Market Information Monday 6 February 2023

Employment in the United States recovered stronger than expected in January. This was revealed in the official US jobs report on Friday. Last month there was a job increase of 517,000, while the market had expected an increase of 187,000 jobs. The vacancy rate was 3.4 percent in January. That was 3.5 percent in December. Economists expect an increase to 3.6 percent for January.

The European Union has reached an agreement on a price cap for high-quality Russian petroleum products, reports the Wall Street Journal. It concerns a ceiling of USD 100 for Russian diesel and USD 45 for low-value products such as fuel oil. Since the end of last year, a price cap of USD 60 has been in place for Russian crude oil. The agreement prohibits Western companies from trading Russian oil products unless they are sold below the set prices.

There are early indicators that traders in Europe are gearing up for a period of bond scarcity that risks blunting the impact of monetary tightening in the region. The concern is that the European Central Bank (ECB) will not extend a waiver on a 0% remuneration cap for government deposits that expires on the 30^th of April. The ECB has not given any signs on whether it intends to prolong the waiver.

The 6M Euribor increased with 2 basis points to 3.03% compared to previous business day. The 10Y Swap increased with 11 basis points to 2.76% 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.