Market Information Monday 6 March 2023

China is targeting economic growth of about 5 percent this year, the lowest level in more than a quarter of a century. Prime minister Li Keqiang announced this on Sunday at the opening of the parliamentary year. The intended growth is lower than the target of 5.5 percent that Beijing aspired to in 2022. Ultimately, the Chinese economy grew by 3 percent last year. The lower growth target for 2023 comes despite signs of a solid economic recovery in the first two months of the year after the lifting of the strict corona measures.

Eurozone producer prices fell in January. This was revealed on Friday by figures from Eurostat, the European statistical office. On a monthly basis, producer prices fell by 2.8 percent, after an increase of 1.1 percent in December. On an annual basis, producer prices rose by 15.0 percent in January. In December this was still 24.5 percent and in November 27.0 percent.

The US services sector grew again in February. This was revealed on Friday by figures from S&P Global. The purchasing managers’ index for the services sector rose from 46.8 in January to 50.6 in February. In the provisional measurement, the index figure was still 50.5. Earlier this week it appeared that activity in the US manufacturing industry contracted less sharply in February than in the previous month. The index increased from 46.9 in January to 47.3 in February.

The 6M Euribor increased with 6 basis points to 3.37% compared to previous business day. The 10Y Swap decreased with 5 basis points to 3.28% 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.