Prospective home sales in the United States rose in January. This was reported yesterday by brokerage organization NAR. On a monthly basis, sales rose 8.1 percent, compared with a 2.5 percent increase last month, which was the first increase since May.
The Japanese industry produced less in January than a year earlier. This was revealed today by preliminary figures from Japan’s Ministry of Trade and Industry. On a yearly basis, January’s output was down 2.3 percent.
Economic sentiment in the euro zone declined slightly in February. This was revealed yesterday by figures from the European Commission. The economic sentiment index fell to 99.7 in February from 99.8 in January.
The 6M Euribor increased with 3 basis points to 3.23% compared to previous business day. The 10Y Swap increased with 6 basis points to 3.19% 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 sentiment among entrepreneurs in the Dutch industry rose slightly in January, according to the figures on Monday from Statistics Netherlands. The confidence index increased from 3.6 in January to 3.7 in February. Statistics Netherlands states that this is because entrepreneurs were less negative about their finished goods inventory. The producer confidence is above the long-term average of 1.2.
More new single-family homes were sold in the United States in January than expected. This was revealed on Friday by figures from the US Department of Commerce. The number of new single-family homes sold rose by 7.2 percent on a monthly basis to 670,000 units. The December figure was revised upward from 616,000 to 625,000. The average house price was $427,500 and the average sale price was $474,400.
US consumer confidence in the economy increased slightly more in February, while inflation expectations rose marginally less than previously expected, according to final figures from the University of Michigan on Friday. The consumer confidence index improved from 64.9 to 67.0. A provisional figure earlier this month showed an index of 66.4. Inflation expectations for the next 12 months amounted to 4.1 percent, compared to a provisional figure of 4.2 percent.
The 6M Euribor is unchanged at 3.20% compared to previous business day. The 10Y Swap increased with 6 basis points to 3.13% 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 economy grew at a slower pace in the fourth quarter of 2022. This was revealed by the US government’s second estimate on Thursday afternoon. US gross domestic product growth came in at 2.7%, versus 2,9% expected. In the third quarter, the US economy still grew by 3.2%.
Eurozone inflation fell in February, but slightly less than anticipated. This was revealed by Eurostat figures on Thursday. Prices rose 8.6% year-on-year last month versus 9.2% in December, preliminary figures for January pointed to a decline to 8.5%. Core inflation, a key gauge for the ECB, was 5.3% year-on-year in January, also a fraction higher than the 5.2% reported with the provisional figures. In December, core inflation stood at 5.2%. On a monthly basis, consumer prices fell 0.2% and core prices fell 0.8%.
Turkey’s central bank cut its main interest rate to 8.5% from 9% on Thursday, in an attempt moving to cushion the economic impact of a devastating earthquake that killed more than 43,000 people in country’s south on Feb 6. The cut was expected following the disaster, though some economists had predicted a considerably bigger reduction. “It has become even more important to keep financial conditions supportive to preserve the growth momentum in industrial production and the positive trend in employment after the earthquake,” the central bank said in a statement.
The 6M Euribor decreased with 3 basis points to 3.20% compared to previous business day. The 10Y Swap decreased with 3 basis points to 3.07% 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.
Oil edged up on Thursday after Brent crude posted its biggest single-day loss in seven weeks on Wednesday, as market players reassess positions after the U.S. Federal Reserve initiated worries about the economy by suggesting further rate hikes ahead. Brent crude futures rose 37 cents, or 0.5%, to $80.97 per barrel. West Texas Intermediate crude futures (WTI) advanced 32 cents, or 0.4%, to $74.27 a barrel.
The post-pandemic rebound in world growth and inflation last year meant the amount of global debt saw its first annual fall in dollar terms since 2015, a widely tracked study has shown. The Institute of International Finance report published on Wednesday estimated that the nominal value of global debt declined by some $4 trillion, bringing it fractionally back under the $300 trillion threshold breached in 2021.
European Union countries on Tuesday approved plans to auction carbon permits early to raise cash to help them quit Russian gas, meaning the law can now enter into force. The plan will raise 20 billion euros ($21.3 billion) in grants from the EU carbon market, partly by holding carbon permit sales earlier than planned.
