Market Information Friday 28 September 2018

Market Information Friday 28 September 2018

The European Commission issued a statement yesterday that the confidence in the eurozone economy has decreased in September 2018 compared to the previous month. The corresponding index measured 110.9 in September, down from 111.6 in August. Economists expected a value of 111.2.

A revised estimate of the United States Department of Commerce has shown that the economy of the United States has grown by 4.2% in the second quarter of 2018 compared to the year prior. This is in line with economists’ expectations.

Figures published by the German Federal Statistical Office Destatis show that inflation was 2.3% in September 2018 for Germany on an annual basis, compared to 2% the month prior. Economists expected no change in the inflation rate.

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

Market Information Thursday 27 September 2018

Market Information Thursday 27 September 2018

The Federal Open Market Committee (FOMC) decided to raise the Federal Funds target rate to a bandwidth of 2.00% to 2.25%. This is the third rate hike of 2018 and was expected by economists. In a statement, Fed-chairman Powell said he remained positive about the US economy and the labor market in particular. He repeated the policy of the Fed to raise the Federal Funds rate once more this year and three times in 2019.

Statistics Netherlands (CBS) has announced that producer confidence fell slightly in September 2018. The index that measures producer confidence fell from 5.9 in August to 5.7 in September. Producers were less positive about the expected activity in the coming period. They were however more optimistic about their inventories. Producers’ opinions on their order books remained virtually unchanged.

The Dutch State Treasury Agency (DSTA) announced that the Dutch government will issue a short-term loan on Monday 1 October. With the opening of the loan, the DSTA aims to raise between EUR 1 billion and EUR 2 billion. The loan matures on 29 March 2019.

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

Market Information Wednesday 26 September 2018

Market Information Wednesday 26 September 2018

Market researcher Conference Board stated Tuesday that consumer confidence in the United States has increased in September 2018 compared to August 2018. The Consumer Confidence Index rose to 138.4 in September 2018, compared to a revised level of 134.7 in August 2018. Economists however, had forecasted a decline in consumer confidence to a level of 132.1.

According to the S&P/Case-Shiller national home price index, which reflects the average sales price development in 20 U.S. cities, house prices in the United States have increased in July 2018. House prices reportedly increased by 0.16% on a monthly basis and 5.90% on an annual basis. The forecast of monthly house price development was met, whereas the annual house price development in July 2018 was forecasted at 6.20%.

The German industry association BDI reported a lower economic growth forecast for the German economy. BDI now forecasts a GDP growth of 2.00% instead of the previous estimate of 2.25%. In addition, exports are seen rising by 3.50%, below the forecasted 5.00%. The BDI President stated that the uncertainty following the trade conflict between the United States and China will decrease the demand for German exports, and consequently will decrease German economic growth. Furthermore, the uncertainty stemming from the strained brexit negotiations are said to have a negative impact on the economic growth forecast.

The 6M Euribor is unchanged at -0.27% compared to previous business day. The 10Y Swap increased with 3 basis points to 1.03% 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 25 September 2018

Market Information Tuesday 25 September 2018

Research institute lfo reported yesterday that the confidence of German entrepreneurs in the economy fell in September 2018 compared to August 2018. The confidence index of Ifo, which reflects the expectations for economic developments in the next three to six months, was 103.7, against 103.9 in August 2018. Economists expected a level of 103.2.

The Dutch economy grew by 0.8% in the second quarter of 2018 compared to the first quarter of 2018. Statistics Netherlands (CBS) reported that the growth figure has been adjusted since the first calculation of 0.7% that came out in August 2018. Dutch gross domestic product (GDP) has been growing for 17 consecutive quarters. The economy grew by 3.1% in the second quarter of 2018 compared to a year earlier. According to the first calculation, this was 2.9%.

Research firm Markit reported on the basis of preliminary figures that the activity of industry and the services sector in France decreased in September 2018 compared to August 2018. The purchasing managers index (PMI) decreased from 54.9 in August 2018 to 53.6 in September 2018. Economists assumed a decrease to 54.6.

