Market Information Friday 31 May 2019

Market Information Friday 31 May 2019

The US government announced that the economy increased by 3.1% on an annual basis in the first quarter of 2019, slightly lower than the preliminary estimate of 3.2%. The adjustment is a consequence of lower investments in software and equipment. Consumer expenditure was higher than expected. Economists expected the growth number to be adjusted to 3%.

The National Association of Realtors has reported that the sale of homes in the United States decreased by 1.5% in April compared to March. Economists predicted that home sales would increase by 0.5%. In March, the sale of homes increased by 3.9%.

Market researchers Markit and Caixin reported that activity of the Chinese industry slightly decreased in May after a month of modest growth in April. The purchasing managers index (PMI) decreased from 50.1 in April to 49.4 in May, while economists expected a PMI of 49.9 in this month. The decrease is a consequence of American sanctions against the Chinese multinational Huawei.

The 6M Euribor decreased with 1 basis point to -0.25% compared to previous business day. The 10Y Swap is unchanged at 0.36% 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 29 May 2019

Market Information Wednesday 29 May 2019

According to the European Commission, confidence in the eurozone economy increased slightly in May compared to April. The index used by the Commission to measure confidence increased from an adjusted level of 103.9 in April to 105.1 in May. Economists expected a level of 104.

Market researcher Conference Board announced that American consumers’ confidence in the economy increased in May. The indicator scored 134.1 in May compared to 129.2 in April. Economists expected a level of 130.0.

According to the IMD World Competitiveness Index, the Netherlands’ international competitive position has weakened over the past year. The Netherlands dropped from fourth to sixth place. In particular, the economic uncertainty had an impact on the competitive position of countries in Europe and elsewhere. This was partly due to the international political landscape and the trade war.

The 6M Euribor is unchanged at -0.24% compared to previous business day. The 10Y Swap decreased with 2 basis points to 0.37% 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 28 May 2019

Market Information Tuesday 28 May 2019

The National Bureau of Statistics of China has stated that the profits earned by China’s largest industrial firms decreased in April 2019, with the main reason being the increasing trade tensions between the United States and China. On a year-on-year basis, profits decreased by 3.7%, the largest decrease since December 2015. In March, profits increased by 13.9%.

Market researcher GfK announced that consumer confidence in Germany has decreased to a value of 10.1 in June 2019. In May consumer confidence was at 10.4. Economists expected a value of 10.2 for June.

The Federal Statistical Office of Germany has announced that import prices have increased by 0.3% in April 2019 compared to the previous month. In March 2019, prices remained stable. On a year-on-year basis, prices increased by 1.4%.

The 6M Euribor is unchanged at -0.24% compared to previous business day. The 10Y Swap decreased with 2 basis points to 0.39% 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 27 May 2019

Market Information Monday 27 May 2019

The Netherlands Bureau for Economic Policy Analysis (CPB) announced in their monthly World Trade Monitor that world trade volume increased by 0.5% in March 2019 compared to the previous month. In February 2019, world trade volume declined by a revised 1.1% compared to the previous month. As a result, the global trading volume for the first quarter of 2019 declined with 0.3% compared to the fourth quarter of 2018. Increasing trade tensions in the world are mentioned as the main reason for the declining world trade.

Jean-Claude Juncker, spokesperson for the European Commission President, said that the resignation of British Prime Minister Theresa May will not lead to a new Brexit deal. According to Juncker there will be no change in the divorce agreement as agreed with the May government. However, Juncker is “willing to work with the new British Prime Minister on an orderly departure of the British from the EU, as previously agreed”. The two major candidates to succeed May are Boris Johnson and Dominic Raab. Both are openly against the current Brexit deal and would like to maintain a much firmer stance towards the EU.

ING has reported in its monthly investor barometer that investor confidence increased slightly in May 2019 compared to a month earlier. The increase of investor confidence means that investors indicate that they expect stock prices to rise on balance over the next three months. The positive sentiment is partly caused by the rising stock markets in the first months of this year. However, some investors think that sentiments on the stock markets have been overly positive.

