Market Information Monday 19 August 2019

Preliminary figures published by Eurostat show that Eurozone exports to the rest of the world fell by 4.3% in June 2019 compared to June 2018. In June 2019, the value of exports amounted to EUR 199.3 billion. Imports also declined by 4.1% to EUR 176.6 billion. The global trade tensions and current economic conditions are cited as the main reason for the decline.

Credit rating agency Fitch has further reduced Argentina’s creditworthiness from B to CCC. According to Fitch, bankruptcy of the country is a realistic possibility. Last week the value of the Argentine Peso plummeted, after the current Argentine president Mauricio Macri suffered a major defeat in a preliminary round of the presidential election. The left-populist Alberto Fernández won this preliminary round. Because of these developments, economists have doubts whether Argentina will eventually be able to pay off its debts.

The Japanese National Statistical Office has announced that Japanese exports fell in July 2019 for the eighth month in a row. The total value of exports decreased by 1.6%. Global trade tensions caused exports to China to fall significantly; these decreased by 9.3% compared to a year ago. The largest decrease was observed for manufacturers of car parts and computer chips.

The 6M Euribor is unchanged at -0.41% compared to previous business day. The 10Y Swap is unchanged at -0.33% 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.