Oil cartel OPEC and some allies such as Russia have decided to slightly increase oil production in January. Starting January 2021, an additional 500,000 barrels will be pumped daily, despite the fact that demand for oil is still under pressure. After the oil market collapsed in March, OPEC and Russia (OPEC+) agreed to cut oil production by 9.7 million barrels per day. In recent months, this reduction has gradually been relaxed to a production of 7.7 million barrels per day less than agreed before.
Eurozone services activity decreased sharply in November due to the second wave of corona in Europe. Market researcher Markit reported the decline based on the purchasing managers index that reflects activity in the services sector. Industries such as retail, hospitality and aviation were hit hardest by the second wave. The index for the euro countries came to a final level of 41.7, according to Markit. A level of 50 or more indicates growth, below that a contraction of activity.
The economic activity in the services sector in China increased strongly in November, the Chinese economy showing further signs of recovery from the corona crisis. According to market researchers Caixin and Markit, the purchasing managers index for the Chinese services sector increased to 57.8 in November from 56.8 in October.
The 6M Euribor is unchanged at -0.51% compared to previous business day. The 10Y Swap decreased with 1 basis point to -0.24% 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.
Managed by Sluijmer Multimedia and hosted by True.