Market Information Monday 30 April 2018

Market Information Monday 30 April 2018

Last Friday, rating agency Fitch published a new report regarding the creditworthiness of the Netherlands. The creditworthiness was unchanged compared to October 2017, as the Netherlands received the highest possible credit rating, AAA. The rating agency expects economic growth in the Netherlands to be 3.1% in 2018. Fitch expects economic growth to decrease to 2.5% in 2019, partly due to slower growth in employment and external demand.

According to final figures of the University of Michigan, consumer confidence has decreased in the United States in April 2018. The consumer confidence index decreased from 101.4 in March 2018 to 98.8 in April 2018. Economists had expected confidence to decrease to 98.

The United States economy grew at a reduced rate in the first quarter of 2018, compared to the last quarter of 2017. Based on its first estimate, the American government expects the economy in the US to increase by 2.3% annually, compared to 2.9% in the previous quarter. Economists had expected economic growth to decrease to 2.0%.

The 6M Euribor is unchanged at -0.27% compared to previous business day. The 10Y Swap decreased with 2 basis points to 1.00% 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. For more history of these rates or other rates feel free to ask: update@zanders.eu

Market Information Thursday 26 April 2018

Market Information Thursday 26 April 2018

On Wednesday, the Office for Economic Policy Analysis of the Netherlands published its World Trade Monitor. It shows that the volume of world trade decreased by 0.2% in February 2018 compared to January 2018. Worldwide industrial production increased by 0.2% on a monthly basis in February 2018. In January 2018, the volume of world trade increased by 1.2% compared to the previous month.

Statistics Netherlands stated that producer confidence decreased in April 2018 compared to the previous month. The index decreased from 9.5 in March 2018 to 8.2 this month. However, the producer confidence index in April 2018 exceeds the 20-year average of 0.8.

Yesterday, the German government decreased the growth expectations of the German economy for 2018. The German ministry of Economic Affairs has lowered the economic growth outlook for 2018 to 2.3% compared to an earlier estimate of 2.4%. For 2019, the government expects an economic growth estimate of 2.1%. This still implies persistent recovery of the German economy and improvement of the situation on the labour market, with decreasing unemployment rates.

The 6M Euribor is unchanged at -0.27% compared to previous business day. The 10Y Swap increased with 1 basis point to 1.05% 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. For more history of these rates or other rates feel free to ask: update@zanders.eu

Market Information Wednesday 25 April 2018

Market Information Wednesday 25 April 2018

Market researcher Conference Board stated Tuesday that consumer confidence in the United States has increased in April 2018 compared to March 2018. The Consumer Confidence Index rose to 128.7 in March 2018, compared to a revised 127 in the previous month. Economists forecasted a decline to a value of 126.

House prices in the USA have increased more than expected in February 2017. The S&P/Case-Shiller national home price index, which reflects the average sales price development based on 20 U.S. cities, increased by 0.83% on a monthly basis and 6.8% on an annual basis. Economists forecasted an increase of 0.68% on a monthly basis.

In April 2018, confidence of entrepreneurs in the German economy decreased compared to March 2018, as announced by research institute Ifo. The confidence index, measuring the expectations in economic development for the coming three to six months, reached a level of 102.1, against a level of 103.3 in March 2017. Economists expected a level of 102.8.

The 6M Euribor is unchanged at -0.27% compared to previous business day. The 10Y Swap is unchanged at 1.04% 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. For more history of these rates or other rates feel free to ask: update@zanders.eu

Market Information Tuesday 24 April 2018

Market Information Tuesday 24 April 2018

Figures published by Eurostat show that the budget deficit of the Eurozone decreased from 1.5% in 2016 to 0.9% of the gross domestic product in 2017. Amongst others, the Netherlands and Germany recorded government surpluses. Spain and Portugal recorded the largest government deficits, at 3.1% and 3.0% respectively. The government deficit of the European Union decreased from 1.6% in 2016 to 1.0% in 2017.

Aluminum prices decreased sharply yesterday after the United States Treasury announced it is considering easing sanctions against Russia’s largest producers of aluminum. Prices decreased with as much as 3.1% to USD 2,223 per ton of aluminum. Earlier this month, prices soared to the highest level in seven years due to fears of inventory shortages. According to Bloomberg, volatility of the aluminum prices was at an eight-year high on Monday.

