Market Information Friday 28 June 2019

Market Information Friday 28 June 2019

Figures published by the American department of Commerce show that the growth of the US economy increased in the first quarter of 2019 compared to the last quarter of 2018. The US economy increased in the first quarter of 2019 by 3.1% on a year-on-year basis compared to 2.2% in the last quarter of the 2018. Economists expected a growth figure of 3.2% for the first quarter of 2019.

The National Association of Realtors has reported that the sale of homes in the United States increased by 1.1% in May compared to April. Economists predicted that home sales would increase by 1.0%. In April home sales decreased by 1.5%.

Statistics Netherlands stated that Dutch industry output prices in May 2019 were 2.0% higher compared to May 2018. The increase is less than a month earlier, when output prices where 3.3% higher compared to a year earlier. Industry output prices in May were 0.1% higher than in April.

The 6M Euribor is unchanged at -0.31% compared to previous business day. The 10Y Swap increased with 3 basis points to 0.21% 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 27 June 2019

Market Information Thursday 27 June 2019

Figures from the US Department of Commerce show that wholesale stocks in the United States increased by 0.4%, to 1,3% in May from an adjusted 0.9% in April. Economists expected an increase of 0.5%.

According to Statistics Netherlands (CBS), producer confidence in the manufacturing industry declined in June. Confidence decreased from 4.7 in May to 3.3 in June, the lowest level in almost three years. Producer confidence reached its highest level at 10.9 in February 2018 and its lowest level at minus 23.5 in February 2009.

The annual analysis of Dutch hospitals shows that besides the bankruptcy of two hospitals, other hospitals had a relatively good year. Four hospitals suffered losses, compared to eight hospitals in 2017. Total profit remained stable at EUR 444 million and equity increased by 7% to EUR 6.9 billion.

The 6M Euribor is unchanged at -0.31% compared to previous business day. The 10Y Swap increased with 3 basis points to 0.21% 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 26 June 2019

Market Information Wednesday 26 June 2019

According to the Dutch Central Planning Bureau (CPB), the volume of world trade decreased by 0.7% in April compared with the previous month. In March, world trade increased by an adjusted 0.8%. Global industrial production also decreased by 0.8% in April compared to an increase of 0.9% the previous month.

Market researcher Conference Board announced that American consumers’ confidence in the economy declined in June. The confidence indicator was reported at 121.5 in June compared to a revised 131.3 in May. Economists expected a level of 131. The confidence index reached its lowest level since September 2017.

According to the US Department of Commerce, sales of new homes in the United States decreased in May with 7.8% compared to April. Economists expected an increase of 1.6%. Home sales in May were at their lowest level in the past five months.

The 6M Euribor is unchanged at -0.31% compared to previous business day. The 10Y Swap decreased with 3 basis points to 0.18% 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 25 June 2019

Market Information Tuesday 25 June 2019

The German research institute Ifo reports that the German business climate index in June has decreased to 97.4, compared to 97.9 in May. The business climate index indicates firms’ economic projections for the next three to six months. The value of 97.4 is in line with economists’ expectations.

Statistics Netherlands announced yesterday that the economic outlook in the Netherlands was less positive in June 2019 than in the previous month. 11 of the 13 indicators were still above their long-term trends. Both producer and consumer confidence is above the long-term average.

The World Steel Association has announced that global steel production has increased in May by 5.4% on a year-on-year basis. China produced 10% more steel than a year prior, while the United States reported a growth of 5.4%. The Dutch steel production decreased from 624,000 tonnes to 610,000 tonnes.

The 6M Euribor decreased with 1 basis point to -0.31% compared to previous business day. The 10Y Swap decreased with 3 basis points to 0.21% 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 24 June 2019

Market Information Monday 24 June 2019

Last Friday, the price for a troy ounce of gold rose to a level above USD 1400, the highest level since August 2013. In financial markets gold is seen as a safe investment. The sharp increase can be attributed to the tensions between the United States and Iran, the trade negotiations between China and the United States that will take place at the end of this week and the possibility of an interest rate cut by the Federal Reserve during its policy meeting at the end of next month. The gold price had its peak in September 2011, when it rose above USD 1900.

According to figures from Statistics Netherlands (CBS), the Dutch economy grew by 0.5% in the first quarter of 2019 compared to the last quarter of last year. The annual growth was 1.7%. According to the CBS, the growth was mainly caused by an increase in investments in fixed assets.

Research firm Markit has announced that industrial activity in the United States grew at a slower rate in June 2019 than in the previous month. The index that measures activity declined from 50.5 in May to 50.1 in June. The composite index, which also included the activity of the service sector, fell from 50.9 in May to 50.6 in June.

