Market Information Friday 31 August 2018

Market Information Friday 31 August 2018

The European Commission (EC) published yesterday that economic confidence in the Eurozone decreased slightly. The index that measures confidence fell from 112.1 in July 2018 to 111.6 this month. Economists expected a level of 111.9. According to the EC, confidence in the services sector and industry decreased, while confidence increased in the retail sector and in construction.

The German Federal Statistical Office Destatis announced preliminary figures showing that inflation remained stable at 2% on an annual basis in August 2018. Economists had expected that inflation would remain unchanged. On the basis of the European harmonized measurement method, an inflation rate of 1.9% was measured in August 2018, compared to 2.1% in July 2018.

The US Department of Commerce has announced that consumer spending in the United States has increased by 0.4% in July 2018 compared to June 2018. Economists also accounted for an increase of 0.4%. Personal income of American consumers rose by 0.3% in July 2018, compared with an increase of 0.4% in June 2018.

The 6M Euribor is unchanged at -0.27% compared to previous business day. The 10Y Swap decreased with 3 basis points to 0.88% 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. Should you require more information about these rates, please contact us at marktinformatie@zanders.eu.

Market Information Thursday 30 August 2018

Market Information Thursday 30 August 2018

The French national statistical agency stated that the French economy grew with 1.7% in the second quarter of 2018 compared to the second quarter of 2017, in line with expectations of analysts. Compared to the end of Q1 2018, economic growth in Q2 was 0.2%.

Statistics Netherlands stated that producer confidence in the Netherlands in August 2018 fell for the third straight month. The index measuring producer confidence decreased from 6.3 in July to 5.9 in August. However, the index is still well above the long-term average of 0.8. The lower confidence was mainly caused by a decreasing order portfolio.

The US Department of Commerce published a second estimate of US economic growth for the second quarter of 2018. The initial growth of 4.1% on an annual basis was revised upwards to 4.2%. Analysts expected economic growth to be revised downwards to 4.0%. The higher than expected growth was partially caused by higher consumer spending and higher investments.

The 6M Euribor is unchanged at -0.27% compared to previous business day. The 10Y Swap increased with 1 basis point to 0.91% 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. Should you require more information about these rates, please contact us at marktinformatie@zanders.eu.

Market Information Wednesday 29 August 2018

Market Information Wednesday 29 August 2018

Market researcher Conference Board stated Tuesday that consumer confidence in the United States has increased in August 2018 compared to July 2018. The Consumer Confidence Index (CCI) increased to 133.4 in August 2018, compared to a revised 127.9 in July 2018. On the contrary, economists forecasted a decline of the CCI to 126.6 in August 2018.

House prices in the United States have increased less than expected in June 2018. The S&P/Case-Shiller national home price index, which reflects the average sales price development based on 20 U.S. cities, increased by 0.11% on a monthly basis and 6.31% on an annual basis in June 2018. Economists forecasted an increase of 0.2% on a monthly basis.

A new estimate by the French statistics agency Insee shows that the growth of the French economy remained stable in the second quarter of 2018 compared to the first quarter of 2018. In the second quarter of 2018 the economic growth remained at 0.2%. The realized economic growth is in line with the forecasts of analysts.

The 6M Euribor is unchanged at -0.27% compared to previous business day. The 10Y Swap is unchanged at 0.90% 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. Should you require more information about these rates, please contact us at marktinformatie@zanders.eu.

Market Information Tuesday 28 August 2018

Market Information Tuesday 28 August 2018

Yesterday, the Nasdaq Composite index closed above 8000 for the first time. Technology shares like Netflix and Amazon have played a major role in propelling the Nasdaq past its global peers in 2018. It took the index just short of eight months to climb a thousand points after crossing 7000 in January 2018.

The economy of the member countries of the Organization for Economic Cooperation and Development (OECD) increased by 0.6% in the second quarter of 2018 on a quarterly basis. On an annual basis, there was an increase of 2.5%. Of the seven richest countries within the OECD, growth was strongest in the United States, at 2.8% on an annual basis. Growth in Japan was the lowest at 1%.