The 6M Euribor increased with 4 basis points to 3.23% compared to previous business day. The 10Y Swap increased with 1 basis point to 3.10% 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.
Existing home sales in the United States fell in January. This was revealed on Tuesday by figures from real estate brokerage organization NAR. On a monthly basis, sales fell by 0.7% to 4.00 million homes. Economists had previously counted on 4.07 million sales. Sales have been falling for 12 months now. In contrast, the median sales price rose 1.3% to $359,000, compared to a year earlier. For 131 months in a row, the price has been rising.
The British economy showed significant growth in February. This was revealed on Tuesday by S&P Global. The purchasing managers’ index for the services sector came out at 53.3 in February against 48.7 in January. This puts the index at its highest level in 8 months. The purchasing managers’ index for British manufacturing has increased from 47.0 to 49.2, the highest level in 7 months. The composite index rose from 48.5 to 53.0.
Oil prices fell on Tuesday. At a settlement of $76.16, a barrel of West Texas Intermediate became 0.2% cheaper. Brent oil became 1.2% cheaper at $83.05 a barrel.
The 6M Euribor decreased with 2 basis points to 3.19% compared to previous business day. The 10Y Swap increased with 7 basis points to 3.09% 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 February. This was revealed on Monday by the European Commission. The index reflecting confidence improved from -20.7 in January to -19.0 this month. It is the fourth consecutive month that the confidence index has risen.
The Netherlands has raised 2.69 billion euros with the reopening of two short-term loans. This was reported by the agency of the Ministry of Finance on Monday. With a two-month short-term loan, the Dutch state raised 1.43 billion euros. A five-month loan raised 1.26 billion euros. The yields on these loans are 2.5% and 2.9%, respectively.
Total investments in tangible fixed assets in the Netherlands declined in December. This was reported by Statistics Netherlands on Monday. The volume of investments fell 1.9% in December, following a 4.4% increase in both November and October.
The 6M Euribor increased with 2 basis points to 3.21% compared to previous business day. The 10Y Swap increased with 3 basis points 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.
Dutch consumers were more optimistic in February than in the previous month. This was shown on Monday from figures from Statistics Netherlands. The confidence index rose from -49 in January to -44 in February. Dutch consumers are less pessimistic about the economy and their willingness to buy was also less negative. Nevertheless, the consumer confidence is well below the average of -10 over the past twenty years.
US import prices fell slightly in January. This was revealed on Friday by the figures of the US Department of Labor. Import prices fell by 0.2% on monthly basis in January, following a 0.1% decline in December. Export prices, on the other hand, rose by 0.8% on monthly basis in January. On annual basis, import prices were 0.8% higher in January and export prices 2.3%.
Leading indicators for the US economy fell again in January. The Leading Economic Index (LEI) fell by 0.3% to 110.3. In December there was also a decrease of 0.8%. The LEI index is made up of the weighted average of various sub-indicators, such as consumer confidence, the number of hours worked in the industry and share prices.
The 6M Euribor increased with 2 basis points to 3.19% compared to previous business day. The 10Y Swap decreased with 2 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.
Oil prices settled lower on Thursday after trading in a narrow range as the market weighed mixed U.S. economic signals and prospects for a Chinese demand recovery with a build in U.S. crude stockpiles. Brent crude futures settled at $85.14 a barrel, losing 24 cents. U.S. West Texas Intermediate crude (WTI) settled at $78.49 a barrel, losing 10 cents.
Brazil’s economic activity increased by 2.9% in 2022, according to a central bank index released on Thursday, boosted by the services sector and defying earlier predictions of mild growth. Economists surveyed weekly by the central bank now project 3% growth for 2023 versus previous expectations of 0.3%.
China’s new home prices rose in January for the first time in a year, official data showed on Thursday, as the end of the zero-COVID regime, favorable property policies and market expectations for more stimulus measures boosted demand. New home prices in January were up 0.1% month-on-month, versus a 0.2% slide in December, based on National Bureau of Statistics (NBS) data released on Thursday.
