Market Information Monday 27 November 2023

According to final figures from the German statistical office Destatis, the German economy contracted by 0.1% on a quarterly basis in the third quarter. The contraction followed an increase of 0.1% in the second quarter, after a flat period in the first quarter. On an annual basis, after adjustments for calendar effects and inflation, the economy showed a decline of 0.4%, revised from an earlier estimate of 0.3%.

The Ifo index for the German business climate rose in November, albeit not as strongly as anticipated. Data from the German research institute Ifo showed the composite index for the business climate increased from 86.9 in October to 87.3 last month, while economists had expected it to reach 87.5. The sub-index for current conditions rose from 89.2 to 89.4, whereas the sub-index for future expectations increased to 85.2, compared to 84.8 a month earlier.

According to preliminary figures from S&P Global, the U.S. industry showed a slight decline in November, with a purchasing managers’ index of 49.4, the lowest level in three months. Conversely, the service sector increased, with an index of 50.8, the highest level in four months. The composite purchasing managers’ index remained stable at 50.7, matching October. S&P Global emphasized concerns about global demand and high interest rates, despite the growth in the service sector.

The 6M Euribor is unchanged at 4.06% compared to previous business day. The 10Y Swap increased with 2 basis points to 3.12% 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.