Market Information Wednesday 5 November 2025

Montenegro and Albania are progressing rapidly toward EU membership, as noted in the European Commission’s November 4 report. Both are advancing reforms in democracy and rule of law, with Montenegro in the lead. Moldova and Ukraine are also making strides despite war and Russian interference, though Ukraine must further improve its judiciary and anti-corruption efforts. In contrast, Serbia, Georgia, and Turkey are stagnating due to political instability. The EU itself must reform internally to stay functional as it expands.

Yesterday, EU climate ministers met in Brussels to discuss Commissioner Hoekstra’s proposal to cut emissions by 90% by 2040. While the target is broadly supported, France, Poland, and Italy called for more flexibility and earlier use of carbon credits. The debate is key for the upcoming UN climate summit in Brazil, where the EU must present a 2035 target requiring unanimous approval – unlike the 2040 goal, which only needs a majority.

Gold prices fell over 1% as the U.S. dollar hit a three-month high, making gold more expensive for non-dollar holders. Spot gold dropped to $3,940.75, while December futures settled at $3,960.50. The decline reflects reduced expectations of a Fed rate cut in December, now seen at 71% versus over 90% last week. Investors are watching non-official data like the ADP jobs report due today, amid a U.S. government shutdown. Gold, up 53% this year, has fallen 9% since its October peak. Silver, platinum, and palladium also declined.

The 6M Euribor is unchanged at 2.14% compared to previous business day. The 10Y Swap decreased with 1 basis point to 2.66% 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.