Housing construction in the United States increased further in October. According to the US government, the number of homes under construction increased by 4.9% last month, compared to a month earlier. In September construction increased with 6.3%.
Global trade in goods continued to grow in September. According to the Organization for Economic Co-operation and Development (OECD), trade volumes are still approximately 10.0% lower than a year earlier due to the corona crisis. Services trade also increased in most major economies in September, especially Japan and China. On November 23, the OECD will publish the figures on world trade in the third quarter.
Prior to the corona virus, world debt levels were already substantial. Credit supply increased enormously due to the consequences of the virus. The indebtedness will have reached USD 277,000 billion by the end of the year, equivalent to EUR 233,000 billion, according to the Institute of International Finance (IIF). Debt equates to 3.65 times world GDP. At the end of last year this ratio was 3.22. Chief economist Gita Gopinath of the International Monetary Fund argues that policymakers have no choice. They must stimulate government spending.
The 6M Euribor is unchanged at -0.51% compared to previous business day. The 10Y Swap is unchanged at -0.23% 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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