The purchasing managers’ index of the American industrial sector increased from 55.6 in March 2018 to 56.2 in April 2018, indicating industrial growth is accelerating in the US. The Eurozone PMI, on the other hand, showed signs of a slowdown after decreasing from 56.6 in March to 56.0 in April 2018.

The 6M Euribor is unchanged at -0.27% compared to previous business day. The 10Y Swap increased with 2 basis points to 1.04% 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. For more history of these rates or other rates feel free to ask: update@zanders.eu

Market Information Monday 23 April 2018

Market Information Monday 23 April 2018

Last Friday, the European Commission announced that consumer confidence in the Eurozone increased in April 2018, compared to March 2018. The index that measures confidence increased from 0.1 in March to 0.4 in April. Economists had expected the index to decrease to -0.1. In the European Union, confidence decreased from -0.3 to -0.8 during the same period.

In March 2018, producer prices in Germany increased by 0.1% compared to February 2018, as published by the German Federal Statistics Office. Economists expected an increase of 0.2%. In March, German producer prices increased by 1.8% on an annual basis.

According to Statistics Netherlands, investments in tangible fixed assets in the Netherlands increased by 2.3% in February 2018 compared to February 2017. The increase is mainly caused by an increase in investments in houses and cars. Based on its investment radar, Statistics Netherlands expects lower investments in April 2018 compared to February 2018.

The 6M Euribor is unchanged at -0.27% compared to previous business day. The 10Y Swap is unchanged at 1.02% 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. For more history of these rates or other rates feel free to ask: update@zanders.eu

Market Information Friday 20 April 2018

Market Information Friday 20 April 2018

In March 2018, prospects for the United States economy have improved, as announced by research bureau Conference Board based on its index of leading indicators. The business cycle barometer increased by 0.3% in March 2018, which was in line with economists’ expectations. In February 2018, the index increased by a revised 0.7%.

In Great Britain, retail sales have decreased in March 2018. The main reason for this was the cold and snowy weather, according to the British statistics bureau. Retail sales decreased by 1.2% on a monthly basis, which is two times as strong as economists’ expectations. The sales of clothing decreased, as well as supermarket revenues. The sales of car fuel decreased by more than 7% because of snowfall. Online sales increased.

According to Statistics Netherlands (CBS) consumer confidence increased in April 2018. Also, people’s judgement on the economic climate and willingness to buy increased. Consumer confidence has reached a level of 25, which is above the average over the last twenty years of -8. The highest level ever measured was 36, in January 2000. The lowest level ever reached was -41 in March 2013. In March 2018, the level of the confidence indicator was 24.

The 6M Euribor is unchanged at -0.27% compared to previous business day. The 10Y Swap increased with 6 basis points to 1.02% 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. For more history of these rates or other rates feel free to ask: update@zanders.eu.

Market Information Thursday 19 April 2018

Market Information Thursday 19 April 2018

Definitive figures published by the European Statistical Office Eurostat show that inflation in March 2018 in the Eurozone has increased to 1.3% on an annual basis. Preliminary figures showed an annual inflation rate of 1.4%. Economists did not expect an adjustment of the preliminary inflation rate. In February 2018, inflation was 1.1% on an annual basis.

On Wednesday, Eurostat published preliminary figures for construction output in the Eurozone. In February 2018, construction output in the Eurozone decreased by 0.5% compared to the previous month. In January 2018, construction output decreased by 0.8% on a monthly basis. Construction output throughout the European Union decreased by 0.8% in February 2018 compared to January 2018.

In March 2018, annual inflation in the United Kingdom was 2.5% according to figures published by the British Office for National Statistics. This is a decrease compared to February 2018, when the inflation rate was 2.7% on an annual basis. Analysts do not expect the decreasing inflation rate to influence anticipated interest rate decisions by the Bank of England.

The 6M Euribor is unchanged at -0.27% compared to previous business day. The 10Y Swap increased with 1 basis point to 0.96% 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. For more history of these rates or other rates feel free to ask: update@zanders.eu.

Market Information Wednesday 18 April 2018

Market Information Wednesday 18 April 2018

The Federal Reserve (Fed) released the Industrial Production and Capacity Utilization report yesterday. The Fed reports that industrial production in the United States has increased by 0.5% in March 2018 compared to February 2018. Economists forecasted an increase of 0.1% for the same period. Additionally, the previously reported growth in January 2018 has been revised to a growth of 1.0%.

In March 2018, the number of houses taken into construction in the United States has increased by 1.9% compared to February 2018, as was announced by the US Department of Commerce. The seasonally adjusted estimate of housing construction starts amounted to a number of 1.32 million houses on an annual basis. Economists expected an increase of 2.5%.

