Market Information Thursday 24 September 2026

The European Central Bank (ECB) is paying increasing attention to oil prices when assessing monetary policy, although they remain only one of several factors influencing rate decisions. With energy prices rising and markets expecting further tightening, policymakers stressed that interest rates do not move automatically with oil prices. The ECB’s key rate stands at 2.5%, and the central bank remains open to moving into mildly restrictive territory if energy-driven inflation pressures intensify, while continuing its meeting-by-meeting approach.

Investors in the corporate bond market are becoming more selective toward artificial intelligence (AI)-related issuers despite generally strong credit quality. Rapidly rising borrowing needs to fund data centres, chips and AI infrastructure are expected to drive hyperscaler debt issuance to a record $420 billion in 2027. As a result, AI-related bonds trade at wider spreads and require greater pricing concessions, while demand remains strong for non-AI corporate borrowers. Investors cite supply concerns, concentration limits and uncertainty around future returns rather than default risk.

China’s central bank announced it may inject up to 1 trillion yuan ($149 billion) per day through overnight reverse repurchase operations between September 28 and October 8 to meet short-term liquidity needs ahead of the Golden Week holiday period. Liquidity demand typically rises before major holidays, while China’s interbank bond market will be closed during the Mid-Autumn Festival and National Day holidays. The central bank did not disclose the timing or borrowing cost of the operations.

The 6M Euribor increased with 1 basis point to 3.00% compared to previous business day. The 10Y Swap increased with 12 basis points to 3.62% 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.