The 6M Euribor is unchanged at -0.30% compared to previous business day. The 10Y Swap increased with 4 basis points to 0.24% 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 21 June 2019

Market Information Friday 21 June 2019

The European Commission reports, based on preliminary numbers, that consumer confidence in the Eurozone decreased with respect to one month earlier. The flash consumer confidence index declined from -6.5 to –7.2. Economists expected no change in the consumer confidence.

Statistics Netherlands announced that the volume of investments in fixed assets increased by 6.7% in April with respect to the same month one year earlier. This growth rate increased compared to March. Investments in housing, commercial buildings, and automobiles in particular were higher than a year ago.

Oil prices have increased due to tensions between America and Iran after an American drone was shot down by Iran. The price of a barrel of Brent crude oil increased 2.6% and is currently 63.45 dollar, while the price of a barrel of American WTI oil increased by 2.8% to 55.28 dollar.

The 6M Euribor decreased with 2 basis points to -0.30% compared to previous business day. The 10Y Swap decreased with 2 basis points to 0.20% 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 20 June 2019

Market Information Thursday 20 June 2019

According to research commissioned by the European Committee, the Netherlands is ranked fourth in the list of most innovative countries in the EU. Only the Scandinavian member states are ranked higher. On a regional level, the Dutch regions Utrecht, Noord-Brabant and Noord-Holland are in the top 25 of most innovative regions in the EU.

The British Office for National Statistics reports that inflation decreased to 2% in May, compared to 2.1% in April. The inflation in May is in line with the inflation objective of the British Central Bank. The decrease is primarily caused by decreased prices of airplane tickets and cars.

The Federal Reserve reports after a policy meeting of the Federal Open Market Committee (FOMC), that interest rates will not be cut. However, almost all FOMC members think that there is a considerable chance that interest rates may be cut later this year. Reasons for that could be increasing trade tensions and growth expectations for the global economy.

The 6M Euribor decreased with 1 basis point to -0.28% compared to previous business day. The 10Y Swap increased with 3 basis points to 0.22% 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 19 June 2019

Market Information Wednesday 19 June 2019

The European Statistical Office Eurostat reports that inflation in the eurozone decreased to 1.2% in May on an annual basis. In April, inflation was reported at 1.7%. Core inflation, excluding the impact of volatile energy and food prices, decreased to 0.8%, compared to 1.3% in April.

According to the Dutch Central Planning Bureau (CPB), the Dutch economy is expected to slow with 1.7%, which was previously assumed to be 1.5%. CPB expects unemployment to decrease to 3.5% this year. Despite the low level of unemployment, the increase in wages is limited, according to CPB. Furthermore, purchasing power continues to increase with an average of 1.2%.

The German Federal Statistics Office reported that producer prices in Germany decreased by 0.1% in May compared to April. Economists expected an increase of 0.1%. In April prices decreased with 0.5%. On an annual basis, producer prices increased by 1.9% in May.

The 6M Euribor decreased with 1 basis point to -0.27% compared to previous business day. The 10Y Swap decreased with 7 basis points to 0.19% 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 18 June 2019

Market Information Tuesday 18 June 2019

Eurostat has announced that labour costs in the eurozone have increased by 2.4% in the first quarter of 2019 compared to the first quarter of 2018. In the last quarter of 2018, labour costs increased by 2.3%. In the European Union, labour costs increased by 2.6% in the first quarter of 2019, compared to 2.8% in the last quarter of 2018.

Figures published by Eurostat show that the job vacancy rate in the eurozone has remained stable in the first quarter of 2019 compared to the last quarter of 2018. The job vacancy rate was 2.3%. The services sector had the most job vacancies with 2.6%. In both manufacturing and construction, the vacancy rate was 2%.

The Chinese National Bureau of Statistics has announced that the housing price growth has remained stable in May 2019 compared to April 2019. Housing prices increased by 10.7% in both months.

The 6M Euribor is unchanged at -0.26% compared to previous business day. The 10Y Swap increased with 1 basis point to 0.26% 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 17 June 2019

Market Information Monday 17 June 2019

Statistics Netherlands (CBS) has published figures which show that the volume of Dutch exports increased by 1.9% in April 2019 compared to April 2018. In the first months of 2019, the growth of Dutch exports was considerably lower. The growth was partly due to higher exports of machinery and chemical products, whilst exports of electrical equipment decreased compared to last year. The volume of imports in April 2019 was approximately the same as in April 2018.

Provisional figures from the University of Michigan show that consumer confidence in the United States fell in June 2019 compared to a month earlier. The index reflecting sentiment among American consumers decreased from a level of 100.0 in May 2019 to 97.9 this month. Economists had generally expected a score of 98.