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

Market Information Monday 24 September 2018

Market Information Monday 24 September 2018

This week the market is focused on the trade dispute between the United States and China and the unrest surrounding the Brexit. In addition, a series of macroeconomic figures are planned this week. For instance, the interest rate decision by the US Federal Reserve is scheduled for Wednesday.

According to economists from ING and Rabobank, the increase in house prices in the Netherlands is likely to weaken in 2019. ING foresees an increase of 8.5% for 2018 and for 2019 an increase of 4.4%. In the most recent estimates provided by Rabobank, an increase of 7% is assumed for 2019.

The United States (US) is about to continue negotiations for a new North American trade agreement, however without Canada. Just one week until the deadline of 1 October 2018. Canadian president Justin Trudeau has criticized US policies, including migration.

The 6M Euribor is unchanged at -0.27% compared to previous business day. The 10Y Swap is unchanged at 0.97% compared to previous business day.

This week’s expected events:
GDP CYOY Index US
GDPWWAGE Index US
FDTR Index US

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 21 September 2018

Market Information Friday 21 September 2018

This morning, Statistics Netherlands (CBS) announced that the volume of investments in tangible fixed assets in the Netherlands was 6.2% higher in July 2018 compared to July 2017. In July 2018, more investments were made in homes and buildings. Investments in cars, trucks and machines were also higher than in July 2017.

Research Bureau Conference Board announced yesterday that the outlook for the US economy has improved again. The economic barometer increased with 0.4% in August 2018. Economists had predicted an increase of 0.5% on average. In July 2018 the index increased with 0.7%.

Yesterday the central bank of Norway raised interest rates for the first time in seven years. The interest rate was increased by a quarter percentage point to 0.75%. The increase was predicted by all 23 economists surveyed by Bloomberg. Analysts expect that a possible rate increase will follow in early 2019.

The 6M Euribor is unchanged at -0.27% compared to previous business day. The 10Y Swap decreased with 1 basis point 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 Thursday 20 September 2018

Market Information Thursday 20 September 2018

The British Office for National Statistics (ONS) announced that inflation in August 2018 has risen to 2.7%. Inflation was 2.5% in July. The higher inflation wasn’t anticipated by economists, who expected inflation to fall to 2.4%. According to the ONS, the higher rate can partly be explained by higher prices for clothing and transport.

Statistics Netherlands (CBS) has announced that consumer confidence in the Netherlands fell slightly in September 2018 compared to August 2018. Both the willingness to buy and the general opinion on the economic climate fell slightly. The index that measures consumer confidence decreased with 2 points to 19. This means that the indicator is well above the long-term average, which is -3.

Figures from the US Department of Commerce show that the number of houses under construction in the United States increased by 9.2% in August 2018 compared to July 2018. Economists expected on average an increase of 5.7%. The strong increase follows a decline in residential construction in the US by 0.3% in July 2018 compared to the previous month.

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

Market Information Wednesday 19 September 2018

Market Information Wednesday 19 September 2018

The Japanese government reported that the Japanese exports grew in August 2018, yet the trade balance remains in deficit due to strong imports. Exports rose by 6.6% in August 2018 on an annual basis. The increase in exports is explained by increase in sales of semiconductor equipment, automobiles and ships. Furthermore, imports increased by 15.4% on an annual basis, this increase is mainly driven by higher energy prices.

Bloomberg conducted a survey on the economic forecast for the Eurozone among 44 economists. The main forecasts by economist are that the GDP is expected to grow by 2.1%, 1.8% and 1.7% in 2018, 2019 and 2020 respectively. Economists expect a lower unemployment rate in the future, converging from an average unemployment rate of 8.3% in 2018 to 7.5% in 2020. The overall forecast is strictly more positive than the previous forecast, as both the long and short term expectations for GDP, unemployment and chance of a recession are more favorable.