According to figures from IG & H consulting, that publishes a mortgage update every quarter, it appears that the number of starters in the Dutch housing market is steadily decreasing. In the second quarter of 2018, the number of mortgages for a first home decreased by 11% to more than 22,500, compared to a year earlier. In total, the number of mortgages in the second quarter increased by 2.5% to almost 87,000. The lowest increase since 2013.

The 6M Euribor is unchanged at -0.27% compared to previous business day. The 10Y Swap increased with 2 basis points to 0.90% 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. Should you require more information about these rates, please contact us at marktinformatie@zanders.eu.

Market Information Monday 27 August 2018

Market Information Monday 27 August 2018

Two years ago, six banks in the Netherlands agreed to a recovery plan for derivatives portfolios of Dutch SMEs. The plan prescribes the way in which the approximately 20,000 affected SMEs must be compensated. Previously, six banks expected the damages to amount to approximately € 1.2 billion. Currently costs approach to nearly € 2 billion.

The United States (US) and Mexico are close to an agreement on their mutual trade disputes. The US, Mexico and Canada will try to reach an agreement on a revision of Nafta, the North American free trade Agreement established in 1992. According to US President Donald Trump, Nafta is detrimental to the economy of the US.

According to the Interstedelijk Studenten Overleg (ISO), starters in the Netherlands with a substantial study debt often do not or barely qualify for a mortgage. The fact that student debt is of great influence on the level of the mortgage to be obtained is shown by an inventory among the five largest Dutch mortgage lenders. With a gross annual income of € 40,000 and an average student debt of € 21,000 euros, the maximum mortgages to be obtained will be reduced by € 25,000 to € 40,000 euros.

The 6M Euribor is unchanged at -0.27% compared to previous business day. The 10Y Swap is unchanged at 0.88% 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. Should you require more information about these rates, please contact us at marktinformatie@zanders.eu.

Market Information Friday 24 August 2018

Market Information Friday 24 August 2018

Yesterday, the Central Bank of Russia ended its purchases of foreign currency to prevent further depreciation of the Russian currency. The central bank has been buying foreign currency for some time in anticipation of the establishment of a special currency fund. The Russian ruble is at its lowest level in two years against the US dollar.

The US Department of Commerce has reported that the sale of new homes in the United States decreased by 1.7% in July 2018 compared to June 2018. Economists predicted that home sales would increase by 2.2%. In June 2018, sales decreased by 2.4%.

The German federal statistics bureau announced that the German economy growth has increased in the second quarter of 2018 compared to the first quarter. Economic growth in the second quarter was 0.5% against 0.4 % in the first three months. This is in line with the expectations of economists. Year-on-year growth was 2.3%, compared to 2.1% in the previous period. The growth is primarily due to increased consumer and government spending.

The 6M Euribor is unchanged at -0.27% compared to previous business day. The 10Y Swap increased with 1 basis point to 0.88% 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. Should you require more information about these rates, please contact us at marktinformatie@zanders.eu.

Market Information Thursday 23 August 2018

Market Information Thursday 23 August 2018

The minutes of the most recent policy meeting of the Federal Open Market Committee were published yesterday. The minutes show that policy makers of the Federal Reserve are willing to raise the Federal Funds Target Rate at their next meeting, if economic conditions don’t change drastically. According to analysts, the Federal Reserve is likely to raise their policy rate twice this year, of which the first would take place at their next meeting in September. President T rump criticized president of the Federal Reserve Jerome Powell earlier this week for raising the rate too quickly.

The German minister of foreign affairs Heiko Maas has called for a new strategy for dealing with the United States. According to him, the emphasis should be on a position that is independent of the United States and more financial autonomy for the European Union. For example, Maas pleads for better protection for European companies that are affected by US trade sanctions.

Today the previously announced new US import duties on Chinese goods of USD 16 billion have been taken into effect. In response, China has introduced tariffs for US products with the same total value. China also filed a complaint with the World Trade Organization WTO against the US. The new tariffs of the US relate to, among other things, motors, semiconductors and electric scooters. In turn, China has levied tariffs on, among other things, steel products, cars and medical equipment.

