Market Information Monday 1 December 2025

Switzerland decisively rejected a proposed 50% tax on inheritances over 50 million francs, with 78% voting against it, which is an even stronger opposition than polls had predicted. The initiative, pushed by the youth wing of the Social Democrats to fund climate-related projects, raised concerns that it would drive wealthy residents out of the country and reduce tax revenues.

China’s central bank reaffirmed its strict stance on virtual currencies, warning of renewed speculation and vowing to crack down on illegal activities involving stablecoins. The PBOC emphasized that virtual currencies lack legal status as tender and raised concerns that stablecoins pose risks for money laundering, fraud, and unauthorized cross-border transfers. Despite China’s bans, reports indicate that bitcoin mining is quietly resurging due to cheap electricity in some provinces.

AI-powered shopping tools drove a surge in U.S. online spending on Black Friday, with consumers spending a record $11.8 billion as they avoided crowded stores and used chatbots to find the best deals. Despite economic pressure from inflation, tariffs, and weak consumer confidence, e-commerce grew far faster than in-store sales, and AI agents influenced $14.2 billion in global Black Friday purchases. Higher prices and modest discounts, however, meant shoppers bought fewer items even as average selling prices rose.

The 6M Euribor is unchanged at 2.12% compared to previous business day. The 10Y Swap increased with 2 basis points to 2.75% 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.