Market Information Tuesday 14 January 2020

The Chinese government has reported that China’s exports increased in December 2019 by 7.6% compared to the same month a year earlier, a positive surprise after a contraction of exports in November. Imports also rose sharply, with a 16.3% growth in December 2019 compared to December 2018. Trade in goods was boosted by the provisional trade agreement between China and the United States, which was agreed last month.

The Organization for Economic Cooperation and Development (OECD) expects economic growth in most major economies to remain stable over the next six to nine months. According to the OECD, economic indicators indicate that there will be stable growth in the coming period in Japan, Canada, the Eurozone, China, the United States and Russia. Furthermore, the economy of Brazil is increasingly showing signs of growth, while the growth rate of Indian economy is declining.

The British National Statistical Office has announced that the UK economy contracted by 0.3% on a monthly basis in November 2019. For October 2019, the growth rate was adjusted to 0.1% on a monthly basis. Economists estimated on average a growth of 0.1%. The disappointing figure may cause the Bank of England (BoE) to lower interest rates on 30 January. Various policymakers have already indicated that they will vote for an interest rate cut if no signs of economic progress are visible.

The 6M Euribor is unchanged at -0.33% compared to previous business day. The 10Y Swap increased with 3 basis points to 0.19% 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.