The Russian central bank lowered its key interest rate by 0.25%-point to 7.50% last Friday. The interest rate cut was generally expected by economists. It is the first interest rate decrease in a year. In a statement, the bank explained that economic growth in Russia was lower than expected in the first half of this year and that inflation has also decreased. More interest rate cuts this year are not ruled out by the Russian central bank.

The 6M Euribor is unchanged at -0.26% compared to previous business day. The 10Y Swap decreased with 1 basis point to 0.25% 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 14 June 2019

Market Information Friday 14 June 2019

The US government reports that import prices fell by 0.3% in May compared to April. US export prices fell by 0.2% on a monthly basis, following an adjusted plus of 0.1% a month earlier. Economists had anticipated a fall in import prices of 0.2%. In April, import prices increased by a revised 0.1%.

Yesterday, the oil price suddenly jumped up after a suspected attack on two tankers in the Gulf of Oman. The price of American oil increased by 2.5% to USD 52.43. A barrel of Brent oil increased by 2.8% and was traded for 61.64 USD. According to experts, the incident in the Gulf of Oman and previous incidents with tankers in the Persian Gulf last month increases the chance of disruptions in oil transport.

The 6M Euribor is unchanged at -0.26% compared to previous business day. The 10Y Swap decreased with 2 basis points to 0.26% 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 13 June 2019

Market Information Thursday 13 June 2019

Statistics Netherlands stated that inflation has decreased in the Netherlands in May 2019. Inflation in May amounted to 2.4%, compared to 2.9% in April 2019. Using the harmonized European measurement method (HICP), inflation fell from 3.0% in April to 2.3% in May. The decrease was partly caused by lower fuel prices and lower prices of airline tickets.

The US Treasury Department announced that the budget deficit in the United States has increased. In the first eight months of the fiscal year, which runs until October, the deficit rose to USD 739 billion. This is an increase of USD 206 billion. Government income increased by 2.3%, mainly due to the import tariffs imposed on Chinese products. However, this was offset by a 9.3% increase of government expenditure. Analysts generally expect the budget deficit to increase to USD 1,000 billion in the coming years.

Figures from the Chinese National Statistical Office show that inflation continued to rise in May 2019. Inflation in May was 2.7%, compared to 2.5% the month before. The increase was caused by higher food prices in China (caused by decreasing inventories). For example, the price of pork increased by 18% compared to a year earlier, and the price of fruit increased by an average of 27%.

The 6M Euribor is unchanged at -0.26% compared to previous business day. The 10Y Swap increased with 1 basis point to 0.28% 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 12 June 2019

Market Information Wednesday 12 June 2019

The Dutch Central Bank (DNB) reports that they expect growth of the Dutch economy to decline because of the continuing trade war. DNB predicted a growth rate of 1.7% on a yearly basis for both 2019 and 2020. The revised prediction is a growth rate of 1.6% in 2019 and 1.5% in 2020.

The British Office for National Statistics reports that British unemployment remained stable on 3.8% in the period between February until April 2019. In the same period, the salaries have increased with 3.4% on a yearly basis.

Statistics Netherlands reports that in May 2019, less companies went bankrupt compared to the month before. In May 247 companies went bankrupt, in April 266 bankruptcies were filed. Most bankruptcies were filed in the hospitality industry, in percentage term.

The 6M Euribor is unchanged at -0.26% compared to previous business day. The 10Y Swap decreased with 2 basis points to 0.27% 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 11 June 2019

Market Information Tuesday 11 June 2019

Data of the Japanese government has shown that the Japanese economy has increased more than expected in the first quarter of 2019. The economy has increased with 2.2% in this period. In the last quarter of 2018 the reported growth was 1.8%.

The British Office for National Statistics reports that the British export- and import volumes have reached the lowest level in years. Additionally, the British economy and British production have decreased in April on a monthly basis by 0.4% and 2.7%, respectively. In the first quarter of 2019, British producers have profited from stockpiling before the Brexit. This effect is fading away and this is mentioned as a cause of the decreasing economic figures.

The American president Trump reports that the US and Mexico have reached an agreement on the approach on illegal immigration. The deal entails that planned tariffs on Mexican goods will not go into effect. In return, Mexico will send the National Guard to the border with Guatemala.

The 6M Euribor is unchanged at -0.26% compared to previous business day. The 10Y Swap increased with 4 basis points to 0.29% 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 7 June 2019

Market Information Friday 7 June 2019

The International Monetary Fund reports that the economy of the United States performs well despite of the ongoing trade war and increases the forecasted growth of American economy. The current growth estimation of the economy is 2.6%, a significant increase with respects to an earlier forecast 2.3% in April. Last year, the growth was 2.9% and for the year 2020 a growth of 2.0% is expected.

