Moody’s expects the Dutch economy to shrink by 2.6% this year as a result of the negative impact of the corona crisis. Previously, the credit rating agency expected the gross domestic product to grow by 1.1%. This would imply that 2020 will be the worst year for the Dutch economy since 2009.
Factory orders in Germany fell less than expected in February 2020. According to figures from the German Federal Statistical Office, orders decreased by 1.4% on a monthly basis in February. Economists expected a 2.5% decline. In January, orders for German factories increased by 4.8%. The decrease in February is largely caused by lower foreign demand which is a result of the coronavirus outbreak in China. The March figures are expected to show the effects of the European virus outbreak.
Construction activity in Germany and the United Kingdom in the last month was severely affected by the corona pandemic, according to market researcher Markit, which published its purchasing managers’ index for construction of the two countries. As a result of the measures taken to contain the coronavirus, considerably less is being constructed. The German index stood at 42 compared to 55.8 in February and the British index fell to 39.3 compared to 52.6 a month earlier.
The 6M Euribor decreased with 1 basis point to -0.28% compared to previous business day. The 10Y Swap increased with 2 basis points to -0.02% 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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