Industrial companies outperform in the current corona crisis. According to British market researcher Markit, activity in the sector continued to increase last month, reaching its highest level in three years. Corona measures in the eurozone have paralysed large parts of the consumer-oriented services sector, leading to more consumer spending on manufactured goods. The higher growth does create some problems in the supply chain.
Dutch retailers will not recover from the corona crisis until 2022, according to ABN AMRO which published its forecasts in a new report. The bank also expects a sharp increase in the number of bankruptcies, before recovery will start. For this year, the bank expects a contraction of 1.5% in the retail sector, as during the first half of the year restrictions still apply to retail shops. In 2022, ABN Amro expects the sector to grow with 1.5%.
The Turkish economy grew at the highest pace in the last quarter of 2020, just lagging China. Over 2020 in total, the Turkish economy also grew, despite the fact that tourism has dropped significantly as a result of the corona crisis. Gross domestic product (GDP) growth reached 5.9% in the fourth quarter, bringing growth to 1.8% for the year 2020. The Turkish government encouraged banks to be generous with loans last year to allow businesses and consumers to survive the corona crisis.
The 6M Euribor is unchanged at -0.52% compared to previous business day. The 10Y Swap decreased with 6 basis points to -0.03% 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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