Market Information Tuesday 30 April 2019

Market Information Tuesday 30 April 2019

The United States Department of Commerce has announced that consumer spending in the United Sates has increased by 0.9% in March 2019 compared to February 2019. Economists expected an increase of 0.7%. Personal income of American consumers increased in March by 0.1%, lower than the expected 0.4%.

The European Commission has stated that confidence in the economy in the eurozone has decreased again in April 2019. The index measuring confidence decreased from a revised value 105.6 in March 2019 to 104.0 in April. Economists expected a value of 105.0.

Statistics Netherlands has announced that output prices for the Dutch industry were 2.5% higher in March 2019 compared to March 2018. The price increase is closely related to the price increase of oil. Compared to February 2019, output prices have increased by 0.7%.

The 6M Euribor is unchanged at -0.23% compared to previous business day. The 10Y Swap increased with 1 basis point to 0.51% 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.

Market Information Monday 29 April

Market Information Monday 29 April

The Netherlands have once more received the AAA-rating, the highest possible rating from credit rating agency Fitch. The rating agency is still convinced in the creditworthiness of the Netherlands.

The United States Economy has grown more in the first quarter than initially was expected. According to preliminary reports from the US government, the economy has grown with 3.2 percent on a yearly basis. Economists expected a growth of 2.3 percent.

Producer confidence in the Netherlands has grown in April, as reported by Statistics Netherlands (CBS). According to the CBS confidence in the industry has increased from 6.1 in March to 6.7 in April. The average of the last twenty years is 1.

The 6M Euribor is unchanged at -0.23% compared to previous business day. The 10Y Swap decreased with 1 basis point to 0.50% compared to previous business day.

The following macro-economic figures will be published in the coming week:
• Inflation Belgium
• Producer price index (PPI) Netherlands
• Interest rate by the Bank of England on Thursday

In the attachment, today’s market data on money and capital market rates as well as other rates are presented.

Market Information Friday 26 April 2019

Market Information Friday 26 April 2019

Centraal Planbureau (CPB) stated yesterday that world trade volume has decreased by 1.7% in February with respect to January. The world trade volume increased by 2.1% in January with respect to one month earlier. Worldwide industrial production decreased in February by 0.1%, while the production remained unchanged in January.

The Turkish central bank decided yesterday to maintain the current policy rate of 24%. This is the fifth consequential policy meeting with the decision to retain the current policy rate. The central bank motivated its monetary stance by its determination to keep inflation in line with the targeted path. Inflation in Turkey is 22%, which is 5% higher than the central bank is aiming for. Economists expected the central bank to maintain its policy rate.

The United States Department of Labor announced that the amount of initial jobless claims has increased by 37,000 last week to a total of 230,000. Economists expected 200,000 new requests. A week earlier, the number of initial jobless claims increased to 193,000. In the past five weeks, this number has only increased.

Statistics Netherlands (CBS), reported that the total capacity of solar panels deployed totals 4,400 MW, an increase of 1,500 MW in 2018. This is an increase of more than 50%. Businesses expanded their solar powered capacity by 71%, while residential deployment of solar panels increased by 37%. The largest expansion was seen in Eindhoven and Leeuwarden, where the increase was 9.4 MW and 7.1 MW respectively.

The 6M Euribor is unchanged at -0.23% compared to previous business day. The 10Y Swap increased with 2 basis points to 0.51% 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.

Market Information Thursday 25 April 2019

Market Information Thursday 25 April 2019

Research by DNB has shown that SMEs substantially contribute to the Dutch savings surplus. Additionally, their contribution has increased over the last years. These results are in contrast with earlier assumptions that the increased savings surplus was mainly caused by large firms. The Dutch savings surplus was 10.9% of the GDP in 2018 and was one of the highest worldwide. The European Committee indicates a norm of 6% of the GDP for the savings surplus.

The German research institute Ifo reports that the German business climate index in April has decreased to 99.2, compared to 99.7 in May. The business climate index indicates firms’ economic projections for the next three to six months. The decrease is caused by lower growth expectations of the German government, Brexit and the trade war between the US and China.

North Korean leader Kim Jong-Un is currently in Russia for a summit with the Russian president Putin. It is the first time that Kim visits Russia in his role as leader of North-Korea. The summit will be about the North-Korean de-nuclearization and about the international economic sanctions against North Korea.

