The IMF has further reduced its growth forecast for the global economy. The ongoing trade war between the United States and China is, according to the IMF, the main cause for this reduction. For 2019, the IMF estimates 3.2 % growth for the world economy, 0.1 percent point lower than the fund previously expected.
Positive results on the European stock markets yesterday, caused by the positive quarterly results of large European companies. Especially the automotive and high-tech sector achieved strong price gains. The AEX index in Amsterdam closed at a 18 years high.
The decline of the industrial production in Germany continues. The PMI index has decreased even further, from 45.0 in June to 43.1 in July. As a consequence the euro decreased relative to the US dollar. A decision by the ECB on monetary policy will follow tomorrow.
The 6M Euribor decreased with 1 basis point to -0.36% compared to previous business day. The 10Y Swap decreased with 1 basis point to 0.09% 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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