The 6M Euribor is unchanged at -0.24% compared to previous business day. The 10Y Swap increased with 1 basis point to 0.41% 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 23 May 2019

Market Information Thursday 23 May 2019

The Organisation for Economic Co-operation and Development (OECD) reports economic growth of 0.6% on a quarterly basis of the OECD-countries in the first quarter in 2019. In the last quarter of 2018 economic growth was 0.3%. On annual basis the economic growth in the OECD-area was 1,9% compared to 1,8% in the last quarter of 2019.

The British Office for National Statistics reports that in April inflation has increased to 2.1% annually compared to 1.9% in March. Core inflation remained stable at 1.8%.

The German Federal Statistical Office reports that in the first quarter of 2019 the German economy has increased with 0.4% on a quarterly basis. In the fourth quarter of 2018 the growth of the economy stagnated. The final growth number matches with the preliminary estimates.

The 6M Euribor is unchanged at -0.24% compared to previous business day. The 10Y Swap decreased with 2 basis points to 0.43% 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 22 May 2019

Market Information Wednesday 22 May 2019

The European Commission reported that consumer confidence in the eurozone increased in May compared to April. The European Commission’s confidence indicator increased from minus 7.3 in April to minus 6.5 this month. Economists expected a level of minus 7.7.

According to Statistics Netherlands (CBS), the volume of investments in tangible fixed assets was 3.8% higher in March 2019 than in March 2018. Investments in housing, commercial buildings, infrastructure and machinery in particular were higher than a year ago.

For the fifth month in a row, Japanese exports decreased in April. Exports to the main trading partner China decreased by 6.3%. The total value of exports decreased by 2.4% year-on-year. Economists expected a decrease of 1.6%.

The 6M Euribor is unchanged at -0.24% compared to previous business day. The 10Y Swap increased with 1 basis point to 0.45% 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 21 May 2019

Market Information Tuesday 21 May 2019

In its monthly report, the Bundesbank stated that economic growth in Germany remains weak. In the first quarter of 2019, the German economy grew by 0.4% on a quarterly basis, following stagnation in the last quarter of 2018. The growth is primarily attributable to one-off factors. The Bundesbank expects that Germany is unable to retain its growth in the second quarter.

The German Federal Statistics Agency announced that producer prices have increased by 0.5% in April 2019 compared to March 2019. Economists expected a price increase of 0.3%. On a year-on-year basis, producer prices increased by 2.5%, compared to 2.4% in the previous month.

Statistics Netherlands announced that consumer confidence remains unchanged in May 2019 at a level of -3, equal to the mean level of the past 20 years. Confidence in the economic climate was marginally higher compared to last month, while the willingness to buy remained the same.

The 6M Euribor is unchanged at -0.24% compared to previous business day. The 10Y Swap increased with 2 basis points to 0.44% 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 20 May 2019

Market Information Monday 20 May 2019

Eurostat reports that in April inflation in the Eurozone has increased to 1.7% annually, compared to 1.4% in March, in line with preliminary estimates. Core inflation, inflation without the influence of strong fluctuating prices for energy and groceries, increased in April to 1.3% annually. In March core inflation amounted 0.8% annually.

President Trump announced a delay in imposing tariffs on imported vehicles and parts from the European Union and Japan. Previously, Trump had threatened to increase tariffs with 25% as of May 18. The reason for the delay is that Trump wants to await the negotiations of the US International Trade Commission.

The Japanese government reports that the Japanese economy unexpectedly grew with 2.1% in the first quarter of 2019. In this period the exports decreased, however the economy was able to grow because imports fell faster than exports. Economists state that because of the decrease in exports, the economic growth is not a sign of a strong Japanese economy.

The following macro-economic figures will be published in the coming week:
• Gross Domestic Product (GDP) Germany
• Producer Price Index (PPI) Germany
• Producer Price Index (PPI) United Kingdom
• Consumer Price Index (CPI) United Kingdom

The 6M Euribor is unchanged at -0.24% compared to previous business day. The 10Y Swap decreased with 2 basis points to 0.42% 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 17 May 2019

Market Information Friday 17 May 2019

Eurostat reports that the export from countries in the Eurozone to the rest of the world increased by 3.1% in March 2019 compared to March 2018. Total exports in March amounted €205.6 billion. Imports of the Eurozone increased by 6% to an amount of €183.1 billion. This resulted in a trade surplus of €22.5 billion.

