The British economy is expected to shrink by 11.3% this year due to the corona crisis, according to the British Treasury Secretary. This would be the UK’s biggest contraction in more than three centuries. Looking to the future, it is predicted that unemployment will peak at 7.5% in the second quarter of 2021, which equates to 2.6 million unemployed people. In order to withstand the crisis, the British government plans to borrow EUR 422 billion this fiscal year.
Worldwide, 2.1% more goods were traded in September than in the previous month. This is less strong growth compared to July and August, which, according to the Central Planning Bureau (CPB), is weakening the recovery from the corona crisis. Emerging economies, such as China and Latin American countries, imported significantly more in September. In contrast, exports from these countries increased only slightly. In advanced economies, these developments are exactly the other way around.
On December 9, the European Commission will present legislative proposals for the digital sector. The Digital Services Act and the Digital Market Act must prepare Europe for the digital age. These Acts must ensure that European values such as democracy, freedom of expression and fair competition remain protected. Ultimately, this boils down to limiting the scope for action for big tech companies. It concerns, for example, how to deal with “illegal content”.
The 6M Euribor is unchanged at -0.51% compared to previous business day. The 10Y Swap decreased with 1 basis point to -0.24% 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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