Market Information Thursday 4 December 2025

Business activity in the euro zone grew at its fastest pace in two and a half years as the composite PMI rose to 52.8 in November, led by services at 53.6. Manufacturing remained weak with new orders slipping, while job growth eased despite steady hiring in services. Input costs climbed at the fastest rate in eight months, but output price inflation cooled.

U.S. import prices were flat in September, as a 1.5% drop in fuel and a 3.0% fall in natural gas offset a 0.4% rise in consumer goods excluding vehicles. Year on year import prices rose 0.3%, the first increase since March, aided by a 5.6% weaker trade weighted dollar. Core prices excluding food and fuel rose 0.3%, as policy makers weigh the outlook for rate cuts.

Australia’s economy grew 2.1% year on year in the third quarter, below expectations but its strongest pace since Q3 2023, while quarterly growth reached 0.4%. Domestic demand remained firm with private investment at its highest since 2021, though net trade slightly dragged on output. Inflation at 3.8% has lifted bond yields to 4.65% and kept rate cuts off the table for now.

The 6M Euribor is unchanged at 2.12% compared to previous business day. The 10Y Swap decreased with 1 basis point to 2.78% 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.