China is targeting economic growth of about 5 percent this year, the lowest level in more than a quarter of a century. Prime minister Li Keqiang announced this on Sunday at the opening of the parliamentary year. The intended growth is lower than the target of 5.5 percent that Beijing aspired to in 2022. Ultimately, the Chinese economy grew by 3 percent last year. The lower growth target for 2023 comes despite signs of a solid economic recovery in the first two months of the year after the lifting of the strict corona measures.
Eurozone producer prices fell in January. This was revealed on Friday by figures from Eurostat, the European statistical office. On a monthly basis, producer prices fell by 2.8 percent, after an increase of 1.1 percent in December. On an annual basis, producer prices rose by 15.0 percent in January. In December this was still 24.5 percent and in November 27.0 percent.
The US services sector grew again in February. This was revealed on Friday by figures from S&P Global. The purchasing managers’ index for the services sector rose from 46.8 in January to 50.6 in February. In the provisional measurement, the index figure was still 50.5. Earlier this week it appeared that activity in the US manufacturing industry contracted less sharply in February than in the previous month. The index increased from 46.9 in January to 47.3 in February.
The 6M Euribor increased with 6 basis points to 3.37% compared to previous business day. The 10Y Swap decreased with 5 basis points to 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.
Eurozone inflation decreased in February, but less than expected. This was revealed by Eurostat figures on Thursday. Prices rose 8.5% year-on-year last month versus 8.6% in January and 9.2% in December. Economists had expected a decrease to 8.2%. Core inflation, a key gauge for the ECB, was 5.6% year-on-year in February, up from 5.3% a month earlier. In December, core inflation stood at 5.2%. On a monthly basis, consumer and core prices each rose 0.8%.
The number of new applications for unemployment benefits in the United States decreased slightly in the week ending 25 February. This was revealed by US Department of Labour figures on Thursday. The number of new applications for unemployment benefits fell from 192,000 to 190,000. Economists’ expectation was for 195,000 new applications. The number of extended support applications in the week ending 18 February came to 1.655 million, 5,000 fewer than a week earlier.
Consumer prices in the Netherlands rebounded more strongly in February on a year-on-year basis than in January. This was revealed on Thursday in a quick estimate by Statistics Netherlands. Last month, the price level rose 8.0% year-on-year, following a 7.6% inflation in January. In December last year, the year-on-year price level rose 9.6%.
The 6M Euribor increased with 2 basis points to 3.31% compared to previous business day. The 10Y Swap increased with 4 basis points to 3.33% 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.
Consumer prices in Germany rose faster than expected in February. This was revealed on Wednesday by preliminary figures from German statistics agency Destatis. On a year-on-year basis, prices rose 8.7% in February, following a rise of also 8.7% in January. In February, prices rose 0.8% compared to January. Economists’ expectations were for an annualised price rise of 8.5% and a monthly increase of 0.6%.
Eurozone manufacturing declined slightly more in February. This was revealed by final figures from S&P Global on Wednesday. The manufacturing purchasing managers’ index fell to 48.5 in February from 48.8 in January. The preliminary index also stood at 48.5. The output purchasing managers’ index did rise, from 48.9 to 50.1, the highest reading in 9 months.
The price of a barrel of crude oil closed higher on Wednesday, although the latest data from the US energy agency EIA showed that US crude oil inventories rose last week. The data showed that US crude oil inventories rose by 1.2 million barrels to 480.2 million in the week ending on February 24. April futures for a barrel of West Texas Intermediate crude oil closed 0.8% (USD 0.64) higher at USD 77.69 on Wednesday.
The 6M Euribor increased with 5 basis points to 3.29% compared to previous business day. The 10Y Swap increased with 6 basis points to 3.29% 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.
US consumer confidence in the economy fell in February. This was revealed on Tuesday by figures from The Conference Board. The consumer confidence index fell to 102.9 this month from a revised 106.0 in January.
House prices in the largest urban regions of the United States fell again in December on a monthly basis and rose less sharply on an annual basis than in the previous month. This was revealed by Standard & Poor’s Case-Shiller figures on Tuesday. House prices in the 10 largest regions fell 0.8% on a monthly basis in December. On a year-on-year basis, prices rose 4.4%. However, this was still 6.3% in November and 8.0% in October.
The European Central Bank has no reason to refrain from raising interest rates by 50 basis points at the upcoming interest rate meeting, according to ECB chief economist Philip Lane, speaking to Reuters. The economist acknowledges that inflation is now cautiously moving in the right direction. But, Lane stressed, the ECB will not stop raising interest rates until it is confident that inflation is falling towards the desired 2%. Since July, the ECB has already raised interest rates by 3 percentage points. And so for March, another 50 basis points looks set to be added.
The 6M Euribor increased with 1 basis point to 3.24% compared to previous business day. The 10Y Swap increased with 4 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.
Prospective home sales in the United States rose in January. This was reported yesterday by brokerage organization NAR. On a monthly basis, sales rose 8.1 percent, compared with a 2.5 percent increase last month, which was the first increase since May.
The Japanese industry produced less in January than a year earlier. This was revealed today by preliminary figures from Japan’s Ministry of Trade and Industry. On a yearly basis, January’s output was down 2.3 percent.
Economic sentiment in the euro zone declined slightly in February. This was revealed yesterday by figures from the European Commission. The economic sentiment index fell to 99.7 in February from 99.8 in January.
The 6M Euribor increased with 3 basis points to 3.23% compared to previous business day. The 10Y Swap increased with 6 basis points 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.
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