Market Information Monday 30 November 2020

The OPEC countries and allies (OPEC +) are meeting this week to discuss a possible postponement of the planned increase in oil production in January. Initially, the aim was to increase production of nearly 2 million barrels of oil per day. Earlier this year, the countries have cut production significantly to support oil prices that were hit hard by the corona crisis. On Sunday, a small group of oil cartel members discussed informally whether to extend restrictions on oil production. In yesterday’s meeting, most participants indicated that they want to maintain production restrictions during the first quarter of 2021.

Business and consumer confidence in the eurozone economy fell in November according to the European Commission reports based on its confidence index. The indicator fell to a level of 87.6 points. It is the first drop since May, when the partial recovery in economic confidence began. The committee says that a deterioration was seen especially in the services sector, retail trade and among consumers, and to a much lesser extent in industry and construction.

India’s economy, Asia’s third largest, has entered a deep recession due to the coronavirus and the aftermath of the strict lockdown measures earlier this year. In the third quarter, the economy contracted by 7.5 percent year-on-year, after a decline of nearly 24 percent in the second quarter. With two quarters of contraction in a row, there is a technical recession. India is showing the greatest contraction of the world’s major emerging economies.

The 6M Euribor is unchanged at -0.51% compared to previous business day. The 10Y Swap decreased with 1 basis point to -0.26% 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.