The measures that many European countries are taking to control the second wave of the coronavirus cause a lot of additional economic uncertainty for companies and families. President Christine Lagarde of the European Central Bank (ECB) emphasized her concerns about the heavy toll that virus measures are taking on the services sector. According to Lagarde, this major impact could delay the recovery of the eurozone economy and increase inequality. “The recovery remains very uncertain, uneven and incomplete,” said Lagarde. “It is clear that both government support and monetary policy must be used for as long as necessary to keep the economy from falling off a cliff.”
The American credit rating agency Moody’s downgrades the creditworthiness of the United Kingdom due to the approaching Brexit and the corona crisis. In the Moody’s scale, the credit rating of the UK drops from Aa2 to Aa3. The country’s economic strength has declined since an August 2017 assessment, according to Moody’s.
Despite the corona pandemic, the Chinese economy grew strongly in the third quarter of the year. Gross domestic product rose by 4.9 percent in that period compared to a year ago, according to figures released in Beijing on Monday. GDP growth is higher than the 3.2 percent recorded in the second quarter. In the first quarter, the country’s economy declined by 6.8 percent.
The 6M Euribor decreased with 1 basis point to -0.50% compared to previous business day. The 10Y Swap decreased with 1 basis point to -0.30% 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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