day. The 10Y Swap decreased with 8 basis points to 2.08% 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 week starts fairly quietly today, with only Belgian industrial production figures on the macro calendar. US business confidence is scheduled for Tuesday. Important inflation figures are scheduled for Wednesday for the United States and the two main economies of the eurozone, France and Germany. Production for the entire eurozone and the United Kingdom is on the calendar for Wednesday. Japan will follow on Thursday, China and the United States will follow on Friday. The Chinese growth figures will also be presented on Friday.
The French government is preparing for a complete shutdown of Russian gas supply. This was made clear by Reuters news agency on Sunday based on statements by Finance Minister Bruno Le Maire at an economic conference. France imports about 17 percent of its supply from Russia. This is less than some neighboring countries. Several French nuclear power plants would have difficulty to increase production as many reactors are currently unavailable due to maintenance.
Consumer prices in China rose faster in June than in May, according to figures from the Chinese Bureau of Statistics. On an annual basis, prices have increased by 2.5 percent, after inflation of 2.1 percent in May. Economists expected a 2.4 percent increase in consumer prices. Inflation in China remained stable on a monthly basis in June.
The 6M Euribor increased with 1 basis point to 0.24% compared to previous business day. The 10Y Swap increased with 4 basis points to 2.16% 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 Dutch industry produced 10.0% more in May 2022 than in May last year, according to Statistics Netherlands. From April to May this year the production decreased, by 2.3%. In June this year, the confidence of manufacturers was also measured and it appeared to have decreased. However, producer confidence was still well above the long-term average.
Federal Reserve Director Christopher Waller yesterday expressed support for a 75 basis point interest rate increase in the upcoming July 27 interest rate decision. In doing so, he joins other Fed directors. The director of the St. Louis Fed, James Bullard, also indicated this week that he supported a stronger increase. Bullard also expressed support for a 50 basis point interest rate increase in September.
At the European Central Bank’s monetary policy meeting last month, policymakers stated that the European Central Bank is moving toward monetary normalization significantly faster than previously thought. The reason for the accelerated monetary normalization is increased inflation and volatility in inflation, according to the minutes of the meeting on June 9 this year.
The 6M Euribor is unchanged at 0.23% compared to previous business day. The 10Y Swap increased with 10 basis points to 2.12% 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.
Consumer prices in the Netherlands rose sharply again on an annual basis in June, but, just as in May, at a lower pace than in the previous month, according figures published by Statistics Netherlands (CBS). The CBS publishes two different figures for inflation. One based on the consumer price index (CPI) and one based on the harmonized index of consumer prices (HICP). According to the CPI calculation method, inflation in June was 8.6%, whereas in May it was 8.8%. Based on the HICP calculation method, prices were 9.9% higher in June than a year earlier, up from 10.2% in May. Eurozone inflation did increase from 8.1% percent in May to 8.6% in June.
The price of oil has fallen again. Wednesday’s closing price of a barrel of West Texas Intermediate (WTI) was 1.0% lower at the end of the day than at the beginning of the day. On Tuesday, the price fell significantly, by 8.0%. The price of a barrel of WTI now stands at USD 98.53. Analysts attributed the decline to growing fears that aggressive monetary tightening by the Federal Reserve and other major central banks could push the global economy into recession.
Last night, the minutes of the June 15 Federal Reserve meeting were released. These show a commitment to continuing to raise the federal funds rate, despite the risks to economic growth. Officials also concluded that an increase of 50 or 75 basis points would likely be appropriate at the next meeting. The next meeting is scheduled for July 27.
The 6M Euribor decreased with 1 basis point to 0.23% compared to previous business day. The 10Y Swap decreased with 5 basis points to 2.02% 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.
The euro lost 1.5% in value Tuesday, to USD 1.026. The currency has not been this weak since December 2002. Analysts expect that it will not be long before parity is reached and a euro is worth as much as a US dollar.