The 6M Euribor increased with 3 basis points to 3.17% compared to previous business day. The 10Y Swap decreased with 1 basis point to 3.01% 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 retail sales increased significantly more than expected in January. This was revealed by US government figures. Last month, sales were 3.0 percent higher on a monthly basis. Economists expected an increase of 0.9 percent.
Eurozone exports rose approximately as much as imports in December 2022. This was revealed Wednesday by figures from Eurostat, the European statistical office. On an annual basis, exports rose 9.0 percent in December to 238.7 billion euros. Imports rose 8.7 percent to 247.5 billion euros. As a result, the trade deficit was 8.8 billion euros, the same as a year ago.
Producer prices in the United Kingdom rose slightly less in January versus December. This was revealed yesterday by figures from the British Office for National Statistics ONS. On an annual basis, prices rose 13.5 percent, following a 14.6 percent plus in December. Expectations were for a 13.3 percent increase.
The 6M Euribor increased with 4 basis points to 3.14% compared to previous business day. The 10Y Swap increased with 3 basis points 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.
The eurozone economy grew slightly in the fourth quarter. This was revealed on Tuesday by figures from Eurostat, the statistical office of the European Union. Gross domestic product grew by 0.1% on a quarterly basis, as expected. In the third quarter, the economy grew by 0.3%. The Dutch economy grew by 0.6% after contracting 0.2% in the third quarter.
British unemployment rose in the last quarter. This was revealed on Tuesday by figures from the British Office of National Statistics ONS. For this period, the unemployment rate was 3.7%. That is 0.1 percentage point higher than the quarter before, but 0.2 percentage points below the level of before the corona pandemic outbreak.
Consumer prices in the United States rose on a monthly basis in January. On an annual basis, inflation declined. This was revealed on Tuesday by figures from the US Department of Labor. Consumer prices rose with 0.5% on a monthly basis last month, following a 0.1% increase in December. On an annual basis, prices rose 6.4%, while in December prices were up 6.5% compared to the year before.
The 6M Euribor increased with 2 basis points to 3.10% compared to previous business day. The 10Y Swap increased with 8 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.
Eurozone economic growth is likely to be stronger than expected this year while inflation will be lower than previous forecasts published at the end of 2022, the European Commission said on Monday. The EC expects economic growth in the 20 countries using the euro to be 0.9% this year, rather than the 0.3% predicted last November.
Oil prices fell on Tuesday after the U.S. government reported it would release more crude from its Strategic Petroleum Reserve (SPR) as mandated by lawmakers. Brent crude futures fell by 70 cents, or 0.81%, to $85.91 per barrel while U.S. crude futures fell by 93 cents, or 1.16%, to $79.21 per barrel.
The number of bankruptcies fell again in January after four consecutive months of increases. This was reported by the Statistics Netherlands (CBS) on Monday. In January 2023, 35 fewer companies were declared bankrupt than in December 2022, according to CBS, a decrease of 13%. After August 2022, the number of bankruptcies increased for four consecutive months to the highest level after May 2020 but remained relatively low.
The 6M Euribor decreased with 2 basis points to 3.08% compared to previous business day. The 10Y Swap increased with 1 basis point to 2.91% 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 bankruptcies in the Netherlands decreased in January. This is observed on Monday from figures from Statistics Netherlands. The number of bankrupt companies fell from 263 in December to 228 in January. The number of bankruptcies remains low compared to the period before the outbreak of corona.
Moody’s downgraded Ukraine’s credit rating from Caa3 to Ca with a stable outlook. This was reported by the US rating agency late Friday evening. Moody’s points out that Ukraine’s public debt threatens to become unsustainable due to the protracted war with Russia and its consequences for the economy and public finances.
The US consumer confidence in the economy increased further in February. The consumer confidence index improved from 64.9 to 66.4. American consumers are also more positive about the current state of the economy. This sub-index increased from 68.4 to 72.6.
The 6M Euribor increased with 5 basis points to 3.10% compared to previous business day. The 10Y Swap increased with 5 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.
Consumer prices in the Netherlands inceased less in January than in December. This was revealed on Thursday by figures from Statistics Netherlands (CBS). Last month, the price level increased 7.6 percent year-on-year, after 9.6 percent inflation in December. In October, inflation stood at 14.3 percent and in September it peaked at 14.5 percent.
