Market Information Wednesday 25 November 2020

The German economy grew 8.5 % in the third quarter. The German statistical office reports this based on final estimates. Preliminary calculations had previously reported a growth of 8.2 %. Higher consumer spending contributed to the growth being higher than previously calculated. In the second quarter, the German economy shrank by nearly 10 % due to the pressure of the first corona lockdown. The recovery in the third quarter was not so strong that the economy grew above the level of a year earlier. The gross domestic product (GDP) was 4 % less than in the third quarter of 2019.

Research institute Ifo has announced that German business leaders’ confidence in the economy has decreased. The index reached a level of 90.7 in November against 92.5 in October. It is the second month in a row that confidence decreases. Economists had anticipated a decrease to a level of 90.1. The sub-index for expectations for the next six months also decreased to a level of 91.5 from 94.7 a month earlier.

The Dow Jones index closed above 30,000 for the first time ever on Tuesday. The index gained 1.5 % to a level of 30,0046.24. The record follows news that US President Donald Trump will agree to a transfer of power to his successor Joe Biden. In addition, the expectations of the speedy arrival of vaccines against the corona virus created optimism. The S&P 500 won 1.6 % and also closed at a record high of 3,635.41. Tech exchange Nasdaq gained 1.3 % and ended at a level of 12,036.79.

The 6M Euribor is unchanged at -0.51% compared to previous business day. The 10Y Swap increased with 2 basis points to -0.23% 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.