The 6M Euribor is unchanged at -0.27% compared to previous business day. The 10Y Swap decreased with 1 basis point to 0.87% 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. Should you require more information about these rates, please contact us at marktinformatie@zanders.eu.

Market Information Wednesday 22 August 2018

Market Information Wednesday 22 August 2018

The volume of investments in material fixed assets in the Netherlands in June 2018 was 6.2% higher than in June 2017, as published by Statistics Netherlands today. The increase is greater than in May 2018. Investments increased mostly in housing, machinery and passenger cars. Furthermore, the investments radar of Statistics Netherlands indicates that the investment climate in August 2018 is slightly worse than in June 2018.

The NVB Association for Developers & Construction workers’ states that the current construction output in the Netherlands is too low to achieve the envisaged output of 75,000 rental- and residential homes per year. In the first half of 2018, new home sales have been about 4% lower in the first half of 2017. The NVB states that the cause of the insufficient output is the shortage of personnel as well as a lack in available construction sites. The slowdown in new home production will make access to housing harder, especially in the Randstad area.

The 6M Euribor is unchanged at -0.27% compared to previous business day. The 10Y Swap increased with 2 basis points to 0.88% 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. Should you require more information about these rates, please contact us at marktinformatie@zanders.eu.

Market Information Tuesday 21 August 2018

Market Information Tuesday 21 August 2018

Figures from Statistics Netherlands (CBS) show that the prices of owner-occupied homes have increased by an average of 9% in July 2018 on an annual basis. In May 2018 the price index was at a record level in August 2008. During the financial crisis, the prices of owner-occupied homes decreased by more than 30%.

Statistics Netherlands reported that consumer confidence decreased by 2 points in June 2018, with a score of 21. With a score of 21, consumer confidence is performing well above the average over the past twenty years (minus 3). Statistics Netherlands also published figures on consumer spending in June 2018, which increased by 2.8% annually.

Today, negotiators from China are invited for further negotiations about the trade dispute between China and the United States. In an interview with the news agency Reuters, Trump announced that there is no timeline for restoring trade relations with China. The trade dispute already resulted in billions of dollars on imposed import tariffs by both countries and threats of additional levies.

The 6M Euribor is unchanged at -0.27% compared to previous business day. The 10Y Swap is unchanged at 0.86% 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. Should you require more information about these rates, please contact us at marktinformatie@zanders.eu.

Market Information Monday 20 August 2018

Market Information Monday 20 August 2018

According to Statistics Netherlands (CBS), producers in the industry sector increased revenues by 6.7% in the second quarter of 2018, on an annual basis. Revenues in the industry now increased seven quarters in a row. In particular, producers in the chemical and oil sectors are performing well, along with petroleum producers who are benefiting from the increased oil prices.

The major credit rating agencies Moody’s and Standard & Poor’s (S & P) have lowered their credit rating for Turkey. Moody’s reduced its rating from Ba2 to Ba3, with a negative outlook. In addition, S & P reduces its rating from BB to B +. Both credit rating agencies indicate that the downgrade is caused by the decrease in value of the lira due to US sanctions and the threat of more punitive measures.

The German Federal Statistical Office (Destatis) reported that producer prices in Germany increased by 0.2% in July 2018 compared to the previous month. Economists expected an increase of 0.2%. On an annual basis an increase in producer prices of 3% was reported.

The 6M Euribor is unchanged at -0.27% compared to previous business day. The 10Y Swap decreased with 1 basis point to 0.86% 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. Should you require more information about these rates, please contact us at marktinformatie@zanders.eu.

Market Information Friday 17 August 2018

Market Information Friday 17 August 2018

The statistical office of the European Union Eurostat reported that goods exports from Eurozone countries to the rest of the world increased with 5.7% in June 2018 to an amount of EUR 198.6 billion, compared to a year earlier. Imports from the nineteen euro countries increased with 8.6% to a value of EUR 176.1 billion. This resulted in a trade surplus of EUR 22.5 billion. Exports increased with 8.2% to EUR 171.5 billion for the whole European Union, with an import increase of 8.4% to EUR 164.6 billion. This resulted in a trade surplus of EUR 6.9 billion.