The 6M Euribor is unchanged at -0.27% compared to previous business day. The 10Y Swap increased with 1 basis point 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 Tuesday 18 September 2018

Market Information Tuesday 18 September 2018

The Dutch State Treasury Agency (DSTA) announced yesterday that the Dutch state has raised nearly EUR 2.5 billion with the reopening of two loans. The aim was to raise EUR 1 billion to EUR 2 billion. One loan natures 30 November 2018, on which an amount of almost EUR 4.3 billion is outstanding. The other loan natures 28 February 2019 and amounts to EUR 2.9 billion.

Economic growth in the G20, the group of the world’s most important economies, increased in the second quarter of 2018. This was reported by the Organization for Economic Cooperation and Development (OECD). The G20 countries experienced an average economic growth of 1.0% in the second quarter of 2018, compared to 0.9% in the first quarter of 2018.

Yesterday Eurostat, the European statistics agency, reported that inflation in the Eurozone reached 2.0% on an annual basis in August 2018, down from 2.1% in July 2018. The figure corresponds to a preliminary estimate by Eurostat. Core inflation, without the impact of strongly fluctuating prices for energy and food, was 1.0% annually in August 2018, compared to 1.1% a month earlier.

The 6M Euribor is unchanged at -0.27% compared to previous business day. The 10Y Swap increased with 2 basis points 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 Monday 17 September 2018

Market Information Monday 17 September 2018

Listed companies and large investors in the Netherlands oppose to a plan by the European Commission to amend international accounting rules at the European level, which would become a variant on the IFRS. These companies could be forced to present different accounting figure than in scope compared to Asia or the United States. Investors state that such companies can no longer be compared with each other. The European Commission should make a decision in the beginning of 2019.

Last week, Baker McKenzie published the results of their research on tax disputes for which it questioned 150 companies from the Fortune 500. The tax disputes of the companies surveyed from this list amount to USD 22.6 billion. The law firm concludes that USD 75.3 billion is at stake for all Fortune 500 companies.

According to the American business newspaper The Wall Street Journal, President Donald Trump may announce new import duties on USD 200 billion of Chinese products today. Which could impact the stock market negatively.

The 6M Euribor is unchanged at -0.27% compared to previous business day. The 10Y Swap increased with 1 basis point to 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.

Market Information Friday 14 September 2018

Market Information Friday 14 September 2018

Yesterday, both the European Central Bank (ECB) and the Bank of England (BoE) held monetary meetings. As expected by economists, both central banks left their main interest rates unchanged. The ECB has lowered its quantitative easing programme to EUR 15 billion per month as of September 2018. In addition, the ECB expects it will leave its policy rates unchanged until at least the summer of 2019.

The Turkish central bank increased its policy rate from 17.75% to 24% yesterday. The rate hike was higher than expected; analysts had expected an increase to 21%. The increase is seen as an attempt to curb the high inflation rate. In response to the measure, the Turkish lira jumped sharply and closed at TRY/USD 0.164, an increase of 4.3% compared to the day before.

Figures from the US government show that inflation in the United States fell in August 2018 compared to July. Inflation reached 2.7% on an annual basis in August, down from 2.9% a month earlier. Economists predicted on average an inflation rate of 2.8%. Core inflation, excluding volatile energy and food prices, was 2.2% in August, compared to 2.4% a month earlier.

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 Thursday 13 September 2018

Market Information Thursday 13 September 2018

Eurostat stated that the industrial production of the Eurozone has decreased by 0.8% in July 2018 compared to June 2018. Analysts expected the industrial production to fall with 0.5%. The decline was partly caused by lower production of electronic products and energy. Revised figures show that the industrial production fell by 0.8% in June 2018 compared to the previous month. Eurostat previously reported a decrease in production of 0.7% in June.

The Dutch State Treasury Agency (DSTA) has announced that the Dutch government wants to raise between EUR 2 billion and EUR 4 billion on Monday with the reopening of two short-term loans. The first loan matures at 30 November 2018, and has a notional of almost EUR 3 billion outstanding. The second loan matures at 28 February 2019, and has a notional of EUR 1.7 billion outstanding.

