The Organization for Economic Cooperation and Development (OECD) expects the global economy to grow by 5.8% this year. This would be the largest increase in nearly 50 years. After the 3.5% contraction in 2020, the economy is showing strong signs of recovery in 2021. The OECD’s optimism can be explained by the pace at which corona vaccinations are being distributed and the stimulus packages put in place by the U.S. government.
The OPEC has revised its forecast on the difference between oil supply and demand. OPEC forecasts that in the remaining part of this year the demand for oil will outpace the supply by an average of 1.4 million barrels per day. Earlier this year, a difference of 1.2 million barrels per day was taken into account. The demand forecast remained unchanged at 6 million barrels per day, but OPEC analysts estimate that production, primarily from competitors from OPEC, will continue to decline.
Preliminary figures from the German statistics office Destatis show that consumer prices in Germany continued to rise in May. On an annual basis, May had an increase of 2.5% while April showed an annual inflation rate of 2.0%. Economists had estimated that the inflation in May to be slightly lower at 2.4%. On a monthly basis, May saw an increase in consumer prices increased 0.5%, while economists had assumed inflation of 0.3%.
The 6M Euribor is unchanged at -0.51% compared to previous business day. The 10Y Swap is unchanged at 0.12% 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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