The number of Americans filing new claims for unemployment benefits increased more than expected last week, but the underlying trend continued to point to a tight labor market. The jobs market has remained resilient despite the Federal Reserve’s interest rate increases. While labor market strength keeps the U.S. central policy on its monetary policy tightening path, it also suggests that a much anticipated recession is less likely.
Bank of England policymakers disagreed on Thursday about interest rate policy to curb inflation. Governor Andrew Bailey stressed the uncertainty of the outlook, a week after the BoE suggested its run of rate hikes might be peaking. Like other central banks, the BoE is trying to reduce the risks from the surge in inflation and it raised interest rates for the 10th time in a row last week, taking the official rate to its highest level since 2008 at 4% from 3.5%. But it is also worried about aggravating what is expected to be a lengthy if shallow recession this year, which most other countries will avoid.
The 6M Euribor increased with 2 basis points to 3.05% compared to previous business day. The 10Y Swap decreased with 4 basis points to 2.85% 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 were broadly steady on Thursday. The prospect of higher fuel demand in China as it reopens post-COVID was offset by fears that U.S. crude stocks increased to the highest level since months signaling weaker demand in the world’s no. 1 economy. Brent crude futures gained 1 cent to $85.10 a barrel, while U.S. West Texas Intermediate (WTI) crude futures fell 3 cents to $78.44 a barrel. Both benchmarks have gained more than 6% so far this week.
Egypt’s annual consumer price inflation jumped to a higher-than-expected 25.8% in January, the highest increase in more than five years, versus 21.3% in December, data from statistics agency CAPMAS showed on Thursday. The rise followed a series of currency devaluations since March 2022, a prolonged shortage of foreign currency, and continuing delays in import.
Britain’s housing market suffered the most widespread price falls since 2009 last month as interest rate increases over the past year weighed on potential buyers, according to a survey published on Thursday. The Royal Institution of Chartered Surveyors (RICS) house price balance, which measures the gap between the percentage of surveyors seeing rises and falls in house prices, fell to -47, the lowest since April 2009, from -42 in December.
The 6M Euribor increased with 2 basis points to 3.03% compared to previous business day. The 10Y Swap decreased with 1 basis point 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.
The United States exported less in December, while imports rose. This was revealed Tuesday by figures from the US Department of Commerce. Exports fell 0.9% in December to $250.2 billion, while imports rose 1.3% to $317.6 billion. The U.S. trade deficit thus increased 10.5% in December to $67.4 billion. In November, the deficit was still $61.0 billion.
On Tuesday, the Netherlands raised nearly 6 billion euros with a long-term loan. The bond, maturing on July 15, 2033, raised 5.99 billion euros. The long-term loan has a yield of 2.50 percent. The Netherlands aimed to raise 4 to 6 billion euros with the reopening.
The European Central Bank said on Tuesday it would cut the maximum rate it pays on deposits held by governments to give them an incentive to redeploy that cash into the economy. Starting on May 1, the ECB will cut the deposit rate to Euro Short-Term Rate (ESTR) minus 20 basis-points.
The 6M Euribor is unchanged at 3.01% compared to previous business day. The 10Y Swap increased with 3 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.
Retail sales in the eurozone decreased more than expected in December. This was revealed Monday by figures published by the European statistics office Eurostat. Retail sales by volume fell 2.7 percent on a monthly basis in December. Economists had forecast a 2.5 percent decline.
The euro was significantly lower Monday than a few trading days earlier, influenced by jobs data from the United States, which showed Friday that interest rate hikes have not yet significantly removed inflationary pressures. The euro/dollar was trading at 1.0777 on Monday, after peaking at just over 1.10 last week.
Australia’s central bank has raised interest rates by another 25 basis points, to 3.35 percent. This was revealed today by the Reserve Bank of Australia. It is the fourth time the central bank has raised interest rates by 25 basis points, having previously initiated a series of four rate hikes of 50 basis points each. The bank expected Tuesday that further interest rate hikes would be needed to combat inflation.
The 6M Euribor decreased with 2 basis points to 3.01% compared to previous business day. The 10Y Swap increased with 11 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.