The US Department of Commerce published figures showing that the number of homes under construction in the United States increased by 5.7% in April compared to February. The construction amounted to more than 1.2 million houses on an annual basis. On average, economists expected an increase of 6.2%. In February, housing construction increased by 1.7%. The amount of new construction permits increased by 0.6% in April.

The United States Department of Labor announced that the amount of initial jobless claims has decreased. In the last week, 212,000 requests were filed, compared to 228,000 in the previous week. Economists expected 220,000 initial jobless requests last week.

The 6M Euribor decreased with 1 basis point to -0.24% compared to previous business day. The 10Y Swap increased with 2 basis points to 0.44% 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 16 May 2019

Market Information Thursday 16 May 2019

According to the European statistics agency Eurostat, the eurozone economy increased by 0.4% in the first quarter of 2019 compared to an increase of 0.2% in the fourth quarter of 2018. For the entire European Union, the economy increased with of 0.5% in the first quarter, compared to 0.3% in the previous quarter.

Figures from the Statistics Netherlands (CBS) show that the number of unemployed people decreased further in April 2019 to 300,000, equal to 3.3% of the labor force. With a percentage of 3.3%, the Netherlands is in the top three with the lowest unemployment in the European Union.

According to the Federal Reserve (FED), industrial production in the United States decreased by 0.5% in April, compared to increase of 0.2% in March. Economists expected a stable production level. The occupancy rate last month amounted to 77.9% compared to a revised 78.5% in March. Economists expected an occupancy rate of 78.7% in April.

The 6M Euribor is unchanged at -0.23% compared to previous business day. The 10Y Swap decreased with 2 basis points to 0.42% 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 15 May 2019

Market Information Wednesday 15 May 2019

According to Statistics Netherlands (CBS), the Dutch economy increased by 0.5% in the first quarter of 2019 compared to the previous quarter. Mainly caused by the growth in investments in housing, buildings, infrastructure and machinery. On an annual basis, the economy increased by 1.7% in the first quarter of this year.

Last night, British Prime Minister Theresa May announced that she will again submit her brexit deal to Parliament at the beginning of June. The vote will take place at the beginning of June, regardless of whether the current negotiations with the opposition Labour Party fail. Labour demands legally binding commitments to reduce uncertainty about a possible successor to May after reaching a Brexit deal.

Since the start of the trade war with the United States (US), the growth of the Chinese economy slowed down. Retail sales in China increased 7.2% year-on-year in April from 8.7% in March, the weakest increase in nearly 16 years. In addition, China’s industrial production increased with 5.4% on a yearly basis, from 8.5% in March. Economists expected retail sales to increase by 8.6% and industrial production to increase by 6.5%.

The 6M Euribor is unchanged at -0.23% compared to previous business day. The 10Y Swap decreased with 1 basis point to 0.44% 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 14 May 2019

Market Information Tuesday 14 May 2019

The Chinese Ministry of Finance has announced that China will increase tariffs on USD 60 billion of American goods to 25% from 1 June 2019. The increase is a reaction to the recently increased tariffs on Chinese goods by the United States. President Trump warned China that tariff increases would be counterproductive and that United States’ consumers are not willing to pay for the price increase.

The Organization for Economic Cooperation and Development (OECD) stated that economic growth has decreased for various large economies. According to the OECD, growth has decreased for the United States, Japan, Canada, the United Kingdom and the eurozone. In addition, the OECD reports stable growth in China, India and Russia, while there is increased growth in Brazil.

Based on definitive figures, the German federal statistics agency has stated that year-on-year inflation in Germany was 2.0% in April 2019. In March 2019, inflation was 1.3%. Based on the European harmonized method, inflation was 2.1%.

