Research by credit rating agency Moody’s shows that the European Union’s EUR 750 billion crisis emergency package is particularly beneficial for lenders in the tech and telecom sector. Furthermore, sustainable initiatives in energy and transport as part of the support are rated as credit-positive. The European Recovery Plan will encourage countries to make long-term, sustainable financing available to help tackle climate change as well.
The German economy contracted slightly less in the second quarter than previously reported. According to the German Federal Statistics Office, Europe’s largest economy contracted by 9.7% compared to the previous quarter. A decline of 10.1% was reported earlier. This is still the strongest contraction for Germany since measurements began in 1970.
Global steel production in July was still slightly lower than a year earlier. The World Steel Association reported that in total, 152.7 million tons of steel were produced in July, 2.5% less than the same month last year.
The 6M Euribor is unchanged at -0.44% compared to previous business day. The 10Y Swap is unchanged at -0.22% 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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