Market Insights

Market Information Tuesday 12 March 2024

Crude oil prices closed slightly lower on Monday due to ongoing concerns about demand from China. The price of a barrel of WTI fell 2.5% on a weekly basis, while Brent lost 1.1%. Analysts partly attribute the stability in prices to production cuts by OPEC+ members. Despite the recent agreement to extend voluntary production cuts into the second quarter, scepticism remains about the ability of OPEC and its allies to adhere to these cuts.

Bitcoin surged to a record high above $72,000 on Monday, continuing its strong performance. Stimulated by the introduction of new spot bitcoin exchange-traded funds and hopes of a Federal Reserve interest rate cut, the cryptocurrency’s remarkable strength underscores the increasing confidence and demand in the market. Analysts remain optimistic about Bitcoin’s outlook, despite occasional fluctuations, as it continues to attract investors seeking alternative assets in the face of global economic uncertainty.

U.S. stocks closed mixed on Monday as investors awaited crucial inflation data ahead of the Federal Reserve’s policy meeting. The Consumer Price Index report which will published today holds significance, particularly after Chair Jerome Powell indicated the Fed’s desire for more confidence in inflation cooling before adjusting borrowing costs. The market is now bracing for this key data, as it could significantly influence the Fed’s policy decisions and subsequent market movements in the coming days.

The 6M Euribor decreased with 1 basis point to 3.90% compared to previous business day. The 10Y Swap increased with 2 basis points to 2.58% 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.

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