Market Information Tuesday 4 November 2025

Euro zone manufacturing stagnated in October as the PMI held at 50.0, signalling no growth, with output inching up for an eighth month but new orders flat and export demand weakening. Employment fell for a twenty ninth consecutive month as firms cut costs amid subdued activity, while prices and input costs showed little movement. Growth in Greece and Spain contrasted with ongoing contraction in Germany and France, underscoring a fragile recovery across the bloc.

US manufacturing shrank for an eighth consecutive month in October, with the ISM index slipping to 48.7 from 49.1 as tariffs continued to weigh on new orders and supply chains. Only a few industries reported growth, while most cited weaker demand and production constraints. Economists warned the trade war’s disruptions and a slowing global backdrop are eroding factory activity despite government efforts to revive the sector.

The dollar climbed to a near three-month high as investors awaited key U.S. data to gauge the strength of the economy and the Federal Reserve’s next move. The euro slipped to $1.1527 and sterling to $1.3136, while the yen hovered near 154.15 per dollar as Japan’s wide interest rate gap with the U.S. kept pressure on its currency. Markets were subdued by thin Asian trading and uncertainty from the ongoing U.S. government shutdown.

The 6M Euribor increased with 1 basis point to 2.14% compared to previous business day. The 10Y Swap increased with 3 basis points to 2.67% 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.