Yesterday the Turkish lira gained more than one percent on the US dollar. This is a marginal movement compared to the substantial fluctuations of the past few days. Wednesday night, Qatar announced to invest USD 15 billion in Turkish lira.

For the fourth year in a row, the Dutch economy is growing at a faster pace than economists had expected. The Dutch Economic Policy Analysis (CPB) expects that this will still be the case in 2019. In part, this long period can be explained by the depth of the crisis in previous years. The housing market is full of dynamism after a sharp setback, investors dare to invest again and the consumer spends more. Statistics Netherlands (CBS) reported last Tuesday that the economy increased with 2.9% in the second quarter of 2018. This means that growth hardly decreases compared to the more than 3% achieved last year.

The 6M Euribor is unchanged at -0.27% compared to previous business day. The 10Y Swap increased with 1 basis point to 0.87% 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. Should you require more information about these rates, please contact us at marktinformatie@zanders.eu.

Market Information Thursday 16 August  2018

Market Information Thursday 16 August 2018

Statistics Netherlands announced that the unemployment rate in the Netherlands decreased in July 2018 to 3.8%. In June 2018, unemployment was 3.9%. Due to the decrease, unemployment in the Netherlands reached its lowest point since the end of 2008, when unemployment was 3.6%. The Bureau for Economic Policy Analysis expects that unemployment in 2019 will decrease to 3.5%, an all-time low.

The British national statistical agency stated that inflation in the UK rose from 2.4% in June 2018 to 2.5% in July 2018. The increase was partly caused by higher fuel prices. Core inflation, excluding volatile energy and food prices, remained level at 1.9%. The Bank of England has a target inflation of 2.0%. According to analysts, British inflation will decrease in the coming months.

Japan’s exports increased in July 2018 with 3.9% on an annual basis. Export growth in June 2018 was revised at 6.7% on an annual basis. The export figures were lower than expected by analysts, as they expected exports to grow with 6.3%. The lower export figures were partly caused by an unexpected decrease of exports to the US. Imports of Japan increased in July 2018 with 14.6% on an annual basis, causing the trade deficit of Japan to grow sharply.

The 6M Euribor is unchanged at -0.27% compared to previous business day. The 10Y Swap decreased with 2 basis points to 0.86% 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. Should you require more information about these rates, please contact us at marktinformatie@zanders.eu.

Market Information Wednesday 15 August 2018

Market Information Wednesday 15 August 2018

The European bureau of statistics Eurostat reported that the Eurozone economy experienced a growth of 0.4% in the second quarter of 2018 compared to the first quarter of 2018. The economic growth rate exceeds Eurostat’s previous forecasts of 0.3%. On an annual basis, the economic growth rate amounted to 2.2% in the second quarter of 2018. Furthermore, Eurostat reports that for the European Union (EU) quarterly economic growth has been 0.4% for the second quarter of 2018, and 2.2% on an annual basis.

Figures of the British Office for National Statistics (ONS) show that the unemployment rate in Great-Britain decreased in the second quarter of 2018. The unemployment rate decreased to 4.2% in the period from April 2018 up to and including June 2018. Furthermore, the ONS reported that 42,000 new jobs were created, and the total amount of unemployed decreased to 1.4 million.

Statistics Netherlands (CBS) published figures showing that GDP growth in the Netherlands was 0.7% in the second quarter of 2018 compared to the first quarter of 2018. Economists forecasted a lower growth rate on average. Furthermore, CBS stated that the increase in GDP is mostly explained by increases in international trade, increases in investments in housing and infrastructure. Additionally, increases in consumer spending are noted as a driver of the economic growth.

The 6M Euribor is unchanged at -0.27% compared to previous business day. The 10Y Swap increased with 1 basis point to 0.88% 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. Should you require more information about these rates, please contact us at marktinformatie@zanders.eu.

Market Information Tuesday 14 August 2018

Market Information Tuesday 14 August 2018

In the second quarter of 2018 the number of vacancies in the Netherlands reached a new highest point at 251,000 at the end of June 2018, an increase of 16,000 compared to the end of March. The number of unemployed people decreased with 14,000 to 354,000 in the second quarter of 2018, the unemployment rate was 3.9% resulting in 1.4 unemployed workers per vacancy.

