The World Trade Organization (WTO) will not be able to function properly as of today. In the last two years, the United States have blocked the elections of new judges for the highest council within the WTO. The term of two of the three remaining members is ending today, which results in a shutdown of the Appellate Body. The council is required to exist of at least three and at most seven members in order to make a verdict. This council makes the final decision on trade conflicts under the supervision of the WTO.
The Chinese National Bureau of Statistics reported that inflation in China in November amounted to the highest level in the last seven years, namely 4.5% on an annual basis. The inflation is mainly caused by the high increase in pork prices, which in turn is caused by the African swine fever epidemic in the country. In October the inflation amounted to 3.8%.
The German export have increased considerably in October, while economists were expecting a small decrease. According to the German Federal Statistical Office the export increased in October with 1.2% to an amount of EUR 119.5 billion in comparison to the previous month. Economists were expecting a decrease of 0.3%. In September the export increased by 1.5%.
The 6M Euribor increased with 1 basis point to -0.33% compared to previous business day. The 10Y Swap decreased with 1 basis point to 0.10% 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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