The United States and other major countries are starting to deploy oil reserves with the intent to suppress high fuel prices and thus bring inflation down. Countries such as China, India, Japan, South Korea, and the United Kingdom will follow the US in these plans. The US is releasing 50 million barrels of oil from its strategic reserves. The White House said it would take further action if necessary. It is the first time in ten years that countries are deploying their strategic oil reserves.
Business confidence in Germany has decreased. The Ifo index which measures the business climate in Germany fell in October. This was shown by figures from the Ifo research institute on Wednesday. In November, the composite index for the German business environment fell to 96.4. Economists expected a reading of 96.4. In October, the index was still at a level of 97.7.
In New Zealand, the central bank has raised interest rates by 25 basis points to 0.75 percent and is sticking to the curtailment of monetary stimulus. This was reported by the Reserve Bank of New Zealand on Wednesday. The bank indicates that economic activities will continue to increase based on the monetary and fiscal stimulus measures and easing corona restrictions. The bank expects that more stimulus measures will be scaled down in the coming period, due to expectations for inflation and the labour market in the medium term.
The 6M Euribor is unchanged at -0.53% compared to previous business day. The 10Y Swap increased with 7 basis points to 0.22% 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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