Market Information Monday 14 August 2023

French consumer prices increased at a slower pace in July 2023. This was revealed on Friday by the final figures from the French statistical office. Prices increased by 4.3% on a yearly basis, in line with preliminary figures that were already announced at the end of July. In June, the inflation rate was 4.5%.

The UK economy reported a small growth in the second quarter of this year. This was revealed on Friday by the Office for National Statistics. On a quarterly basis, the UK’s gross domestic product (GDP) increased by 0.2%, following a growth of 0.1% in the previous quarter. The growth in the past quarter is a positive surprise versus market expectations.

The supply of oil is expected to be higher next year than previously anticipated, while demand is projected to be lower. This was revealed in the monthly report from the International Energy Agency on Friday. For 2024, the supply is estimated to reach 103 million barrels of oil per day, an increase of 1.5 million barrels compared to 2023 and 300,000 barrels more than the IEA had previously forecasted. This year, the supply is expected to be 101.5 million barrels per day, a record, according to the agency.

The 6M Euribor increased with 1 basis point to 3.94% compared to previous business day. The 10Y Swap increased with 10 basis points to 3.22% compared to previous business day.