The number of unemployed in Germany turned out lower than expected in December. On a monthly basis unemployed decreased with 37,000 to almost 2.8 million. Economists had anticipated a slight increase in the number of unemployed. The German unemployment rate remained stable in December at 6.1 % of the labor force.
The world economy could grow by 4 % in 2021, after a contraction of 4.3 % in 2020 according to the World Bank. The institute emphasizes the risks of further rising of corona infections and delays in the roll-out of vaccines. In that scenario, the growth of the global economy would be limited to 1.6 % this year. In the scenario that the pandemic is under control quickly, growth could reach nearly 5 %, the World Bank reports.
Saudi Arabia will voluntarily cut its oil production by 1 million barrels per day in February and March to support the oil market during the corona crisis. Allies Russia and Kazakhstan are allowed to increase their production. The agreement provides Russia the desired extra oil production and Saudi Arabia the intended price stability. The deal was reached after two days of negotiations and caused oil prices to rise on Tuesday. The production of other OPEC + countries remains virtually unchanged.
The 6M Euribor is unchanged at -0.53% compared to previous business day. The 10Y Swap increased with 2 basis points to -0.27% 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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