The 6M Euribor is unchanged at -0.23% compared to previous business day. The 10Y Swap decreased with 3 basis points to 0.45% 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 13 May 2019

Market Information Monday 13 May 2019

Figures published by the US government have shown that inflation in the United States rose to 2.0% on an annual basis in April 2019. In March 2019, inflation in the US was 1.9%. Core inflation, which does not include energy and food prices, also increased by 0.1 percentage point to 2.1%. These inflation rates are in line with the 2.0% inflation target set by the Federal Reserve.

Statistics Netherlands (CBS) has announced that the number of companies that declared bankruptcy in the Netherlands increased slightly in April 2019. A total of 315 companies and institutions declared bankruptcy. Relatively speaking, most bankruptcies were declared in the hotel and catering industry and in the transport sector.

The economy in the United Kingdom grew by 0.5% in the first quarter of 2019 compared to the last quarter of 2018. On an annual basis, growth amounted to 1.8%. According to ING analysts, higher economic growth was mainly caused by companies investing in their inventories. ING therefore expects that the higher economic growth in the UK is only temporary.

The following macro-economic figures will be published in the coming week:
Gross Domestic Product (GDP) Eurozone
Consumer Price Index (CPI) Eurozone

The 6M Euribor is unchanged at -0.23% compared to previous business day. The 10Y Swap is unchanged at 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 Friday 10 May 2019

Market Information Friday 10 May 2019

The wholesale stocks in the United States decreased by 0.1% in March compared to February. This announcement is based on the definitive numbers published by the American Ministry of Trade. Economists did not expect a change in wholesale stocks. In February, wholesale stocks increased by 0.4%.

Figures published on Thursday by the US Department of Labor show that producer prices increased by 0.2% in April. Compared to march, this is a smaller increase, when producer prices rose by 0.6%, all on a monthly basis. Economists expected an increase of 0.3%.

According to Statistics Netherlands (CBS), the average daily production of the Dutch industry was 1.0% lower in March compared to the same month one year earlier. In February, daily production was approximately the same.

The 6M Euribor is unchanged at -0.23% compared to previous business day. The 10Y Swap increased with 1 basis point 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 Thursday 9 May 2019

Market Information Thursday 9 May 2019

The aviation sector association IATA reports that in March 2019, worldwide demand for flights has shown the lowest growth in 9 years. The passenger transport by airplane increased with 3.1% in March 2019 on an annual basis compared to 5.3% in February 2019.

The German federal statistics institute reports that the production of the German industry in March has increased with 0.5% compared to February. Economists expected a decrease of 0.5%. The annual production of the German industry has decreased with 0.9% in March.

Statistics Netherlands (CBS) reports that Dutch consumer confidence is heading to a structural lower level because of the ageing population. Senior citizens have the lowest consumer confidence because of continuous uncertainty about their pension benefits.

The 6M Euribor is unchanged at -0.23% compared to previous business day. The 10Y Swap is unchanged at 0.47% 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 8 May 2019

Market Information Wednesday 8 May 2019

Chinese Deputy Prime Minister Liu He travels to the United States for trade talks on 9 and 10 May. American president Trump has announced to increase the import tariffs on some products imported from China to 25% on Friday. With this, Trump wants to increase the pressure on China in the ongoing trade war.

The European Commission expects economic growth in the eurozone to reach 1.2% in 2019. Growth of 1.5% is expected for 2020. In a previous estimate, a growth rate of 1.3% was expected for 2019. The Dutch economy is expected to grow at 1.6% for both 2019 and 2020.

According to the industry association IATA, the global air freight sector increased slightly in March, by 0.1% annually. In February there was a decrease of almost 5%. However, capacity increased more than demand in March, by 3.1% compared to the previous year.

The 6M Euribor is unchanged at -0.23% compared to previous business day. The 10Y Swap decreased with 4 basis points to 0.47% 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 7 May 2019

Market Information Tuesday 7 May 2019

Final figures published by market researcher Markit show that growth of the services sector in the eurozone has decreased in April 2019 compared to March 2019. The Purchasing Managers Index was at 52.8, compared to 53.3 in the previous month. Preliminary figures had shown a value of 52.5.

Eurostat stated yesterday that retail sales in the eurozone remained stable in March 2019 compared to February 2019. In February, retail sales increased by a revised 0.5%. In the European Union retail sales increased by 0.3%.

