The German budget deficit reached EUR 81 billion in the first six months of 2021, 4.7% of gross domestic product. The largest deficit since German reunification in 1990, except for 1995, according to the German statistical office in Wiesbaden.
The price of coal reached its highest level in 13 years, after an annual increase of 106%. Despite attempts by governments worldwide to put a stop to the use of this polluting raw material, the demand for coal remains high. In China in particular, there seems to be no end to the usage of coal. Miners in particular benefit from this, according to ING Bank.
A CO₂ import tax on products made outside Europe is contrary to the free trade agreements of the World Trade Organization (WTO). The EU wants to introduce this levy to achieve climate goals, but it could even lead to a trade war between the EU, the US and China, according to economist Steven Poelhekke, in an article published today in the ESB trade journal.
The 6M Euribor is unchanged at -0.53% compared to previous business day. The 10Y Swap is unchanged at -0.11% 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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