Statistics Netherlands stated that the average daily production from the Dutch industry was 1.2% lower in April than in the same month one year earlier, while in February, the average daily production was equal to the same month one year earlier. The production of industrial machinery contracted the most.

The US Department of Labor announced, based on definitive numbers, that labor productivity in the United States, excluding the agricultural sector, increased by 3.4% in the first quarter of 2019. Preliminary numbers estimated a growth of 3.6%, while economists expected an increase of 3.5%. In the last quarter of 2018, labor productivity rose by 1.3%. Labor cost per unit production were 1.6% lower than in the last quarter of 2018.

The 6M Euribor is unchanged at -0.25% compared to previous business day. The 10Y Swap is unchanged at 0.28% 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 6 June 2019

Market Information Thursday 6 June 2019

The IMF reports that the trade war between China and the US will lower growth of the global economy in 2020 by 50 basis points, equivalent to USD 445 billion, more than the size of South Africa’s economy. In this scenario the already imposed import tariffs as well as the recently announced extra tariffs are taken into account.

IPE reports that the assets under management (AUM) of the 400 largest asset managers worldwide have increased with 1% in 2018. In 2016 and 2017 the increase in AUM was 12% and 4%, respectively. Six of the ten largest asset managers, who account for a third of the total AUM, reported lower AUM in 2018 compared to the previous year.

The yield on Dutch 10-year government bonds has reached an all-time record low this morning. Around 8.30 a.m., the yield dropped to -0.048%. A decreasing bond yield indicates increasing demand. The increasing demand is caused by escalating trade tensions, which makes investors turn to safe-haven assets.

The 6M Euribor is unchanged at -0.25% compared to previous business day. The 10Y Swap decreased with 3 basis points to 0.28% 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 5 June 2019

Market Information Wednesday 5 June 2019

According to the European Statistical Office (Eurostat), inflation in the eurozone decreased to 1.2% in May on an annual basis. Economists expected a decrease to 1.3%. Core inflation, excluding the impact of volatile prices, decreased to 0.8%.

The Australian Central Bank changed interest rates for the first time since August 2016. The Reserve Bank of Australia (RBA) reduced the main lending rate by 25 basis points to 1.25%. With this interest rate decrease, the central bank wants to boost the weakening economy and the difficult labour market.

The purchasing managers index of market researchers Caixin and Markit showed that the services sector in China grew at a lower rate in May, at 52.7 compared to 54.5 in April. Economists expected a score of 54.

The 6M Euribor is unchanged at -0.25% compared to previous business day. The 10Y Swap decreased with 2 basis points to 0.31% 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 4 June 2019

Market Information Tuesday 4 June 2019

Market researcher Markit announced that the economic activity in the manufacturing sector of the eurozone has decreased in May 2019. The Purchasing Managers Index decreased to 47.7, compared to 47.9 in the previous month. The index is approaching the lowest value in six years, with weak orders and a shrinking labor market causing a negative outlook.

Research agency ISM stated that the growth of economic activity in the manufacturing sector of the United States has decreased in May 2019 compared to April 2019. The Purchasing Managers Index decreased to 52.1, down from 52.8 in the previous month. This is the lowest value since October 2016. Economists expected a value of 53.

Figures from the United States government show that construction expenditures have remained stable in April 2019 compared to March 2019. Economists expected an increase of 0.4%. in March 2019, construction expenditures increased by a revised 0.1%, compared to an earlier reported decrease of 0.9%.

The 6M Euribor is unchanged at -0.25% compared to previous business day. The 10Y Swap decreased with 1 basis point to 0.33% 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 3 June 2019

Market Information Monday 3 June 2019

US President Donald Trump has announced in a tweet that the US will impose import duties on Mexican products. The import duties will initially amount to 5%, but if the Mexican government does not cooperate in combating illegal migration to the United States, these duties will gradually increase to 25% as per October 2019. The Mexican government reacted furiously to these measures. On Wednesday, a Mexican delegation will try to negotiate a solution in Washington.

Last Friday the yield on 10-year Dutch government bonds fell to -0.01%, the lowest level since the summer of 2016. The yield on German government bonds also fell to a historically low level. Due to the worldwide trade tensions, investors are transferring their funds into “safe havens”.

The German federal statistical office Destatis has published preliminary figures that show that inflation in Germany fell to 1.4% on an annual basis in May 2019. In April 2019, inflation was still at 2.0%. The decline was stronger than expected; analysts had anticipated inflation to decrease to 1.6% in May 2019.

The 6M Euribor is unchanged at -0.25% compared to previous business day. The 10Y Swap decreased with 2 basis points to 0.34% 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.