Oil prices ticked up in Monday’s Asian trade, reversing a weak start as a recovery in Chinese demand and a weaker dollar provided support to a market rattled by the prospect possible further U.S. interest rate increases. After initially slipping in early trading, Brent crude futures were up 25 cents, or 0.30%, to $83.03 per barrel by 0700 GMT. West Texas Intermediate crude futures (WTI) ticked up by 23 cents, or 0.30%, to $76.91 a barrel.
Turkey’s current account deficit widened to $9.85 billion in January, data from the central bank showed on Monday, the highest level in four decades of available data, driven by a soaring energy bill and gold imports. It was the highest monthly deficit since 1984, the first year for which such data is available, according to central bank records. Before that time Turkey did not have an economy large enough to generate such a deficit, data shows.
The U.S. government posted a $262 billion budget deficit in February, up 21% from a year earlier, as expenditures grew and revenues fell, due largely to higher tax refunds issued as the Internal Revenue Service worked through a substantial backlog of unprocessed returns. The Treasury Department said on Friday the deficit last month compared to a $217 billion budget gap in February 2022.
The 6M Euribor increased with 1 basis point to 3.46% compared to previous business day. The 10Y Swap decreased with 12 basis points to 3.07% 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.
The number of new applications for unemployment benefits in the United States rose more than expected in the week ending on March 4. This was revealed by US Department of Labour figures on Thursday. The number of new applications for unemployment benefits rose from 190,000 to 211,000. Economists’ expectation was for 195,000 new applications. The four-week moving average was 197,000 application, 4,000 more than a week earlier. The number of extended support applications in the week ending on February 25 stood at 1.718 million applications, 69,000 more than a week earlier.
Inflation in China hit a one-year low in February. This was revealed by figures from China’s statistics bureau on Thursday. On a year-on-year basis, prices rose 1.0% after a 2.1% plus in January and 1.8% in December. The price rise in February came in well below economists’ expectations. Those had expected inflation of 1.7%. On a monthly basis, consumer prices fell 0.5% in February after rising 0.8% in January.
The Japanese economy grew at a significantly slower pace in the fourth quarter of last year. Final figures from the Japanese government showed this on Thursday. On a quarterly basis, growth was 0.1% instead of an initially estimated 0.6%. The third quarter saw a contraction of 0.3%.
The 6M Euribor increased with 3 basis points to 3.45% compared to previous business day. The 10Y Swap decreased with 1 basis point to 3.19% 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.
Oil prices traded lower on Wednesday, extending losses after U.S. government data pointed to weak demand, which exacerbated fears that more aggressive U.S. interest rate hikes would pressure economic growth. Brent crude futures were down $1.07 cents, or 1.3%, to $82.28 per barrel . U.S. West Texas Intermediate (WTI) crude futures dropped to $1.19, or 1.5%, to $76.37 a barrel.
The Bank of Canada on Wednesday left its key overnight rate on hold at 4.50%, becoming the first major central bank to suspend its monetary tightening campaign in the face of an anticipated easing of high inflation. Over the past year, the Canadian central bank raised rates eight times in a row by a total of 425 basis points to tame inflation, which peaked at an annualized rate of 8.1% last year.
U.S. private payrolls increased more than expected in February, pointing to continued labor market strength. Private employment increased by 242,000 jobs last month, the ADP National Employment report showed on Wednesday. Data for January was revised higher to show 119,000 jobs added instead of 106,000 as previously reported.
The 6M Euribor increased with 6 basis points to 3.42% compared to previous business day. The 10Y Swap decreased with 3 basis points to 3.20% 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.
Dutch households spent more in January than in January 2022. This was revealed on Wednesday by figures reported by Statistics Netherlands. Households spent 6.2% more in the first month of this year than in January 2022. In December, the year-on-year increase was still 9.9%. In January 2022, non-essential stores and the service sector were still struggling with severe covid measures.
The U.S. central bank may raise interest rates at a faster pace to reduce inflation, according to Federal Reserve Chairman Jerome Powell. At a Senate hearing Powell referred to data from January that shows that inflation in the U.S. is no longer decreasing. Last month, the Fed raised its benchmark interest rate by a quarter percentage point to a range of 4.50% to 4.75%.
Oil prices fell 3.6% Tuesday in response to weak import figures from China and the prospect of more interest rate hikes by the Federal Reserve. It was the steepest drop in two months. The April futures for a barrel of West Texas Intermediate crude fell to $77.58 on the New York Mercantile Exchange.
The 6M Euribor increased with 1 basis point to 3.36% compared to previous business day. The 10Y Swap decreased with 5 basis points to 3.23% 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.
Robert Holzmann, chairman of Austria’s central bank and member of the European Central Bank’s Executive Board, called for four more interest rate hikes of 50 basis points. This was reported on Monday by Germany’s Handelsblatt after an interview with Holzmann.
China exported less in the first two months of this year, according to Chinese government figures published today. In dollar terms, exports declined 6.8 percent year-on-year in January and February. The decline was smaller than the 9.0 percent drop expected by the market. In December, exports declined with 9.9 percent.
Retail sales in the eurozone rose slightly in January. This was revealed yesterday by figures from the European statistics office Eurostat. Retail sales, measured by volume, rose 0.3 percent on a monthly basis in January.
The 6M Euribor decreased with 2 basis points to 3.35% compared to previous business day. The 10Y Swap is unchanged at 3.28% 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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