Market Information Thursday 1 August 2024

Inflation in the Eurozone increased slightly in July, while core inflation remained stable. This was revealed Wednesday from preliminary figures by Eurostat. Consumer prices increased by 2.6% last month, whereas inflation in June was 2.5%. In May, inflation was also 2.6%. Core inflation, a key indicator for the ECB, was again 2.9% in July. This marks the third consecutive month at this level.

The outlook for the Dutch economy remained negative in July, similar to the outlook in June. This was reported by the Dutch Central Bureau of Statistics (CBS) on Wednesday. According to CBS’s economic indicator, 10 of the 13 indicators performed worse than the long-term trend last month. Consumers and producers were slightly more negative in July than in June. Both consumer and producer confidence were below the average of the past twenty years.

Crude oil inventories in the United States further decreased last week. This was revealed Wednesday from figures by the U.S. Energy Information Administration (EIA). In the week of July 26, crude oil inventories decreased by 3.4 million barrels to 433.0 million barrels. Analysts had expected a decline of 0.2 million barrels. Gasoline inventories also dropped significantly by 3.7 million barrels to 223.8 million barrels, where a decline of 1.3 million barrels was anticipated. Inventories of heating oil and diesel increased by 1.5 million barrels to 126.8 million barrels, against an expected decline of 0.4 million barrels. Refinery capacity utilization fell from 91.6% to 90.1%, with expectations set at 92.2%.

The 6M Euribor is unchanged at 3.59% compared to previous business day. The 10Y Swap decreased with 3 basis points to 2.59% 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.