Figures published by the US government show that producer prices in the United States fell by 0.1% in August compared to the previous month. On average analysts expected an increase of 0.2%. This is the first time in eighteen months that US producer prices are falling. The decrease was partly caused by lower costs of services and food.

The 6M Euribor is unchanged at -0.27% compared to previous business day. The 10Y Swap decreased 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 Wednesday 12 September 2018

Market Information Wednesday 12 September 2018

According to Eurostat, employment in the euro countries increased in the second quarter of 2018, by 0.4% compared to the first quarter. In total 158 million men and women in the euro countries were employed. That is the highest level ever measured. In the European Union, 238.9 million male and female employees were employed, which also is a record.

Yesterday, Statistics Netherlands (CBS) announced that the volume of goods exports in July 2018 increased by 3% on an annual basis. In June 2018, exports decreased slightly for the first time in more than four years. The volume of imports increased by 1.9% in July 2018 on an annual basis.

Final figures published by the US Department of Commerce show that the wholesale stocks in the United States increased by 0.6% in July 2018 compared to the previous month. In June, inventories increased by 0.1%.

The 6M Euribor is unchanged at -0.27% compared to previous business day. The 10Y Swap increased with 2 basis points to 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.

Market Information Tuesday 11 September 2018

Market Information Tuesday 11 September 2018

The annual cost analysis shows that Dutch pension funds made on average more expenses in 2017. The total expenses for pension funds increased by 13% in 2017, to an amount of EUR 8.5 billion. According to LCP, a pension adviser this was caused by the increase in performance fees for asset managers, with an amount of EUR 488 million to EUR 2 billion.

Figures from Statistics Netherlands (CBS) show that revenues of the transport sector increased by 4.5% in the second quarter of 2018, on an annual basis. Water transport increased the most with almost 10% more annual sales. In addition, revenues of the air transport sector increased by 6%.

According to the CBS, in August 2018, 247 companies and institutions (excluding sole proprietorships) were declared bankrupt. Transport companies had the largest number of bankruptcies in all sectors, namely 51. In August 2017, the number of bankruptcies reached the lowest level since 2001. After 2017, the number of companies and institutions declared bankrupt has remained nearly unchanged.

The 6M Euribor is unchanged at -0.27% compared to previous business day. The 10Y Swap increased with 2 basis points 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 10 September 2018

Market Information Monday 10 September 2018

Last Friday, the US Labor Department published nonfarm payroll figures in the US. In August 2018, the number of jobs increased by 201,000 compared to July 2018. Economists expected the number of jobs to increase by 191,000. The jobs report showed that hourly wages increased by 0.4% in August compared to July 2018.

The statistics bureau Eurostat reported last Friday that the economy of the Eurozone has grown by 0.4% in the second quarter of 2018 compared to the first quarter of 2018. Economists also expected a growth rate of 0.4%. Gross domestic product (GDP) of the Eurozone rose by 2.1% in the second quarter of 2018 compared to the second quarter of 2017.

The Japanese government reported that the Japanese economy grew by 3.0% in the second quarter of 2018 compared to the second quarter of 2018. Economists expected a growth of 2.6%. A strong increase of business investments boosted growth.

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 Friday 7 September 2018

Market Information Friday 7 September 2018

Yesterday Statistics Netherlands (CBS) published a report stating that consumer prices have increased by 2.3% in August 2018. This is the largest increase in five years, while inflation in July 2018 was still 2.1%. The increase is mainly due to higher prices for clothing and food. The inflation in the Netherlands is now marginally higher than the average in Europe. Inflation in the Eurozone was 2.0% in August 2018.

The ISM research institute announced yesterday that activity in the US service industry rose faster in August 2018 than in July 2018. The purchasing managers’ index (PMI) reached a score of 58.5 in August 2018 compared to 55.7 in July 2018. Economists had predicted an average level of 56.8.

