Market Information Friday 3 December 2021

Against expectations, OPEC+ decided to increase its daily oil production by 400,000 barrels in January. Due in part to the new corona mutation, the Omicron strain, a decrease in production was anticipated. Analysts expect that the increase in production, will result in oversupply and that this would cause the oil price to fall. OPEC+ thus seems to be meeting the demands of major oil users such as China and the United States.

Between November 20 and 27, 222,000 initial jobless claims were filed in the United States. The number of new applications rose by 28,000 from a week earlier. However, the increase was not as strong as economists had predicted, as they were expecting an increase to 240,000. The four-week moving average fell to 238,750.

In October this year, producer prices in the Eurozone rose hard again. Eurostat figures show that prices rose on average by 21.9%. On a monthly basis, prices also increased sharply, by 5.4% compared to September. In September, the increase on a monthly basis was still 2.8%. Core inflation, excluding volatile energy prices, was significantly lower on a monthly basis in October at 0.8%

The 6M Euribor is unchanged at -0.54% compared to previous business day. The 10Y Swap is unchanged at 0.12% 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.