Market Information Wednesday 4 December 2024

The economic turmoil in South Korea, where President Yoon Suk-yeol temporarily declared a state of emergency, prompted a more cautious stance among Wall Street investors on Tuesday. Following a strong rally that had previously pushed U.S. stocks to new highs, the S&P 500 showed minimal movement with a slight gain of 0.04%, while the Nasdaq and Dow Jones fell by 0.8% and 0.17%, respectively. Traders are warning of potential market overheating as the initial optimism that propelled U.S. stocks to record levels now seems to be diminishing.

This afternoon, the French parliament will debate the votes of no confidence submitted by leftist and extreme-right parties against Barnier’s budget plans. The political turmoil in France is causing persistent unrest in the financial markets. This is particularly evident in the difference in interest rates between France and Germany, which has increased significantly since the election announcement.

Australia’s economy grew at its slowest annual rate since the pandemic in the third quarter, with government spending driving the growth while consumer activity remained subdued. Data from the Australian Bureau of Statistics (ABS) today showed a 0.3% rise in GDP for the quarter, below expectations, and annual growth slowed to 0.8% from 1.0%. In response, the Australian dollar decreased by 0.7% and expectations increased for an interest rate cut in the coming months.

The 6M Euribor decreased with 2 basis points to 2.68% compared to previous business day. The 10Y Swap decreased with 1 basis point to 2.09% 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.