The 6M Euribor is unchanged at -0.23% compared to previous business day. The 10Y Swap decreased with 5 basis points to 0.49% 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.

Market Information Wednesday 24 April 2019

Market Information Wednesday 24 April 2019

Figures published by the European Commission show that consumer confidence in the eurozone decreased in April compared to March. The European Commission’s confidence indicator decreased from minus 7.2 in March to minus 7.9 in April. Economists expected a level of minus 7.0.

According to the European Statistical Office Eurostat, the national debt of the eurozone countries decreased as per end of 2018 to an average of 85.1% of gross domestic product (GDP), compared to 87.1% in 2017. Greece (over 181% of Greek GDP) and Italy (132%) account for the highest debt levels. European fiscal rules impose a maximum debt of 60% of GDP.

Statistics Netherlands (CBS) reported that the volume of investment in tangible fixed assets in February was 7.5% higher than the previous year. Investments in housing, commercial real estate, infrastructure and machinery were particularly higher. Additionally, Statistics Netherlands expects the conditions for investment in April will be more favorable than in February.

The 6M Euribor is unchanged at -0.23% compared to previous business day. The 10Y Swap increased with 1 basis point to 0.54% 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.

Market Information Tuesday 23 April 2019

Market Information Tuesday 23 April 2019

Statistics Netherlands has stated that consumer confidence in the Netherlands increased for the first time in eight months. In April 2019, consumer confidence was at -3, compared to -4 in March 2019.

According to the American association for real estate agents, existing home sales decreased in March 2019. Sales decreased by 4.9% in March compared to February 2019. Economists expected a decrease of 3.8%.

The United States government has decided to end exemptions for countries importing oil from Iran. Various countries, among them China, are allowed to import oil from Iran, but these exemptions end early May. By ending the exemptions, the United States wants to increase pressure on Iran. In a reaction, Iran has threatened to close the Strait of Hormuz.

The 6M Euribor is unchanged at -0.23% compared to previous business day. The 10Y Swap decreased with 5 basis points to 0.53% 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.

Market Information Friday 19 April 2019

Market Information Friday 19 April 2019

Research institute Markit announced that activity in the US service industry grew with the same pace in April as one month earlier. The purchasing managers’ index (PMI) reached a score of 52.4 in April. Economists had predicted a level of 52.8.

The growth of the Russian economy has significantly slowed down. While the economy increased last quarter by 2.7% with respect to last year, this quarter the growth was just 0.8%. Purchasing power of consumers declined due to inflation of 4.0%, while wages barely increased. The Russian Department of Finance expects economic growth to be 1.8% this year.

The US Department of Commerce announced that business inventories in the United States increased by 0.3% in February compared to January, in line with the expectations of economists. In January, business inventories increased by 0.9% compared to the previous month.

The 6M Euribor is unchanged at -0.23% compared to previous business day. The 10Y Swap decreased with 5 basis points to 0.53% 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.

Market Information Thursday 18 April 2019

Market Information Thursday 18 April 2019

The German ministry for Economic Affairs reports that the German government has lowered its economic growth expectations to 0.5% annually for 2019, compared to 1% in January. The adjusted expectations are caused by the weakening global economy, continuing trade tensions and uncertainty because of brexit.

Eurostat reports that in March, the inflation rate in the Eurozone has decreased to 1.4% annually. In February, the reported inflation rate was 1.5%. The core inflation rate, excluding the strong fluctuating prices for energy, groceries and luxury foods, was reported at 0.8% annually. The inflation rate in the entire European Union was reported at 1.6% annually, identical to the inflation rate in February.

Additionally, Eurostat reports that the export from countries in the Eurozone to the rest of the world in February have increased with 4.4% compared to the year before. Total exports in February amounted EUR 183.3 billion. Imports of the Eurozone increased with 4% to an amount of EUR 165.4 billion. This has resulted in a trade surplus of EUR 17.9 billion.

The 6M Euribor is unchanged at -0.23% compared to previous business day. The 10Y Swap increased with 2 basis points to 0.58% 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.

Market Information Wednesday 17 April 2019

Market Information Wednesday 17 April 2019

The Organisation for Economic Cooperation and Development (OECD) expects the Chinese economy to grow with 6.2% this year. According to the OECD, the Chinese economy will delay further in the coming years. Trade tensions with the US and other countries delay exports of goods from China and constraint growth.

