The macro agenda for this week is again quite busy. On Tuesday there will be a series of Chinese data, French inflation, German ZEW sentiment, industrial production in the eurozone and the American Empire State index. In addition, a monthly report from oil cartel OPEC will be published. The IEA oil report will follow in midweek and the markets will focus on the Federal Reserve’s interest rate decision. The Fed is expected to raise interest rates. Most analysts expect an increase of 25 basis points. On Thursday, the eurozone inflation rate will be published. Finally, the Bank of Japan will follow on Friday with its interest rate decision.
Because of the war in Ukraine, Germany is open to talk about the extraction of natural gas in the North Sea. The Dutch government is in favor of such development. A meeting between Economic Affairs of Lower Saxony and a large gas production company in the Netherlands is scheduled for later this month. The economic minister of Lower Saxony Bernd Althusmann indicated that “all options” are on the table to become less dependent on Russian. Reducing dependence on Russian gas has become Germany’s top priority in a matter of weeks.
The Russian central bank has decided to close the stock exchange in Moscow for this week as well. It has not been possible to trade shares on this exchange since 28 February. The market is closed to to protect domestic investors from significant losses from the War in Ukraine. It should become clear this week whether the stock market will reopen after March 18. The Russians can now trade rubles again.
The 6M Euribor decreased with 1 basis point to -0.43% compared to previous business day. The 10Y Swap decreased with 2 basis points to 0.94% 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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