Market Information Wednesday 23 November 2022

Eurozone consumer confidence continued to improve in November but remained in negative territory. This was revealed on Tuesday by preliminary figures from the European Commission. The index, which reflects confidence, improved to -23.9 this month from -27.5 in October. Economists consulted in advance expected a smaller improvement to -26.6.

Global steel production did not change substantially in October. This was revealed on Tuesday by figures from industry body World Steel Association. In total, the 64 steel-producing countries manufactured 147.3 million tonnes of steel last month, roughly the same as a year earlier. September saw a 3.7% increase in production. In China, by far the largest manufacturer of steel worldwide, production rose sharply. There, production rose 11.0% last month to 79.8 million tonnes. By contrast, in the US, production fell 8.9% in September, to 6.7 million tonnes. In Russia, production fell an estimated 11.5% and in Japan it fell 10.6%. The EU experienced a 17.5% contraction in production in September to 11.3 million tonnes. In Germany, production fell more than 14%.

The Reserve Bank of New Zealand on Wednesday raised interest rates by 75 basis points to 4.25% in the face of excessive inflation. New Zealand’s central bank announced this on Wednesday. In October, the bank still decided on a 50-basis-point increase. The bank targets an annual inflation rate of 1 to 3%. However, the latest reading indicated an inflation rate of 7.2%, down slightly from 7.3% a quarter earlier. The Reserve Bank of New Zealand noted on Wednesday that short-term inflation expectations have risen. At the same time, household spending remained on track with high employment, according to the policy body. The New Zealand dollar rose 0.2% to 0.6166 US dollars on Wednesday.

The 6M Euribor decreased with 1 basis point to 2.33% compared to previous business day. The 10Y Swap decreased with 4 basis points to 2.70% 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.