European gas prices rose Tuesday to the highest price in four months after workers in Norway’s offshore industry went on strike. Gas exports could fall by nearly 60% by Saturday due to the strike. The strike comes at a time when international gas prices are constantly rising and European countries are trying to become less dependent on Russian gas.
More than 5 million barrels of oil that were part of a historic U.S. emergency oil reserves release aimed at lowering domestic fuel prices were exported to Europe and Asia last month, even as U.S. gasoline and diesel prices touched record highs. The export of crude and fuel is reducing the impact of the moves by U.S. President Joe Biden designed to lower record pump prices.
The 6M Euribor is unchanged at 0.24% compared to previous business day. The 10Y Swap decreased with 13 basis points to 2.07% 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.
New figures published by Germany show that for the first time in over 30 years, Germany is facing a monthly trade deficit. The trade balance has a deficit of EUR 1 billion in May due to a 0.5% drop in exports and a 2.7% increase in imports. This is largely explained by prices for food and energy imports, which rose by 30% in May compared to a year earlier. After exports from Germany to Russia fell by 60% in March, exports rose 29% in May from a month earlier.
The Reserve Bank of Australia has announced to raise the policy rate by 50 basis points to 1.35%. Currently, inflation is not as high in Australia as in other countries, but the country is currently dealing with floods which are affecting the economy. The bank expects inflation to peak later this year and then to drop to around 2% next year.
Great Britain has announced that as of today it will impose new economic and transportation sanctions on Belarus as a result of Belarus’ support for Russia. The sanctions will be an import and export ban of more than 73 million USD.
The 6M Euribor decreased with 2 basis points to 0.24% compared to previous business day. The 10Y Swap increased with 13 basis points to 2.20% 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.
It’s going to be a busy week on the macroeconomic front. The German trade balance is presented today. France will give insight into its industrial production on Tuesday. The US Federal Reserve will release its minutes from its latest policy meeting on Wednesday to discuss the 0.75 percent rate hike. The United States will present information on its exports and imports in May on Thursday. The European Central Bank will put the minutes online on Thursday. Germany will publish figures on industrial production on Thursday and the Netherlands on Friday. The monthly jobs report from the government will also be published by the United States on Friday.
Global oil prices could soar to about $380 a barrel if the United States and Europe impose sanctions on Russia that would cut production. The most obvious risk with a price cap is that Russia chooses to respond by cutting exports. Moscow is benefiting from the shortage in the global oil market. For much of the rest of the world, this could have major negative consequences. A 3 million barrels reduction in daily production would push the price of crude oil to $190.
With central banks raising interest rates to curb inflation, buyers in congested housing markets could be squeezed. This could cause the housing bubble to burst. With all the consequences for the economy. The housing markets in New Zealand, the Czech Republic, Australia, and Canada are considered the biggest bubbles and the most vulnerable to a fall in prices. Falling house prices could affect household wealth, undermine consumer confidence, and could put a brake on new construction projects.
The 6M Euribor decreased with 2 basis points to 0.26% compared to previous business day. The 10Y Swap decreased with 10 basis points to 2.07% 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 closing price of a barrel of West Texas Intermediate (WTI) was 4.0% lower at the end of the day on Thursday compared to the beginning of the day. On a monthly basis, prices declined with 10%. This is the first time since November that the price has fallen on a monthly basis. A price of a barrel of WTI now stands at USD 105.76. Analysts see the interest rate hikes by various central banks and the lower economic growth as the main explanations for the price decline.
U.S. core inflation fell slightly more than expected in May. On an annual basis, core inflation was 4.7% in May, down from 4.9% in April. Economists had forecast a decline to 4.8% for May. Core inflation still rose 0.3% on a monthly basis in May.
After an initial contraction, China’s manufacturing industry grew again in June. This was revealed this morning by final figures from Caixin and Markit. The index for Chinese industry rose from 48.1 in May to 51.7 in June. An index reading greater than 50 indicates growth, while less than 50 means decline.
The 6M Euribor increased with 5 basis points to 0.28% compared to previous business day. The 10Y Swap decreased with 18 basis points to 2.17% 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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