Market Information Thursday 24 November 2022

The number of Americans filing new applications for unemployment benefits rose to the highest level in three months last week due to increasing layoffs in the technology sector. Applications for unemployment benefits rose 17,000 last week to a seasonally adjusted 240,000. In addition, the previous week’s figures were revised upward by 1,000. Economists say applications would have to exceed 270,000 to raise concerns about the labor market.

China will cut banks’ reserve requirements in a timely manner, in addition to using other monetary policy tools, to keep liquidity sufficiently high, state media said Wednesday at a cabinet meeting. Hit by COVID-19 restrictions and a sharp drop in the property market, China’s economy is struggling to get back on track, even after a spate of policy measures this year to boost domestic demand.

ECB Vice President Luis de Guindos said the European Central Bank will continue to raise interest rates until inflation is brought down to the medium-term target of 2%, even as the euro zone economy heads toward recession. De Guindos did not elaborate on the size of the possible next interest rate hike in December, but said it would depend on the upcoming ECB forecasts and inflation data in November.

The 6M Euribor increased with 1 basis point to 2.34% compared to previous business day. The 10Y Swap decreased with 5 basis points to 2.65% 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.