Market Information Friday 15 October 2021

Market Information Friday 15 October 2021

In its monthly energy monitor ABN AMRO has expressed its expectation that gas prices will not normalize until 2023. ABN AMRO expects the price of gas to reach EUR 50 per MWh by the end of 2021, where it had previously anticipated a price of EUR 30 per MWh. For the end of 2022, ABN AMRO predicts a price of EUR 30 and only in late 2023 the price will drop to a normal level of EUR 22 per MWh. Yesterday the market closed at a price of EUR 101.2 per MWh.

For the first time since March 2020, the number of new applications for unemployment benefits in the United States has dropped below 300,000. Between October 2 and 9, 293,000 new applications were filed, down 36,000 from a week earlier. The four-week moving average fell to 334,250, also the lowest point since March 2020.

Turkish President Erdogan has fired three bankers at the Turkish Central Bank. The round of dismissals includes the only banker who had voted against lowering the policy rate last month. Markets reacted badly to the decision then, and once again the Turkish Lira fell in value. The exchange rate even reached its lowest point ever, 1 Turkish Lira for 0.11 Dollar.

The 6M Euribor is unchanged at -0.52% compared to previous business day. The 10Y Swap decreased with 6 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 14 October 2021

Market Information Thursday 14 October 2021

Russian President Putin says that Russia is prepared to enter into talks with Europe on additional measures to meet European gas needs. Putin said that Europe made a mistake by relying on supplies from the short-term market instead of securing long-term contracts.

Consumer prices in the United States increased at a sharper rate in September compared to a month earlier. This was announced by the U.S. Department of Labor. On a monthly basis, the prices rose last month by 0.4%. On an annual basis, consumer prices in the US rose by 5.4% last month. Here, 5.3% was expected.

Consumer prices in Germany also increased more in September than in August. The German statistical office Destatis reports that the year-on-year inflation rate in September was 4.1%, compared to 3.9% in August. On a monthly basis, prices remained unchanged. In Germany, especially energy prices rose. In September, these rose by 14.3% year-on-year.

The 6M Euribor is unchanged at -0.52% compared to previous business day. The 10Y Swap decreased with 6 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 Wednesday 13 October 2021

Market Information Wednesday 13 October 2021

Chinese authorities report that they will allow coal-fired power plants to charge market-driven prices to certain customers in order to curb the current energy crisis. The Chinese authorities also instructed commercial and industrial energy buyers to buy their energy directly or through intermediaries on the market, rather than stock up on electricity for fixed rates from state-owned companies. It is the most drastic measure in the Chinese energy sector in the last decades.

The U.S. House of Representatives is expected to give final approval to a Senate-passed bill temporarily raising the government’s debt ceiling to USD 28.9 trillion, putting off the risk of default until early December. Democrats were expected to maintain party discipline and pass the USD 480 billion debt ceiling increase, only to face another deadline within weeks for avoiding both a historic debt default and a temporary government shutdown.

The International Monetary Fund (IMF) warned that policymakers worldwide are entering a tricky phase of the pandemic recovery and should take care to provide continued economic support without promoting instability in financial markets. Prompt action and clear communication ahead of any policy shifts will be critical to ensure economic support gets where it is needed without encouraging inflation or increasing volatility, the group warned. IMF pointed at soaring energy prices, the rapid growth of cryptocurrencies and climate risk as key elements to treat carefully.

The 6M Euribor is unchanged at -0.52% compared to previous business day. The 10Y Swap increased with 4 basis points to 0.32% compared to previous business day.

Market Information Tuesday 12 October 2021

Market Information Tuesday 12 October 2021

The AEX is expected to open in the red, following the U.S. and Asian stock exchanges, which experienced a decline. The S&P500 lost 0.7% after the disappointing U.S. jobs report on Friday. Also the constantly rising energy prices continue to occupy the markets because of the impact on inflation.

Dutch exports continued to increase in August (5.0%), but at a slower pace than in the previous month (8.6%). Especially machinery, chemical and metal products were exported more.

Figures from the CBS showed that the number of bankruptcies of companies in the Netherlands increased in September. The number of bankruptcies still stood at 99 in August, but rose to 117 in the month of September. In May 2013, bankruptcies peaked at 816 on a monthly basis. According to the CBS, the current figures can still be considered historically low.

The 6M Euribor increased with 1 basis point to -0.52% compared to previous business day. The 10Y Swap increased with 5 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 Monday 11 October 2021

Market Information Monday 11 October 2021

Wholesale inventories in the United States rose in August. This was announced by the US Department of Commerce on Friday. On a monthly basis, inventories rose by 1.2% in line with expectations. A month earlier, inventories rose 0.6%. On an annual basis, inventories increased by 12.3% in August. Wholesale sales, on the other hand, fell by 1.1% on a monthly basis in August.

German exports fell in August. This was reported by the German statistical office Destatis on Friday. Exports fell by 1.2% on a monthly basis. Imports, on the other hand, increased by 3.5%. These figures have been adjusted for seasonal influences. On an annual basis, exports increased in August by 14.4%. Imports increased by 18.1% year-on-year. The German trade balance stood at a surplus of 13.0 billion euros in August, adjusted for seasonal influences.

Activity in China’s services sector rose sharply in September according to figures from Markit published on Friday. The index, which measures the activity of the country’s services sector, stood at 54.3 in September from 46.7 in August. At the end of September, it was  announced that the purchasing managers’ index for the industry rose from 49.2 in August to 50.0 in September.

The 6M Euribor is unchanged at -0.53% compared to previous business day. The 10Y Swap increased with 4 basis points to 0.23% 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.