Market Information Tuesday 10 November 2020

The economic recovery in the countries that are part of the Organisation for Economic Cooperation and Development (OECD) slowed down in October. This movement had already started before governments in various countries announced new lockdown measures. Growth in the United States, Japan, Canada, Germany and Italy, among others, slowed down, as well as in India and Brazil. In France and Russia, on the other hand, the indicators signaled a stabilization of growth. According to the OECD, there was a downward trend in the United Kingdom. China was the only country where substantial growth was clearly visible.

Positive news regarding the effectiveness of pharmaceutical company Pfizer’s new corona vaccine led to a rise in the stock markets. Particularly shares of companies which are very sensitive to the corona crisis gained considerable stock market value. The Amsterdam AEX index closed at plus 3.7% at 593.93 points. The stock exchanges in London, Frankfurt and Paris won 4.7%, 4.9% and 7.6% respectively. In New York, the Dow Jones and S&P 500 closed respectively 3.0% and 1.2% higher. Tech companies that have recently benefited from working from home have actually suffered a decline, and tech-grader Nasdaq has lost 1.5% as a result.

Germany exported 2.3% more in September than a month earlier, according to the German Federal Statistical Office. This increase is higher than the 2% increase expected by economists. Exports of Europe’s largest economy have been recovering since June after the significant drop in March and April. However, the pace of recovery was slower in September than in August, when exports increased by a revised 2.9%.

The 6M Euribor is unchanged at -0.51% compared to previous business day. The 10Y Swap increased with 7 basis points to -0.19% 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.