According to the European statistical office Eurostat, construction in the eurozone increased by 3% in February compared to the previous month. According to a new estimate, output decreased by 0.8% in January. Across the European Union, construction increased by 2.3% in February.

Figures from the Federal Reserve show that industrial production in the United States decreased by 0.1% on a monthly basis in March. Economists expected an increase of 0.2%. In February, in industrial production increased by 0.1%.

The 6M Euribor is unchanged at -0.23% compared to previous business day. The 10Y Swap increased with 1 basis point to 0.56% 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.

Market Information Tuesday 16 April 2019

Market Information Tuesday 16 April 2019

Statistics Netherlands announced yesterday that the economic outlook in the Netherlands was again less positive in April 2019 than in the previous month. Producer confidence is higher than the long-term average, while the consumer confidence is below the long-term average.

The Dutch homeowners’ association stated that consumer confidence in the Dutch housing market is negative for the first time in 4.5 years. The Market Indicator was 99 in March 2019, one point below the neutral value of 100. Consumer confidence is especially low in the cities of Amsterdam, Rotterdam and The Hague, as well as the east and south of the Netherlands.

The European Commissioner for Trade Malmström has indicated the willingness to start trade negotiations between the United States (US) and the European Union (EU) as soon as possible. She stated this after receiving a mandate from the 28 member states. The trade agreement should remove trade barriers and reduce tariffs on industrial products. The EU has excluded agriculture from the negotiations. Trade between the US and the EU could increase by 8 to 9%, an increase valued at 53 billion euro.

The 6M Euribor is unchanged at -0.23% compared to previous business day. The 10Y Swap is unchanged at 0.55% 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.

Market Information Monday 15 April

Market Information Monday 15 April

The United States have moderated their demand with regard to China subsidizing its industries. China had shown frequent protest on this demand. The US therefore focus their attention to other topics that are more acceptable to China. Topics such as stopping the mandatory technology transfer and protection of intellectual property.

American president Donald Trump keeps putting pressure on the Federal Reserve. He claims that the central banks apply too strict monetary policy which harms growth of the US stock markets. At the assembly of the International Monetary Fund (IMF) of last Saturday central bankers have shown concerns on transparency and on the opportunity for them to perform their tasks in a proper fashion.

The volume of Dutch exports has been 2.6% larger in February than in the same month in the previous year, as reported by the Statistics Netherlands (CBS). The growth in January this year was slightly higher. CBS expects that the export environment in April is less favorable than in February.

The 6M Euribor is unchanged at -0.23% compared to previous business day. The 10Y Swap increased with 5 basis points to 0.55% compared to previous business day.

The following macro-economic figures will be published in the coming week:
• Inflation United Kingdom
• Trade balance Japan
• Consumer price index (CPI) United Kingdom
• Producer price index (PPI) United Kingdom

Market Information Friday 12 April 2019

Market Information Friday 12 April 2019

European Union ambassadors gave the European Commission approval to start trade negotiations with the United states. The goal of the negotiations is to reduce import tariffs on European goods imposed by the US. The trade tensions between the EU and the US arose after President Trump threatened with import tariffs after the EU granted Airbus subsidies.

The United States Department of Labor announced that producer prices in the United States increased by 0.6% in March in comparison to February. In February an increase of 0.1% was reported. Economists expected a decrease of 0.3% in March.

Figures published by the Statistics Netherlands (CBS) show that the volume of exports in the Netherlands increased by 2.0% in February 2019 in comparison to February 2018. The growth is slightly less than the growth observed in the previous month. According to CBS, the export conditions for April are less favorable than the conditions in February. The imports increased by 2.6% in February.

The 6M Euribor is unchanged at -0.23% compared to previous business day. The 10Y Swap increased with 2 basis points to 0.50% 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.

Market Information Thursday 11 April 2019

Market Information Thursday 11 April 2019

The US government reports that inflation in the US in March has increased to 1.9% on an annual basis, in February inflation was 1.5%. Economists expected the inflation rate to be 1.8%. The increase is mainly caused by increasing oil prices.

The European Central Bank (ECB) reports that its interest rates will remain at its current, very low level until at least the end of 2019. This decision is made after disappointing macro-economic figures and geopolitical developments. The refinancing rate remains at 0% and the deposit rate remains at -0.4%.

The EU has agreed to extend the Brexit deadline until the 31st of October. This extension is an agreement between member states of the EU, some wanted a longer extension while some plead for a shorter extension. The UK could leave the EU earlier if the deal is accepted by the House of Commons earlier. If the latter does not occur before the 22nd of May, the UK has to participate in the European elections on the 23rd of May.

