Market Information Thursday 25 January 2024

Economic activity in the Eurozone showed a smaller contraction in January than in the previous month, according to preliminary data released on Wednesday. Although a decline was observed, the services sector index did not meet expectations with a score of 48.4, lower than the 48.8 in December. However, the purchasing managers index for manufacturing showed an unexpected rise from 44.4 to 46.6, while analysts had forecast a moderate improvement to just 44.8. This led to a slight increase in the composite index from 47.6 to 47.9, still just below the predicted 48.0.

In the United States, preliminary figures indicated recovery in the industrial sector and an acceleration in the service sector. The preliminary service sector index rose from 51.4 to 52.9, reaching the highest level in 7 months. The purchasing managers index for manufacturing improved from 47.9 to 50.3. Consequently, the composite purchasing managers index climbed from 50.9 in December to 52.3 this month.

A decrease in crude oil inventories by 9.2 million barrels was reported, which was a significantly higher decrease than the expected 1.4 million barrels decrease. Inventories stood at 420.7 million barrels at the end of last week. Gasoline inventories, however, rose by 4.9 million barrels, marking a greater increase than the forecasted 1.5 million barrels increase. Gasoline inventories stood at 253.0 million barrels at the end of last week.

The 6M Euribor increased with 1 basis point to 3.94% compared to previous business day. The 10Y Swap decreased with 2 basis points to 2.73% 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.