Yesterday, Turkey’s central bank left the policy rate unchanged at 9.0%, as had been announced. In November the central bank cut interest rates by 150 basis points from 10.5% to 9.0%. However, the central bank also announced that this would be the last cut in a cycle of cuts for the time being. Turkey’s central bank targets a medium-term inflation rate of 5%. Currently, however, inflation is around 84%.
Global steel production fell in November, compared to unchanged production in October. This was revealed on Thursday by the industry body World Steel Association. In total, the 64 steel-producing countries manufactured 139.1 million tonnes of steel last month, down 2.6% year-on-year. In China, by far the largest steel manufacturer worldwide, production actually rose sharply by 7.4%. This increase was no match for other major producing countries, such as the United States and Russia, where production fell year-on-year in November.
The Swedish economy will enter a deeper, more long-lasting recession next year than previously forecast as soaring energy prices drive up inflation, hitting households and businesses, the country’s finance ministry said on Thursday. Sweden’s gross domestic product is now expected to contract by 0.7% in 2023, compared to a November forecast for a 0.4% decline, while headline inflation is predicted at 6% next year, up from 5.2% seen earlier. The country’s central bank has hiked interest rates four times this year to 2.50% to combat the spiraling inflation.
The 6M Euribor increased with 2 basis points to 2.65% compared to previous business day. The 10Y Swap increased with 5 basis points to 3.03% 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.
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