Figures published by German research agency ZEW show that German investors and analysts have less confidence in the German economy. The ZEW-index, which measures confidence in the German economy for the next three to six months, decreased from 5.1 in March 2018 to minus 8.1 in April 2018. Analysts expected a decrease to minus 1.0.

The 6M Euribor is unchanged at -0.27% compared to previous business day. The 10Y Swap decreased with 2 basis points to 0.95% 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. For more history of these rates or other rates feel free to ask: update@zanders.eu.

Market Information Tuesday 17 April 2018

Market Information Tuesday 17 April 2018

The Chinese government announced that the Chinese economy grew by 6.8% in the first quarter of 2018, compared to the first quarter of 2017. Economists had expected a growth of 6.7%. Annual economic growth was equal to the fourth quarter of 2017.

According to the US Commerce department, consumers in the United States spent more on retail in March 2018 compared to February 2018. In March 2018, retail sales increased by 0.6%, whereas economists expected an increase of 0.4%. The month before, retail sales decreased by 0.1%.

As announced by the New York Federal Reserve Bank, industrial activity in and around New York City is growing at a reduced pace in April 2018 compared to March 2018. The Empire State-index, reflecting the industrial activity, reached a level of 15.8 in April against a level of 22.5 in March. Economists expected a level of 18.6 for April.

The 6M Euribor is unchanged at -0.27% compared to previous business day. The 10Y Swap increased with 2 basis points to 0.97% 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. For more history of these rates or other rates feel free to ask: update@zanders.eu.

Market Information Monday 16 April 2018

Market Information Monday 16 April 2018

In February 2018, Eurozone exports increased with 3.0% compared to February 2017 to a level of EUR 177.5 billion. Eurozone imports increased with 1.5% to EUR 158.6 billion. The Eurozone trade surplus grew to EUR 18.9 billion. Eurostat also reported that the European Union trade surplus increased to EUR 3.3 billion in February 2018.

Figures published by the International Energy Agency (IEA) show that total stocks of oil of the OECD countries decreased with 4.6% in 2017. According to the IEA, the decrease is a clear sign of the effects of the oil production cap agreement between the OPEC and several other oil producing nations. IEA expects worldwide demand for oil to increase with 1.5% in 2018 to 99.3 million barrels of oil on a daily basis.

The German office of federal statistics Destatis reported on Friday that the inflation rate in March 2018 was 1.6% on an annual basis. The largest increase occurred in the price of food. Measured according to the European harmonized index of consumer prices, inflation increased with 1.7% compared to March 2017.

The 6M Euribor is unchanged at -0.27% compared to previous business day. The 10Y Swap decreased with 1 basis point to 0.95% 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. For more history of these rates or other rates feel free to ask: update@zanders.eu.

Market Information Friday 13 April 2018

Market Information Friday 13 April 2018

In the first months of 2018, the worldwide trade volume grew at a rate of 4.4% annually. However, the recovery can be threatened by trade conflicts between China and the United States. This was announced by the World Trade Organization (WTO) in its annual outlook. In 2017, world trade increased by 4.7% after several years of growth rates at around 3.0%. The WTO is expecting a 4% growth rate for 2019.

In March 2018, Chinese exports have decreased, which is in contrast with the growth that was expected, which can be concluded from customs figures. Also, imports grew less than expected. Exports decreased by 9.8% on a yearly basis. Economists expected a growth of 8.0%. Imports increased by 5.9% compared to March 2017, while 7.5% was expected.

According to Statistics Netherlands (CBS), the volume of the exports of goods in the Netherlands increased by 4.2% in February 2018 compared to February 2017. The increase is larger than for January 2018. The exports of cars, machines and equipment grew in particular. In February 2018, the volume of imports increased by 6.2% compared to January 2018.

The 6M Euribor is unchanged at -0.27% compared to previous business day. The 10Y Swap increased with 1 basis point to 0.96% 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. For more history of these rates or other rates feel free to ask: update@zanders.eu.

Market Information Thursday 12 April 2018

Market Information Thursday 12 April 2018

Minutes from the Federal Open Market Committee (FOMC) meeting show that several Federal Reserve officials are opting for more rate hikes in 2018. At the moment, three rate hikes for 2018 are expected. The members are pointing out that economic forecasts are good and inflation is slowly rising. Concern for all members of the FOMC is a possible trade war between the United States and China, and the possible effects on economic growth.