The 6M Euribor is unchanged at -0.23% compared to previous business day. The 10Y Swap decreased with 3 basis points to 0.48% 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.

Market Information Wednesday 10 April 2019

Market Information Wednesday 10 April 2019

The International Monetary Fund (IMF) forecasts 3.3% growth for the world economy for 2019, 0.2% less than previously expected and 0.3% less than last year. Due to the economic crises in Argentina and Turkey and decreasing sales of the German car industry and the phasing out of and the accommodative monetary policy that started last year.

At the 21st EU-China summit, China partly accepted the European demand for better market access for European companies and a more balanced trade relationship. Beijing made commitments at a Brussels summit on issues such as state aid, public procurement and technology transfer. Agreement was reached after China had shown its willingness to work together to reform the World Trade Organisation (WTO).

The ECB will make its interest rate decision today at 1:45 p.m. in Frankfurt, followed by a press conference with president Mario Draghi. No policy shift is expected at this meeting as officials scrutinize the economy to calibrate a new bank lending program announced last month, although warnings about risks to growth and inflation may grow louder.

The 6M Euribor is unchanged at -0.23% compared to previous business day. The 10Y Swap decreased with 1 basis point to 0.51% 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.

Market Information Tuesday 9 April 2019

Market Information Tuesday 9 April 2019

The United States Department of Commerce has stated that factory goods orders decreased by 0.5% in February 2019 compared to January 2019. This is in line with the expectation of economists.

Statistics Netherlands announced that the output of the Dutch industry increased by 0.5% from February 2018 to February 2019. In the previous two months, a decrease in output on a year-on-year basis was reported.

The Organization for Economic Cooperation and Development (OECD) expects that the economic growth of its member states will decrease for the coming six to nine months. According to its index of economic indicators there will be economic growth slowdowns in the United States. Canada, Japan, the United Kingdom and the eurozone. Additionally, the OECD expects stable growth in India, China and Brazil.

The 6M Euribor is unchanged at -0.23% compared to previous business day. The 10Y Swap decreased with 1 basis point to 0.52% 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.

Market Information 8 April 2019

Market Information 8 April 2019

The following week the stock exchanges will set their focus primarily on Brexit. On Wednesday a European summit will take place where a formal decision will be made on a further postponement of the Brexit deadline. The deadline has been postponed to 12 April, but the British hope for a postponement until the end of June.

The trade negotiations between the US and China are progressing steadily. According to the Chinese press bureau Xinhua there are still several issue to be negotiated, but progression is showing. The US claims that a deal will be made in four to six weeks.

Exports from Germany have decreased substantially in February than economists initially expected. According to the German federal statistic bureau exports have decreased with 1.3% in comparison with the previous month. Economists expected a decrease in exports of 0.5% in the biggest European economy.
The 6M Euribor is unchanged at -0.23% compared to previous business day. The 10Y Swap increased with 2 basis points to 0.53% compared to previous business day.

The following macro-economic figures will be published in the coming week:
• Consumer price index (CPI) United States
• Producer price index (PPI) United States
• Trade balance United Kingdom
• Inflation United States.

The attachment shows market data on money and capital market rates as well as other rates.

Market Information Friday 5 April 2019

Market Information Friday 5 April 2019

According to the Chinese vice premier Liu He, the United States and China, in an effort to end the trade war between the countries, made substantial progress in resolving key issues regarding trade. The parties came to an agreement regarding access of American companies to the Chinese market and the possibility of foreign companies to gain complete control over Chinese companies. The trade war has been going on for nine months. It is expected that the presidents are only weeks away from a final agreement.

Bloomberg stated that Italy revised its forecasts for economic growth downward. Earlier this year a growth of 1.0% of the gross national product was expected. This is adjusted to 0.1% growth. Consequently, the budget deficit is expected to exceed the threshold that was agreed with the European Commission.

In a “Joint Economic Forecast”, several prominent German economic research institutes adjusted their prospect on the German economy for the year 2019 downwards. The economic growth of 1.9%, as was expected in the fall of 2018 for the year 2019, is now expected to be 0.8%. A panel of independent economic advisors came to the same conclusion, whilst the German government predicts an economic growth of 1.0%.

