Market Information Monday 6 November 2023

The Chinese services sector saw stronger growth in October compared to September, with a purchasing managers’ index of 50.4, versus 50.2 in September. Despite this growth, the overall economy made little progress as the purchasing managers’ index for the industry declined from 50.6 in September to 49.5 in October. Consequently, the composite index dropped from 50.9 to 50.0. Caixin warns that while the recovery of the Chinese economy is visible, it lacks a solid foundation. An index above 50 indicates growth, while an index below 50 signifies contraction.

In September, German exports declined more than anticipated, with a decrease of 2.4% on a monthly basis, while economists had expected a drop of 2.0%, according to Destatis data. Simultaneously, imports also significantly decreased by 1.7%, whereas a decline of 1.3% was anticipated. On an annual basis, exports showed a decrease of 7.5%, while imports dropped by 16.6%. Germany’s adjusted trade balance amounted to 16.5 billion euros, which is 1.3 billion euros higher than economists’ expectations of 15.2 billion euros.

In September, Eurostat reported a slight increase in unemployment in the Eurozone. The unemployment rate rose from 6.4% in August to 6.5% in September. Compared to September 2022 when the unemployment rate stood at 6.0%, there has been an increase.

The 6M Euribor decreased with 1 basis point to 4.07% compared to previous business day. The 10Y Swap decreased with 8 basis points to 3.15% 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.