Market Information Monday 24 February 2025

Oil prices trimmed their weekly gains as a strengthening dollar reduced the appeal of commodities, with Brent falling below $76 per barrel. However, supply concerns persist, as OPEC+ is expected to delay a production hike, a drone attack threatens Kazakh pipeline flows, and uncertainty remains over the resumption of Iraqi Kurdistan’s exports. Despite these factors oil prices increased 1.4% this week.

Gold prices are on track for an eighth consecutive weekly gain, driven by strong haven demand amid geopolitical and trade tensions, even though gold prices dipped slightly to about $2,926 an ounce on Friday. Investors have bolstered their positions, with record ETF holdings signaling robust buying. Concerns over potential shifts in US policy toward Ukraine, compounded by Trump’s upcoming meeting with Putin, continue to add to the market’s uncertainty.

Mexico’s economy contracted by 0.6% in Q4 2024, marking its worst quarterly decline since 2021, as domestic demand and private investment weakened amid trade tensions with the U.S. The agriculture sector shrank sharply due to drought, while industrial output also declined, contributing to a broader economic slowdown. With looming policy uncertainties and potential U.S. tariffs, growth is expected to remain sluggish in 2025, prompting expectations of further interest rate cuts by Mexico’s central bank.

The 6M Euribor decreased with 1 basis point to 2.46% compared to previous business day. The 10Y Swap decreased with 5 basis points to 2.41% 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.