Market Information Tuesday 11 Februari 2020

Fear for the coronavirus at stock exchanges pushes the price of gold. Press bureau Bloomberg announced that the price of gold has increased yesterday for the fourth consecutive business day. The price of a troy ounce of gold (31.1 grams) reached the highest level since 2013 at USD 1,573. During turbulent times on stock markets, the precious metal is often regarded as a safe option. The prices of other precious metals such as palladium, platinum and silver have also increased.

Inflation in China in January increased as a result of the higher food prices. According to figures from the Chinese National Bureau of Statistics, the inflation increased from 4.5% on yearly base in December to 5.4% in January. This is the highest level in eight years. The higher food prices are the result of the Chinese New Year, the outbreak of the coronavirus and the outbreak of African swine fever which caused the increase of the price of pork.

According to press bureau Bloomberg, the Libyan economy is the main subject since Sunday at a conference of the United Nations in Cairo. The summit started three weeks after the blockades of the harbours and oil production installations started in Libya. The country possesses the largest oil reserves in Africa, but only produces 180,000 barrels of oil per day as a result of the blockades from militias that devastate the country. In the begin of January the daily production amounted up to 1.2 million barrels.

Following ING and ABN Amro, the Rabobank initiated negative interest towards wealthy clients. Both business and private clients with more than EUR 1 million on their account will pay 0.5% interest on their capital as of 1 May.

The 6M Euribor is unchanged at -0.34% compared to previous business day. The 10Y Swap decreased with 4 basis points to -0.05% 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.