China will conduct five-year tests in some regions with the aim of levying real estate taxes. Chinese President Xi Jinping considers to impose real estate taxes to reduce the speculations in the housing market, the rising house prices, and the financial burden of families. This should ensure a more equal distribution of wealth among China’s population. The real estate tax testing program passed on Saturday will run for five years, according to Xinhua, starting from the day the details of how the tests will be conducted are released.
Saudi Arabia aims to be carbon neutral by 2060, as announced on Saturday. Saudi Arabia plans to reduce CO2 emissions by more than 270 million tons per year and aims to use 50 percent renewable energy sources. An investment of more than 186 billion dollars is required. Saudi Arabia’s climate target is more realistic than the International Energy Agency’s proposal stating that countries should be climate neutral by 2050. China and Russia will not be carbon neutral until 2060.
The oil price closed higher on Friday after the price slipped from on Thursday. Due to a fall in natural gas prices, the oil price came under pressure on Thursday. The US stock data shows that the storage of natural gas has suddenly risen sharply. Friday’s increase is related to rising natural gas prices. Rising natural gas prices have led to increased demand for crude oil, especially in China and other Asian countries, as many companies move from gas and coal-fired power generators to oil.
The 6M Euribor is unchanged at -0.53% compared to previous business day. The 10Y Swap is unchanged at 0.28% 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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