Market Information 2 September 2024

OPEC+ will gradually increase oil production starting in October, despite concerns about declining demand, particularly in China. Production disruptions in Libya and voluntary production cuts by some members are tightening supply, offsetting the impact of lower demand. Eight OPEC+ members will increase their production by 180,000 barrels per day, while other restrictions will remain in place until the end of 2025. Following this news, oil prices dropped by about 2%.

Producer prices in the Dutch industry rose by 0.9% year-on-year in July, following a 0.7% increase in June. However, on a monthly basis, prices fell by 0.3%. The price of North Sea Brent oil, which influences industrial prices, was over 7% higher in July than a year earlier. As a result, products from the petroleum industry were 4.0% more expensive, and prices in the chemical industry increased by 1.6%.

U.S. core inflation remained stable at 2.6% in July, while a slight increase to 2.7% was expected. General inflation also remained unchanged at 2.5%. Both the core PCE and the general price index rose by 0.2% on a monthly basis, in line with expectations. Incomes increased by 0.3%, slightly more than expected, and consumer spending rose by 0.5%, matching predictions.
The 6M Euribor decreased with 1 basis point to 3.38% compared to previous business day. The 10Y Swap increased with 2 basis points to 2.54% 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.