Market Information Tuesday 1 December 2020

The summit of the OPEC oil cartel and some of its partners, such as Russia and the United Arab Emirates, has been postponed for two days. No agreement has yet been made on changes in oil production. This year, the oil countries had put restrictions on oil production in order to help the price of oil after demand fell substantially as a result of the corona crisis. The Emirates intend to impose conditions on further production cuts that are almost impossible to achieve. After all, the Emirates have invested heavily in expanding production capacity and want to make full use of it. In the summer, the country started to produce more oil than was allowed under the quota.

The value of the digital currency Bitcoin reached a new record high on Monday. The currency gained more than 7% in value on Monday, passing the previous highest level reached in December 2017. One Bitcoin is now worth USD 19,577, which is USD 66 more than three years ago. After its peak in 2017, the value of the Bitcoin fell dramatically. By mid-2018, the crypto currency was worth approximately USD 4 000.

Inflation in Germany reached below zero again in November 2020. The German Federal Statistical Office reported that, based on a preliminary figure, inflation is -0.3% on a yearly basis this month. Last month inflation was -0.2%. Based on the European harmonised measurement method, German inflation was -0.7% year-on-year in November 2020.

The 6M Euribor is unchanged at -0.51% compared to previous business day. The 10Y Swap increased with 1 basis point to -0.25% 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.