Yesterday, oil cartel OPEC published figures which show that the daily production of oil stabilized at 32.3 million barrels per day. According to OPEC, Saudi-Arabia, the largest oil producing member, reduced production to 10.3 million barrels per day. Other OPEC members increased their production levels, causing a minor production increase of 41,000 barrels per day for all OPEC members. The oil cartel further reported that worldwide oil demand in 2019 is expected to be 130,000 barrels per day lower than previously estimated at 32 million barrels a day.

Policy makers in Argentina acted yesterday in an attempt to stabilize its currency amidst fears of an emerging-market crisis following Turkey’s economic woes. The benchmark interest rate was increased with 5% to 45% with a pledge to keep it at what is currently the highest interest rate in the world. The central bank further plans to sell USD 500 million to support the peso.

The 6M Euribor is unchanged at -0.27% compared to previous business day. The 10Y Swap decreased with 1 basis point to 0.87% 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. Should you require more information about these rates, please contact us at marktinformatie@zanders.eu.

Market Information Monday 13 August 2018

Market Information Monday 13 August 2018

This morning the Turske lira decreased 10% against the US dollar. After the Turkish central bank announced an emergency package, the lira was quoted 2% negative shortly after the announcement. According to the Turkish central bank an interest rate increase is not yet planned. The central bank will, however, provide liquidity support to the banking system, so that trade in the Turkish lira runs efficiently.

Today, the Central Bureau for Statistics (CBS) announced that in the Netherlands the turnover of the retail trade in June 2018 increased with 3% on an annual basis. In addition, the sales volume increased by 2.8%. Drug stores realized the largest sales increase in June. Online stores increased sales with 15%.

According to Eurostat, growth in the Eurozone decreased from 0.4% in the first quarter to 0.3% in the second quarter of 2018. Tomorrow, CBS will announce growth figures for the Netherlands and the question is whether the growth will also weaken further in the Netherlands. For the second quarter, much is concerned with the distinction between the domestic economy and trade with foreign countries.

The 6M Euribor is unchanged at -0.27% compared to previous business day. The 10Y Swap decreased with 3 basis points to 0.88% 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. Should you require more information about these rates, please contact us at marktinformatie@zanders.eu.

Market Information Friday 10 August 2018

Market Information Friday 10 August 2018

Yesterday, the Turkish lira (TRY) lost more than 3% against the US dollar. The currency is under pressure as a result of concerns about the growing conflict between Turkey and the United States and Erdogan’s repeated calls for lower interest rates. The loss of the Turkish currency against the dollar increased to nearly 30% this year.

The Russian ruble (RUB) is under pressure as a result of new US sanctions, which will be in force at the end of August 2018. Yesterday, the currency decreased with 0.9% to the lowest level of 0.151 this year against the US dollar.

Figures from the Japanese government show that Japan’s economy has increased in the second quarter of 2018 with 0.5%. The growth amounted to 1.9% on a yearly basis, against a 0.9% decrease in the first quarter of 2018. Economists expected Japan’s economy to grow with 1.4% on average.

The 6M Euribor is unchanged at -0.27% compared to previous business day. The 10Y Swap decreased with 2 basis points to 0.91% 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. Should you require more information about these rates, please contact us at marktinformatie@zanders.eu.

Market Information Thursday 9 August 2018

Market Information Thursday 9 August 2018

Chinese customs reported that Chinese exports have increased in July 2018 with 12.2% on an annual basis. Export growth in June was 11.2%. Analysts expected exports to grow with 10.0%, due to new import tariffs imposed by the US that were put into effect last month. However, a decline of the CNY/USD exchange rate compensated the impact of the new trade barriers. Chinese imports increased in July 2018 with 27.3% on an annual basis.

Statistics Netherlands reported that industrial production in the Netherlands grew with 3.4% in June 2018 compared to June 2017. This is an increase compared to May 2018, when the industrial production grew with 3.2% on an annual basis. Manufacturers of electronic devices experienced the strongest growth with 14% on an annual basis. Producer confidence declined slightly, partly because of expectations that production orders will decrease.