Last Thursday the US Department of Commerce announced that factory orders in the United States dropped by 0.8% in July 2018 compared to June 2018. Economists had predicted a 0.6% decrease on average. In June 2018 orders increased by 0.6%.

The 6M Euribor is unchanged at -0.27% compared to previous business day. The 10Y Swap decreased 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 Thursday 6 September 2018

Market Information Thursday 6 September 2018

Statistics Netherlands (CBS) reported that consumer prices in the Netherlands have increased by 2.3% in August 2018 on an annual basis. This is the biggest increase in 5 years’ time. In July the increase of consumer prices was 2.1%. The increase was partly explained by higher prices for food and clothing.

The Dutch State Treasury Agency (DSTA) has announced that it will reopen a long-term government loan on Tuesday 11 September. With the reopening of the loan, which matures on 15 January 2037, the Dutch state wants to raise between EUR 0.75 and 1.25 billion. The coupon on the loan is 4%. The current outstanding volume amounts to over EUR 14.8 billion.

The British market researcher Markit published final figures that show that economic activity in the services sector of the eurozone increased in August 2018. The purchasing managers’ index, which reflects the activity in the services sector, was 54.4 in August compared to 54.2 in July. This is in line with expectations of analysts.

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 Wednesday 5 September 2018

Market Information Wednesday 5 September 2018

According to the U.S. Commerce Department, construction spending in the United States increased by 1.8% in July 2018 compared to June 2018. Economists expected an increase of 0.1%. In June 2018, construction spending decreased by 0.8% compared to May 2018.

According to research bureau ISM, activity in the United States industry increased in August 2018. The purchasing managers index (PMI) for the US industry reached a level of 61.3 in August 2018, down from a level of 58.1 in July 2018. Economists expected a level of 57.6. A PMI level higher than 50 is an indication of growth.

In July 2018, producer prices in the Eurozone increased by 0.4% compared to June 2018, reported Eurostat. The monthly increase in producer prices equals the increase from May 2018 to June 2018. Economists forecasted an increase of 0.3%. In the European Union, producer prices increased with 0.3% in July 2018, compared to the previous month.

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 4 September 2018

Market Information Tuesday 4 September 2018

The British market researcher Markit reported yesterday that business activity in industry in the Eurozone has declined in August 2018. The purchasing managers index fell to a score of 54.6 in August 2018, compared to 55.1 in July 2018. Economists had also predicted a score of 54.6 for the indicator. A value higher than 50 indicates growth and a value below 50 indicates contraction.

The Dutch Association of Purchasing Managers published yesterday that the business activity of Dutch industry has increased last month. The purchasing managers index increased to a stand of 59.1 in August 2018, compared to 58.0 in July 2018. The consensus of economists was 57.6.

The Dutch State Treasury Agency (DSTA) announced yesterday that the Dutch state has raised almost EUR 1.7 billion with the issuance of a new short-term loan. The loan runs until 28 February 2019 with a negative interest rate of 0.6%. A target of between EUR 1 billion and EUR 1.2 billion was used in advance.

The 6M Euribor is unchanged at -0.27% compared to previous business day. The 10Y Swap is unchanged at 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 3 September 2018

Market Information Monday 3 September 2018

Following week economic data is published, with primarily attention for the purchasing managers’ indexes in euro countries, which will be released today. Dutch inflation figures and figures on industrial production from, among others, Germany and France will also be published on Friday. In addition, Wednesday the US is negotiating with Canada on a trade agreement that will replace the North American free trade agreement (Nafta).

Final figures from the University of Michigan show that consumer confidence in the United States decreased in August 2018. The index measuring consumer confidence fell from 97.9 in July to 96.2 in August. Earlier estimates showed an index of 95.3 for August. The decrease was partially caused by concerns of American consumers for higher prices and interest rates.

The annual analysis of a Dutch procurement cooperative (Intrakoop) shows that mental health institutions (GGZ) in the Netherlands jointly made EUR 111 million profit in 2017, considerably more than in 2016, when the institutions retained EUR 58 million.

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.