The Chinese national statistical agency published figures that show that inflation fell from 2.9% in February 2018 to 2.1% in March 2018. Analysts expected inflation to fall to 2.6%. The decrease was partly caused by lower food prices. Food prices in February 2018 rose strongly due to the celebration of Chinese New Year. Producer price inflation also decreased in March 2018. According to economists, this is a sign of slowing economic growth in China.

Statistics Netherlands (CBS) stated that the number of businesses that went out of business in March 2018 increased. In March, 251 businesses were declared bankrupt, which is 34 more than in February 2018. Most bankruptcies occurred in the trade sector.

The 6M Euribor is unchanged at -0.27% compared to previous business day. The 10Y Swap is unchanged at 0.95% 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. For more history of these rates or other rates feel free to ask: update@zanders.eu.

Market Information Wednesday 11 April 2018

Market Information Wednesday 11 April 2018

Yesterday, the French Statistical Office INSEE published figures stating that the French industrial production has increased in February 2018 compared to January 2018. The INSEE reported an increase of 1.2%, while economists expected a 1.4% increase. Furthermore, the INSEE adjusted its estimated decline in French industrial production in January 2018 to a decline of 1.8%.

According to the United States government, producer prices in the US have increased by 0.3% in March 2018, compared to February 2018. Economists anticipated a slightly smaller increase of 0.1%. In February, producer prices rose by 0.2%.

The National Federation of Independent Business (NFIB) reported that sentiment among U.S. small businesses declined in March 2018. The Small Business Optimism Index published by the NFIB reached a five-month low of 104.7. A possible explanation for the decrease in optimism is the expected increase in tariffs due to international tensions between the US and China.

The 6M Euribor is unchanged at -0.27% compared to previous business day. The 10Y Swap is unchanged at 0.95% 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. For more history of these rates or other rates feel free to ask: update@zanders.eu.

Market Information Tuesday 10 April 2018

Market Information Tuesday 10 April 2018

Consumer prices in the Netherlands increased with 1.0% in March 2018 compared to March 2017. In February 2018, consumer prices increased with 1.2% on an annual basis. According to Statistics Netherlands, the slowdown is the result of a lower increase in the price of food. Moreover, clothing was less expensive in February, causing further downward pressure on the increase in consumer prices. Housing, water and energy were the largest contributors to the consumer price increase in March.

In February 2018, exports from Germany to the rest of the world decreased with 3.2% compared to the previous month. The decrease follows a contraction of 0.5% in January 2018. Imports to Germany decreased with 1.3% on a monthly basis in February. The German trade surplus was EUR 18.4 billion at the end of February 2018. According to ING, 2018 marks the worst start of the year since 2009 for German trade. ING analysts note that Germany is at risk of fallout from the ongoing trade battle between the United States and China.

The European Central Bank (ECB) states in its annual report that it expects Eurozone economic growth to remain strong in 2018. The report further states that inflation is expected to converge towards the policy rate of 2.0% over the medium term. ECB-president Draghi cautioned, however, that there are still uncertainties about the degree of slack in the economy. Therefore, it still remains necessary to continue the central bank’s prudent monetary policy, Draghi concludes.

The 6M Euribor is unchanged at -0.27% compared to previous business day. The 10Y Swap is unchanged at 0.95% 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. For more history of these rates or other rates feel free to ask: update@zanders.eu.

Market Information Monday 9 April 2018

Market Information Monday 9 April 2018

Statistics Netherlands reported that industrial production in the Netherlands increased by 4.2% in February 2018 compared to February 2017. The growth rate of industrial production decreased compared to January 2018, when industrial production increased by 7.1% compared to the previous year.

Confidence of private investors in the financial markets increased in April 2018, compared to March 2018. The sentiment tracker of online broker BinckBank increased from 3.8 in March 2018 to 4.2 in April 2018. A level above 0 is an indication of confidence.

According to the Bureau of Labor Statistics in the US, the nonfarm payroll employment in the US increased by 103,000 in March 2018. The increase was lower than in February 2018, when employment increased by 326,000 jobs. Economists expected the number of jobs to increase by 185,000. Hourly wages increased by 0.3% in March, compared to 0.1% in February.

The 6M Euribor is unchanged at -0.27% compared to previous business day. The 10Y Swap decreased with 3 basis points to 0.95% 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. For more history of these rates or other rates feel free to ask: update@zanders.eu.

