Market Information Tuesday 7 November 2023

Chinese exports fell more than expected. This was revealed this morning by Chinese government figures. On an annual basis, exports declined by 6.4% in dollar terms, while a decline of 3.5% had been expected. In September, export figures were also down 6.2%. Chinese imports did rise 3% year-on-year, where a 4.8% decline was expected. China’s trade surplus fell nearly $20 billion, from $77.71 billion to $56.53 billion.

Australia’s central bank raised interest rates by 25 basis points. This was reflected in the Reserve Bank of Australia’s interest rate decision earlier today. This brought the key interest rate to 4.35%. Australia’s policy interest rate has been raised by 4 percentage points since May 2022. In a statement, the bank indicated that Australia has peaked, but inflation is still too high. The Australian dollar exchange rate recorded 0.6436 U.S. dollars, down 0.8%.

South Korea’s stock market experienced its biggest one-day rise since March 2020 yesterday. The surge is caused by the announcement of the stock market regulator Financial Services Commission (FSC) that short-selling will be banned until mid-2024. The measure was introduced to restore confidence in equity markets. As a result, the Kospi, the country’s main stock index, rose 5.7%.

The 6M Euribor decreased with 1 basis point to 4.06% compared to previous business day. The 10Y Swap increased with 8 basis points to 3.23% 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.