Market Information Monday 24 November 2025

Moody’s upgraded Italy’s sovereign rating from Baa3 to Baa2, the first upgrade in 23 years, citing stronger political stability, steady fiscal performance, and progress on the National Recovery and Resilience Plan. Italy is on track to reduce its deficit below 3% of GDP in 2025, potentially ending the EU’s excessive-deficit procedure by mid-2026. Moody’s expects Italy’s high debt to start declining gradually from 2027, and revised the outlook to stable.

Treasury Secretary Scott Bessent said the 43-day U.S. government shutdown caused $11 billion in permanent economic damage but remained optimistic about strong, low-inflation growth in 2026 thanks to lower rates, tax cuts, and easing energy prices. He rejected tariffs as the main source of inflation and said new tax policies and trade deals should support consumers and industry.

Despite a U.S. boycott, the G20 countries adopted a joint declaration in Johannesburg, reaffirming the Paris Climate Agreement and calling for peace in conflict zones and fairer treatment of developing nations. The statement highlights Africa’s growing geopolitical importance, especially its critical minerals. The U.S. reacted angrily, accusing South Africa of undermining G20 principles.

The 6M Euribor decreased with 2 basis points to 2.13% compared to previous business day. The 10Y Swap decreased with 1 basis point 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.