Market Information Friday 17 September 2021

Eurostat figures show that the total annual net exports in the Eurozone fell in July. On an annual basis, exports rose by 11.4% to EUR 206 billion, but total imports rose by 17.1% to EUR 185.3. As a result, the surplus shrank to EUR 20.7 billion, from EUR 26.8 billion in July 2020.

The number of initial jobless claims in the United States rose to 332,000 last week. This is an increase of 20,000 from the revised figure of 312,000 of a week earlier. The four-week moving average did still decrease to 335,750, reaching its lowest point since March 2020.

Last night, the Financial Times reported that the ECB may raise its deposit rate as early as 2 years from now, a year earlier than most economists had predicted. ECB chief economist Philip Lane is said to have made these statements internally at ECB, basing them on unpublished ECB models. Currently, the deposit rate still stands at -0.5%. Lane also indicated that inflation in the Eurozone is expected to return to around 2% by the end of 2023. Previously, the ECB predicted an inflation rate of 1.5% in 2023.

The 6M Euribor is unchanged at -0.52% compared to previous business day. The 10Y Swap increased with 1 basis point to 0.06% 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.