Yesterday the International Monetary Fund (IMF) reduced its forecast for the growth of the world economy for 2016 from 3.6% to 3.2%. The IMF has also cut the growth expectations of the Eurozone to 1.5%. The downward revision is partly caused by the refugee crisis and the potential exit of the UK from the European Union.
Credit rating agency Fitch has downgraded the creditworthiness of Saudi-Arabia from AA to AA- and maintained the negative outlook on the country. The downgrade was driven by the low expectations of oil prices for this year and 2017. The credit rating agency expects that the low oil prices will have a negative impact on the fiscal and external balances of Saudi-Arabia.
China’s exports has increased with 11.5%, compared to last year. In February 2016 China still reported a drop in exports of 25%. The increase is the strongest one reported in 18 months and seems to indicate a stabilization in the world’s second-biggest economy.
The 6M Euribor remained unchanged at -0.13%. The 10Y Swap increased with 5 basis points to 0.56%.
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