BTp, spread stable at 226 points
Stable session for the spread between BTp and Bund. The yield differential between the ten-year benchmark BTp (Isin IT0005494239) and the same German maturity is indicated at 226 basis points, the same value as before. On the other hand, the yield of the benchmark ten-year BTp rose, which stood at 4.08% in this first phase, compared to 4.05% at the previous closing.
Germany, + 7.9% producer prices in August
The industrial producer price index in Germany rose 45.8% year-on-year in August. This was announced by the federal statistical institute Destatis, noting that this is the highest trend increase ever (in July it was + 37.2%, in June 32.7%). Compared to July 2022, the producer price index rose by 7.9%: even on a trend basis this is the highest increase ever. The main factor responsible for the price increase is energy, but significant increases were also recorded for the other categories
Japan, core inflation at 2014 highs. Tokyo up
Japanese core inflation (excluding products with volatile prices, such as fresh food) reached 2.8% in August year-on-year, according to data published today by the government: this is a new high since October 2014, mainly caused by the surge in energy prices. Excluding 2014, when prices were artificially raised by a VAT hike, inflation in August was even the highest recorded in Japan since 1991. The August figure is also slightly above analysts’ expectations. which stopped at 2.7 percent. The Tokyo Stock Exchange closed trading up by about half a percentage point (NIKKEI 225), while the exchange rate between the dollar and the yen rises to the 143.40 area.
China’s central bank leaves interest rates unchanged
China’s central bank PBOC left two of its key interest rates unchanged. The primary one-year loan rate (Loan Prime Rate, Lpr), which constitutes the benchmark for the most advantageous rates that banks can offer to businesses and households, remains at 3.65 per cent. The 5-year Loan Prime Rate, the benchmark for five-year mortgages, also remains steady at 4.30 per cent.
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