Yesterday the price for a barrel of Brent oil fell by 3.9% after the weekly update of the US oil reserves. The reserves decreased at a much slower rate than expected by analysts. Also, China announced it is considering imposing import tariffs on American gasoline and diesel. The price of a barrel of Brent oil closed yesterday at USD 72.28.

The 6M Euribor is unchanged at -0.27% compared to previous business day. The 10Y Swap is unchanged at 0.93% 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. Should you require more information about these rates, please contact us at marktinformatie@zanders.eu.

Market Information Wednesday 8 August 2018

Market Information Wednesday 8 August 2018

Statistics Netherlands announced that Dutch consumer prices increased with 2.1% in July 2018 compared to July 2017. This is the highest increase on an annual basis since 2014. Prices for housing, electricity, and natural gas in particular increased. Measured according to the harmonized European index of consumer prices, goods and services increased in price with 1.9% on an annual basis in July 2018. This increase is below the eurozone average of 2.1%.

Yesterday, the German federal bureau of statistics published figures that state that in June 2018 German exports remained stable compared to May 2018. Economists forecasted a decrease of 0.3% for the same period. In May 2018, exports of the largest economy in Europe increased by 1.8%. In June 2018, German imports increased by 1.2% compared to May 2018. Here an increase of 0.3% was expected.

Figures published by the German Federal Statistical Office Destatis show that industrial output in Germany decreased by 0.9% in June 2018 compared to May 2018. Analysts forecasted a decrease of industrial production of 0.5%. The decrease is explained as a result of tensions in international trade.
These tensions are underlined by a decrease of industrial orders by 4.0% on a monthly basis in June 2018.

The 6M Euribor is unchanged at -0.27% compared to previous business day. The 10Y Swap increased with 1 basis point to 0.93% 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. Should you require more information about these rates, please contact us at marktinformatie@zanders.eu.

Market Information Tuesday 7 August 2018

Market Information Tuesday 7 August 2018

In June 2018, the order portfolio of the Dutch construction industry increased from 10.1 months to 10.2 months. According to the Dutch Institute of Construction Economics, the number of orders was 1.4 months higher than in June 2017. Order portfolios in housing construction increased the most over the previous year, while utility construction orders decreased compared to last year. In a survey of 250 construction companies, close to half indicate work in progress is stagnating due to personnel shortages.

Yesterday, the price of a troy ounce of gold decreased to the lowest point in seventeen months to USD 1210. The price of gold started decreasing three months ago and has decreased close to 11%. Investors are now anticipating the price of gold to decrease further, to USD 1200, a level that was last reached in mid-2016.

The Turkish lira decreased further yesterday, despite measures by the Turkish central bank which provides liquidity in excess of USD 2.2 billion to Turkish banks. Investors are increasingly worried about rising diplomatic tensions between the US and Turkey. At the close of trading in Amsterdam, the Turkish lira lost 2% in value versus the US Dollar. Since the start of 2018, the lira decreased with 30%, which is a major issue for Turkish companies, most of whose debt is issued in US Dollar.

The 6M Euribor is unchanged at -0.27% compared to previous business day. The 10Y Swap decreased with 1 basis point to 0.92% 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. Should you require more information about these rates, please contact us at marktinformatie@zanders.eu.

Market Information Monday 6 August 2018

Market Information Monday 6 August 2018

The German Federal Statistical Office reported that factory orders in Germany decreased by 4% in June 2018 on a monthly basis. In May, orders increased by 2.6%. Economists expected orders to decrease by 0.5% in June 2018.

The British Minister of International Trade, Liam Fox, stated in an interview with the Sunday Times that the probability that the Brexit negotiations will result in an agreement are lower than the likelihood that there will be no agreement. Liam Fox stated that there is a 60% probability that no agreement will be reached. According to Liam Fox, this is due to the lack of flexibility of the European Commission in the 16 months of negotiations.

