The European Commission reports that economic confidence within the Eurozone has slightly increased in November. The confidence index rose from 100.8 in October to 101.3 in November. Economists forecasted a level of 101.0. An index above 100 indicates confidence in the economy and an index below 100 shows distrust in the economy. Consumers and retailers were more confident in the economy. In the construction sector the confidence in the economy decreased.
OPEC countries convene next week to discuss production limitations as the current production restrictions will expire in March 2020. Supply and demand data suggest that the production restrictions are needed to balance the oil market in 2020. Demand for oil is declining as a result of lower worldwide economic growth and ongoing trade tensions between the United States and China.
Statistics Netherlands stated that Dutch industry output prices were 1.6% lower in October compared to the same month one year earlier. This decrease is larger than the decrease in September, when output prices were 0.7% lower compared to a year earlier. Developments in output prices are closely related to price developments in crude oil.
The 6M Euribor is unchanged at -0.34% compared to previous business day. The 10Y Swap increased with 1 basis point to 0.05% 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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