The member states of the European Union came to an agreement on Monday to ban almost all imports of Russian oil. The president of the European Council, Charles Michel, announced that the ban will immediately stop two-thirds of all oil imports from Russia and that by the end of the year the import of Russian oil will be reduced by 90%. The remaining 10% of imports are temporarily exempted from the agreement because countries such as Hungary, Slovakia and the Czech Republic are currently too dependent on supplies from Russia which cannot easily be replaced. In addition, the Member States have reached an agreement to disconnect Russia’s largest bank, Sberbank, from the SWIFT payment system and Russian broadcasters are no longer allowed to broadcast in the EU.
The Dutch retail sector recorded higher turnover in April, according to figures published today by Statistics Netherlands. Turnover increased by 8.1% year-on-year, while sales volumes rose by 1.8%. For non-food retail, turnover increased by 21.1% and sales volumes by 14.9%. This growth is mainly explained by the lockdown that the Netherlands experienced a year earlier, which particularly affected the non-food sector.
The provisional figures of the German statistical office Destatis show that consumer prices in Germany increased even more in May. In April, inflation was still 7.4% but rose to 7.9% in May instead of the expected 7.5%. Food prices rose by 11% and energy prices increased by more than 38%.
The 6M Euribor decreased with 2 basis points to -0.08% compared to previous business day. The 10Y Swap increased with 5 basis points to 1.78% 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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