Yesterday, the Organization for Economic Cooperation and Development (OECD) published a report in which it lowered growth expectations for the global economy. The OECD expects the world economy to grow by 3.0% in 2016, whereas it forecasted a growth of 3.3% three months ago. Growth expectations for the US have been lowered from 2.0% to 1.5%, and for Europe from 1.8% to 1.4%. According to Catherine Mann, chief economist of the OECD, most countries require additional government spending to stimulate economic growth.
Yesterday, Japan issued government bonds with a negative yield. The five year bonds that have been issued on Thursday have an effective yield of -0.138%. Earlier this year, the Bank of Japan had lowered the deposit rate to -0.100%.
According to Statistics Netherlands (CBS), consumer confidence decreased in February to -1, falling 5 points compared to January. It is the third month in a row with a decreasing consumer confidence. In November 2015, consumer confidence was 9 points.
The 6M Euribor remained unchanged at -0.12%. The 10Y Swap decreased by 5 basis points to 0.57%.
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