Market Information Thursday 9 November 2023

In October 2023, the inflation rate in Germany, measured as the year-on-year change in the consumer price index (CPI), stood at 3.8%. In September 2023, the inflation rate was 4.5%. The inflation rate continued to decrease and reached its lowest level since August 2021 (also 3.8%). The Federal Statistical Office (Destatis) also reported that consumer prices remained unchanged from September 2023 in October 2023.

The interest rate on the most common U.S. residential mortgage type fell significantly last week, marking the largest drop in almost 16 months. The Mortgage Bankers Association reported that the average rate for a 30-year fixed-rate mortgage decreased by a quarter percentage point to 7.61% in the week ending November 3, the lowest in about a month. This was the most substantial weekly decline since late July 2022. The drop in rates was influenced by the U.S. Treasury’s issuance update, a dovish tone from the Federal Reserve in their November FOMC statement, and signs of a slower job market.

In September, U.S. wholesale inventories showed an upward trend, with a monthly increase of 0.2% following a previous drop of 0.1% in August. However, on an annual basis, inventories displayed a decrease of 1.2%. At the same time, wholesale sales in September exhibited a monthly rise of 2.2% and grew by 0.9% on a yearly basis.

The 6M Euribor is unchanged at 4.07% compared to previous business day. The 10Y Swap decreased with 5 basis points to 3.11% 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.