Market Information Friday 6 April 2018

Market Information Friday 6 April 2018

China has officially filed a complaint at the World Trade Organization (WTO) about the import tariffs introduced by the United States against China. According to China, the measures go against general rules on tariffs and trade, as announced by the WTO. The US government announced it would impose an extra tariff on over 1300 Chinese products. The WTO has stated it is up to the two countries to solve the issue themselves first, before they will intervene.

According to European statistics bureau Eurostat, producer prices in the Eurozone have increased by 0.1% in February 2018 compared to January 2018. Economists expected no change in prices. In January 2018, prices producers asked for their products in the Eurozone increased by 0.4%.

In calendar week 13, the number of first requests for an unemployment benefit in de United States has increased to 242,000, as announced by the US ministry of Labor. In week 12, 218,000 new requests were registered. Economists expected a number of requests of 225,000.

The 6M Euribor is unchanged at -0.27% compared to previous business day. The 10Y Swap increased with 3 basis points to 0.98% 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. For more history of these rates or other rates feel free to ask: update@zanders.eu.

Market Information Thursday 5 April 2018

Market Information Thursday 5 April 2018

Preliminary figures published by Eurostat show that the annual inflation rate of the eurozone has increased to 1.4% in March 2018 compared to February 2018. The inflation rate is in line with expectations by economists.

Yesterday, the ministry of Trade of the United States reported that factory orders increased in February 2018 compared to January 2018. In February 2018, factory orders grew by 1.2%, whereas in January 2018 factory orders decreased by 1.3% on a monthly basis. Economists expected a growth rate of 1.7%.

In March 2018, the purchasing managers’ index for the United States services sector has decreased compared to February 2018. The index, which is published by research agency ISM, decreased to 58.8 and indicates a slowdown in growth of economic activity in the services sector. Economists expected a decrease of the index to 59. A level above 50 indicates growth of economic activity.

The 6M Euribor is unchanged at -0.27% compared to previous business day. The 10Y Swap decreased with 1 basis point to 0.95% 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. For more history of these rates or other rates feel free to ask: update@zanders.eu.

Market Information Wednesday 4 April 2018

Market Information Wednesday 4 April 2018

Yesterday, market researcher Markit stated that business activity among service providers in the euro zone grew at a lower rate in March 2018 than in February 2018. The purchasing managers index (PMI) registered 56.6 in March 2018, compared to a value of 58.6 in the previous month. A value higher than 50 indicates growth, a value below indicates contraction.

Furthermore, the Dutch Association of Purchasing Management (Nevi) published the Dutch PMI. According to Nevi, the PMI reached a level of 61.5 in March 2018 against the record level 63.4 in February 2018. The decline of the PMI signifies a decline in the growth of the business activity among service providers.

According to the German federal bureau of statistics, the German retail sales have declined by 0.7% from January 2018 to February 2018. This decline was unexpected, as economists forecasted an increase by 0.7%. This decline signifies the third consecutive monthly decline in German retail sales. On an annual basis retail sales increased by 1.3%, where an increase of 2.4% was forecasted.

The 6M Euribor is unchanged at -0.27% compared to previous business day. The 10Y Swap is unchanged at 0.96% 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. For more history of these rates or other rates feel free to ask: update@zanders.eu.

Market Information Tuesday 3 April 2018

Market Information Tuesday 3 April 2018

Yesterday, China announced tariffs on 128 American import products. The tariffs took effect yesterday and have an estimated value of EUR 3 billion. According to the Chinese Ministry of Finance, the tariffs are the result of American tariffs on Chinese steel that have been in effect since March. President Trump announced last week that the American government is considering imposing tariffs on other Chinese products as well.

The output prices of the Dutch industrial sector increased with 0.3% in February 2018 compared to February 2017. The increase is lower than in January 2017, when prices were 1.4% higher than in January 2017.

The Russian economy grew with 0.9% in the fourth quarter of 2017 compared to the final quarter in 2016. In the third quarter, economic growth in Russia was 2.2%. The slowdown is a result of lower industrial production and lower consumer spending. Overall, the economy of Russia expanded with 1.5% in 2017. The Russian central bank has set its economic growth forecast for 2018 at 1.5% to 2.0%.

The 6M Euribor is unchanged at -0.27% compared to previous business day. The 10Y Swap decreased with 1 basis point to 0.96% 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. For more history of these rates or other rates feel free to ask: update@zanders.eu.