Employment in the United States recovered stronger than expected in January. This was revealed in the official US jobs report on Friday. Last month there was a job increase of 517,000, while the market had expected an increase of 187,000 jobs. The vacancy rate was 3.4 percent in January. That was 3.5 percent in December. Economists expect an increase to 3.6 percent for January.
The European Union has reached an agreement on a price cap for high-quality Russian petroleum products, reports the Wall Street Journal. It concerns a ceiling of USD 100 for Russian diesel and USD 45 for low-value products such as fuel oil. Since the end of last year, a price cap of USD 60 has been in place for Russian crude oil. The agreement prohibits Western companies from trading Russian oil products unless they are sold below the set prices.
There are early indicators that traders in Europe are gearing up for a period of bond scarcity that risks blunting the impact of monetary tightening in the region. The concern is that the European Central Bank (ECB) will not extend a waiver on a 0% remuneration cap for government deposits that expires on the 30th of April. The ECB has not given any signs on whether it intends to prolong the waiver.
The 6M Euribor increased with 2 basis points to 3.03% compared to previous business day. The 10Y Swap increased with 11 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.
The euro hit its highest level in 10 months on Thursday. The currency traded Thursday morning above 1.10 USD after Federal Reserve chairman Jerome Powell stated Wednesday night that price increases in the United States are slowing. This supported the market’s assessment that the end of the series of interest rate hikes is near and cuts could follow later this year. However, the euro decreased to USD 1,09 after the ECB meeting.
The European Central Bank is not done raising interest rates for now. After the 50 bps increase on Thursday, the monetary authority intends to take such a step in March as well. After that, the central bank will reassess what further steps need to be taken to bring the inflation back to the 2% target.
The filing of new claims for unemployment benefits dropped to a nine-month low last week as the labor market remains resilient despite higher borrowing costs and mounting fears of a recession this year. The surprise decline in weekly jobless claims reported by the US Labor Department on Thursday raised cautious optimism that the economy could avoid a recession.
The 6M Euribor increased with 2 basis points to 3.01% compared to previous business day. The 10Y Swap decreased with 20 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.
The Federal Reserve raised interest rates by 25 basis points as expected, raising the federal funds rate to a range of 4.50% to 4.75%. In doing so, the central bank reported that further interest rate hikes remain appropriate, in order to restrain the economy sufficiently to return inflation to 2% over time. In December, the Fed already raised interest rates by 50 basis points, following a series of 75-basis point increases.
Consumer prices in the euro zone rose at a slower pace again in January. Eurostat preliminary figures showed this on Wednesday. Prices rose 8.5% year-on-year last month. In December, the increase was 9.2%. In November, inflation recorded 10.1%. Core inflation, an important gauge for the ECB, was 5.2% year-on-year in January. Core inflation was also 5.2% in December.
Oil prices fell sharply on Wednesday, to the lowest level in three weeks. The price for a barrel of West Texas Intermediate crude oil closed 3.1% lower at $76.41 on the New York Mercantile Exchange. The Energy Information Administration reported an increase in oil inventories of 4.1 million barrels over the past week, the sixth consecutive week that oil inventories increased.
The 6M Euribor increased with 3 basis points to 2.99% compared to previous business day. The 10Y Swap decreased with 3 basis points to 2.85% 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 inflation fell to 8.4% in January, preliminary figures from Statistics Netherlands (CBS) show. It is the first time that the statistics office includes the price cap for energy. In December 2022, year-on-year inflation stood at 11% according to the European definition (HICP).
Italy’s economy shrank by 0.1% in the fourth quarter of last year compared to the previous three months, preliminary data showed on Tuesday. On a year-on-year basis, fourth quarter gross domestic product in the euro zone’s third largest economy was up 1.7%, national statistics bureau ISTAT said.
European Union banking regulators on Tuesday launched a stress test to check how banks could cope with a long period of high inflation and interest rates just as the European Central Bank is expected to raise borrowing costs further.
The 6M Euribor increased with 2 basis points to 2.96% compared to previous business day. The 10Y Swap decreased with 2 basis points to 2.88% 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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