In accordance with the Dutch newspaper FD the tax reform in the USA improves the Netherlands to return to a normal fiscal image. The United States has reduced the corporate profit tax from 35% to 21%, to stimulate companies to invest more in the US. According to figures from the US Department of Commerce, US multinationals have substantially reduced their foreign investment in the first quarter of 2018. Worldwide this amounted to a reduction of foreign investments of USD 149 billion and in the Netherlands with USD 70 billion.

The 6M Euribor is unchanged at -0.27% compared to previous business day. The 10Y Swap decreased with 3 basis points to 0.93% 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. Should you require more information about these rates, please contact us at marktinformatie@zanders.eu.

Market Information Friday 3 August 2018

Market Information Friday 3 August 2018

American government official Robert Lighthizer recently confirmed that US President Donald Trump plans to increase import duties on Chinese goods: from 10 to 25%. This remarks a 20% decline in Chinese shares since the end of January 2018.

Yesterday, the Turkish lira reached an all-time low against the dollar and the euro, the Borsa Instanbul Stock Exchange lost 2.7%. This was partly caused by the news that the Turkish central bank is leaving interest rates unchanged. President Recep Tayyip Erdogan is fiercely opposed to a rise in interest rates, as this is at the expense of economic growth. Additionally, the American president Donald Trump hit two top Turkish officials with new sanctions.

Yesterday, the Bank of England increased interest rates from 0.5% to 0.75%, the highest level since 2009. Since November 2017, the Bank of England (BoE) increased interest rates for the first time in more than ten years. According to the BoE, higher interest rates are required to slow down inflation. The decision to raise interest rates was unanimous. All nine directors within the policy-setting committee voted for an interest rate increase.

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. Should you require more information about these rates, please contact us at marktinformatie@zanders.eu.

Market Information Thursday 2 August 2018

Market Information Thursday 2 August 2018

The Federal Open Market Committee of the Federal Reserve decided to leave its policy rate unchanged at 1.75% – 2.00%. This was in line with expectations of analysts. In a statement, the FOMC reaffirmed that it is still likely that the rate will be increased gradually later this year. According to the FOMC, the economic figures that were published this month all support that assumption. Economic growth in the second quarter of 2018 in the US was 4.1% on an annual basis.

The Dutch State Treasury Agency (DSTA) announced it will reopen a short-term loan that matures at 31 January 2019. The DSTA aims to raise between EUR 1 – 2 billion by reopening the loan. The loan currently has EUR 1.55 billion outstanding.

Market researcher Markit announced that the growth in productivity of the industrial sector in the eurozone higher in July 2018 compared to June 2018. The manufacturing PMI was 55.1 in July, versus 54.9 in the previous month. The figures were in line with previous estimates.

The 6M Euribor is unchanged at -0.27% compared to previous business day. The 10Y Swap increased with 3 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. Should you require more information about these rates, please contact us at marktinformatie@zanders.eu.

Market Information Wednesday 1 August 2018

Market Information Wednesday 1 August 2018

According to the European statistics bureau Eurostat, consumer price inflation in the Eurozone increased to 2.1% on annual basis in July 2018, from 2.0% in June 2018. Economists forecasted the Eurozone inflation rate to remain unchanged. Furthermore, core inflation which excludes prices of energy, food and leisure products, rose from 0.9% in June 2018 to 1.1% in July 2018.

According to the U.S. Commerce Department, consumer spending in the United States increased by 0.4% in June 2018 compared to May 2018. The increase in consumer spending concurs with the forecast of economists. In May 2018, consumer spending increased by 0.5% compared to April 2018. The increase in consumer spending can be explained by a rise in personal income of 0.4% in June 2018.

In comparison to the first quarter of 2018, economic growth in the Eurozone has slowed down in the second quarter of 2018, according to a preliminary report of the European bureau of statistics Eurostat. The GDP of the nineteen Euro countries increased by 0.3% from the beginning to the end of the second quarter of 2018, where this was 0.4% in over the previous quarter. Economists expected an economic growth of 0.4% over the same period.

The 6M Euribor is unchanged at -0.27% compared to previous business day. The 10Y Swap is unchanged at 0.94% 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. Should you require more information about these rates, please contact us at marktinformatie@zanders.eu.