According to new forecasts by the IFO research institute, the German economy will rapidly decline and fall into recession early next year. German gross domestic product is expected to decline by about 0.2% in the fourth quarter of this year and by 0.4% in early 2023. For 2022 IFO expects the German economy to grow by 1.6%, which will be followed by a contraction in 2023. The main reason for this is the decline in private spending. Particularly due to the expensive energy, an inflation of 11% is expected at the beginning of next year.
Yesterday, the price for a barrel of WTI oil rose again to a price of USD 87.78. Last week, the price for a barrel of oil had fallen to its lowest level since January.
British unemployment has continued to fall in recent months, according to figures published by the UK’s ONS statistical office. In the period from May to July, the unemployment rate fell to 3.6%. This figure is 0.2% lower than a quarter earlier and even 0.4% lower than what the unemployment level was before the corona outbreak.
The 6M Euribor increased with 9 basis points to 1.44% compared to previous business day. The 10Y Swap decreased with 7 basis points to 2.46% 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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