The 6M Euribor is unchanged at -0.23% compared to previous business day. The 10Y Swap decreased with 2 basis points to 0.51% 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.

Market Information Thursday 4 April 2019

Market Information Thursday 4 April 2019

Statistics Netherlands reports that prices for consumer goods and services in the Netherlands in March increased 2.8% compared to the same period in the year before. Prices for food increased 3.8%. This is the highest increase in prices since August 2013. In February 2019, the prices for consumer goods and services and for food increased 2.6% and 3.2%, respectively.

The International Consortium of Investigative Journalists reports that tax authorities from 22 countries have generated EUR 1 billion in taxes and fines since the publication and as a result of the Panama Papers. The Panama Papers, existing of 11.5 million documents of the Panamanian law firm Mossack Fonseca, were published three years ago. The amount that is generated by tax authorities can still increase since investigations on clients of Mossack Fonseca continue.

Eurostat reports that retail sales in the Eurozone in February have increased compared to January. Turnover of retailers in the Eurozone increased with 0.4% compared to 0.9% of January. In the entire European Union, retail sales also increased with 0.4% in February.

The 6M Euribor is unchanged at -0.23% compared to previous business day. The 10Y Swap increased with 5 basis points to 0.53% 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.

Market Information Wednesday 3 April 2019

Market Information Wednesday 3 April 2019

According to the World Trade Organisation (WTO), world trade is expected to grow at a significantly lower pace this year than expected, under pressure from increasing trade tensions and tariffs. For 2019, international trade in goods is expected to increase by 2.6%, while an increase of 3.7% was forecast for September. Other negative factors for world trade, according to the WTO, include financial market volatility and tighter monetary policy by central banks.

On Tuesday evening, Theresa May announced that she will once more request the European Union to postpone Brexit. The British Prime Minister wants to use the additional time to prepare a joint plan with opposition leader Jeremy Corbyn. The Conservatives and Labour have 85% of the seats in the House of Commons.

According to the US Department of Commerce, orders for durable goods in the United States decreased by 1.6% in February 2019 compared to last month. In January 2019, orders increased by a revised 0.1%. Economists expected a decrease of 1.8% in February.

The 6M Euribor is unchanged at -0.23% compared to previous business day. The 10Y Swap decreased with 2 basis points to 0.48% 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.

Market Information Tuesday 2 April 2019

Market Information Tuesday 2 April 2019

Based on definitive figures, market research agency Markit stated that economic activity in the manufacturing sector of the eurozone has decreased in March 2019 compared to February 2019. The Purchasing Managers Index fell to 47.5, compared to 49.3 in the previous month. Economists expected a value of 47.6.

Based on preliminary figures, Eurostat announced that year-on-year inflation in the eurozone has decreased to 1.4% in March 2019, compared to 1.5% in February 2019. Economists expected a price increase of 1.5%. The core inflation was 0.8%, compared to 1% in the previous month.

Research agency ISM stated that the economic activity in the United States has increased in March 2019 compared to February 2019. The Purchasing Managers Index increased to 55.3, up from 54.2 in the previous month. Economists expected a value of 54.5.

The 6M Euribor is unchanged at -0.23% compared to previous business day. The 10Y Swap increased with 3 basis points to 0.50% 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.

Market Information Monday 1 April 2019

Market Information Monday 1 April 2019

China is maintaining low import tariffs on American cars for now. The earlier proposed raise in tariffs, from 15% to 40%, was cancelled. This cancellation would have ended yesterday, but has been extended due to the negotiations on the trade agreements between the US and China, which are taking place this week.

After having shrunk in February, the Chinese industry has grown in March. The Chinese national statistics bureau announced that their manufacturing PMI was up to 50.5, which is higher than the expected 49.6 and the 49.2 in February. A number higher than 50 implies growth.

The Dutch stock market has had a strong first quarter. The Amsterdam stock exchange has ended the quarter with a profit of 61.1 points. This is the second highest increase in points since the beginning of this century. Only in 2015 the exchange has gained more.

The 6M Euribor is unchanged at -0.23% compared to previous business day. The 10Y Swap increased with 1 basis point to 0.47% compared to previous business day.

The following macro-economic figures will be published in the coming week:
• Producer Price Index (CPI) Eurozone
• Consumer Price Index (CPI) Netherlands
• Balance of Payments European Union
• Inflation Netherlands

In the attachment, today’s market data on money and capital market rates as well as other rates are presented.