European Central Bank President Christine Lagarde expects the euro-area recovery to pick up in the summer. According to Lagarde, authorities will need to act to phase out the corona emergency support. The monetary and fiscal stimulus needs to be reduced gradually to avoid serious economic disruption. Member States will submit their recovery plans to Brussels from the end of February. Once approved, the EU Corona Recovery Fund will release EUR 672.5 billion.
German manufacturing production stagnated in December after seven months of sustained growth. Industrial production was unchanged from November last month, according to the German Federal Statistical Office. German industry suffers from the new lockdowns. Over the whole of 2020, industrial production in Germany decreased by 8.5% due to the corona crisis, because, for example, revenues of the automotive industry has been reduced substantially.
The crypto currency bitcoin increased to a new high on Monday: above USD 44,200. Tesla invested USD 1.5 billion in bitcoin in January. Elon Musk also wants to accept the currency in the “near future” as a means of payment for his products. These purchases are, Tesla writes, part of “a new investment policy.”
The 6M Euribor increased with 1 basis point to -0.52% compared to previous business day. The 10Y Swap is unchanged at -0.12% 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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