As a result of China’s controversial national security law for Hong Kong on June 30, 2020, the United States (US) has temporarily cancelled its bilateral agreements with Hong Kong. It concerns the agreements on the extradition treaty and tax agreements on shipping. As per mid-July 2020, the US already ended Hong Kong’s special trade status. Previously, Australia, Germany and the United Kingdom have temporarily halted their extradition treaty with Hong Kong due to security law. The law makes it possible to act against state-subversive activities and therefore seems to be mainly aimed at the pro-democracy movement.
The World Trade Organization (WTO) announced that the global trade in goods is slowly picking up after the historic contraction in the second quarter of 2020. In the second quarter, global trade decreased by an expected 18.5%. WTO expects that the contraction of world trade will be 13.0% over the whole of 2020.
Eurozone inflation increased to 0.4% year-on-year in July, compared to an increase of 0.3% in June. This final figure was published yesterday by the European statistics agency Eurostat.
The 6M Euribor decreased with 1 basis point to -0.44% compared to previous business day. The 10Y Swap is unchanged at -0.20% 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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