The German federal statistics agency announced that factory orders in Germany have increased in March 2019 compared to February 2019. The amount of orders increased by 0.6%. Economists expected an increase of 1.4%. On a year on year basis, factory orders decreased by 6%.

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 Monday 6 May

Market Information Monday 6 May

A large Chinese delegation led by vice prime minister Liu He is supposed to travel to the United States this week for the trade negotiations. According to The Wall Street Journal it is uncertain whether this trip will proceed. The uncertainty is caused by the new import tariffs that US president Donald Trump has installed.

If the United States’ price levels remain unchanged after the summer, the Federal Reserve will possibly lower the interest rates to stimulate the inflation. Federal Reserve director James Bullard mentioned this in an interview with Reuters. The decrease of the official interest rate has been insisted several times by president Donald Trump to support the economic growth.

The inflation in the eurozone has increased from 1.4 percent on a yearly basis in March to 1.7 percent in April, as reported by the European statistic bureau Eurostat. Economists expected an average inflation of 1.6 percent.

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

The following macro-economic figures will be published in the coming week:
• Consumer price index (PPI) Netherlands
• Inflation Netherlands
• GDP United Kingdom
• Trade Balance United Kingdom

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

Market Information Friday 3 May 2019

Market Information Friday 3 May 2019

The American department of Commerce announced that the number of industrial orders increased by 1.9% in March with respect to one month earlier. Economists expected an increase of 1.5%. In February, industrial orders decreased by 0.3%. The American department of Commerce also stated that orders for durable goods increased by 2.6% in March.

The US Department of Labor announced that labor productivity in the United States, excluding the agricultural sector, increased by 3.6% in the first quarter of 2019. Economists expected an increase of 2.2%. In the last quarter of 2018, labor productivity rose by 1.3%.

Market researcher Markit announced that the German economic activity decreased for the second month in a row. The German Purchasing Managers’ Index (PMI) was 44.4 in April and 44.1 in March. A level below 50 indicates a reduction in economic activity. The PMI in the Eurozone was 47.9 in April

The 6M Euribor is unchanged at -0.23% compared to previous business day. The 10Y Swap increased 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 Thursday 2 May 2019

Market Information Thursday 2 May 2019

According to the pension-thermometer of Aon, a service provider in the pension sector, the average coverage ratio of Dutch pension funds has increased from 106% to 107% in April. The policy coverage ratio, the average coverage ratio over the last 12 months, was 108% in April. This is above the legal minimal requirement for the policy coverage ratio of 104.3%. However, according to data of DNB, more than half of the outstanding pension entitlements are held at pension funds with a coverage ratio that is lower than the regulatory minimum.

The Federal Reserve reports, after a two-day meeting, that the key benchmark interest rate remains unchanged. This means that the federal funds rate remains between 2.25% and 2.5%. This decision is in line with earlier announcements of the Fed. However, it is against the will of president Trump, who wanted the Fed to cut interest rates to boost the economy.

The British market research institute Markit reports that the growth of activity in the British industry has decreased in April. In April the purchasing managers index was 53.1, compared to 55.1 in March. A purchasing managers index above 50 implies growth. The slowdown in growth is caused by the uncertainty as a result from the Brexit.

The 6M Euribor is unchanged at -0.23% compared to previous business day. The 10Y Swap is unchanged at 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 Wednesday 1 May 2019

Market Information Wednesday 1 May 2019

According to the European statistics agency Eurostat, the economy of the euro zone has grown by 0.4% in the first quarter of 2019 compared to 0.2% in the fourth quarter of 2018. Economists expected a growth of 0.3%. The euro area economy has grown by 1.2% on an annual basis.

The German Federal Statistical Office has reported inflation in Germany to have been increased to 2% on an annual basis in April. Economists expected an inflation rate of 1.5%. Inflation was driven by higher energy costs and higher prices for all-inclusive holidays.

Market researcher Conference Board announced that US consumers’ confidence in the economy increased in April. The indicator that reflects consumer confidence recorded a score of 129.2 against a revised score of 124.2 in February. Economists expected a level of 126.8.

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