The Zentrum für Europäische Wirtschaftsforschung (ZEW) published the February economic sentiment index for the EU. The index decreased from 22.7 in January to 13.6 for February. The February figure however was still above the market consensus of 10.3. The ZEW index for Germany in February decreased to 52.3, its lowest level since October 2014. The downward adjustment of the economic sentiment is mainly driven by the recent volatility on financial markets and the possibility of a slowdown in the growth of the Chinese economy. A positive number means a positive outlook, a negative number means a negative outlook.
An agreement between Russia, Saudi Arabia, Qatar and Venezuela has been reached to freeze the supply of oil to the January level. The four countries represent quarter of word oil supply. The reaction of the other major oil producers like Iran, Iraq and United States, will determine if the agreement holds.
The S&P 500 increased with 1.65% while European markets encountered small losses yesterday.
The 6M Euribor remained unchanged at -0.12%. The 10Y Swap decreased with 3 basispoints to at 0.62%.
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