Yesterday, the International Monetary Fund (IMF) stated that central banks should postpone raising interest rates until the global economy becomes stronger. Global economic growth is lower than the IMF expected earlier this year, because of lower-than-expected growth in productivity and global trade. The Federal Reserve (Fed) will have its next policy meeting on September 16th. The Fed has not increased interest rates since 2006.
In July, retail sales in the eurozone were 2.7% higher compared to July last year. The main driver for the increase in retail sales is the decreasing price of oil. However, according to Reuters, the 0.4% monthly growth was lower than the expected 0.6%. In the entire European Union retail sales in July were up by 3.3% compared to last year and increased by 0.3% on a monthly basis.
Statistics Netherlands reported the highest number of permits for new residential construction since 2009. In the second quarter of 2015, the number of residential construction permits was 15,000, twice as high as in the same period in 2014. Most of the building permits were granted to project developers, real estate agents and insurance companies.
The 6M Euribor remained unchanged at 0.04%. The 10Y Swap decreased by 7 bp to 1.04%.
In the attachment below, today’s market data on money and capital market rates as well as other rates are presented. For more history of these rates or other rates feel free to ask: email@example.com.
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