Market Information Tuesday 12 September 2023

On Monday, the oil price experienced a slight decline. With a settlement at USD 87.29, a barrel of West Texas Intermediate declined 0.3%. Oil prices had risen by over 2 percent last week and by about 10% in the past two weeks, following Saudi Arabia’s announcement that it would extend a production cut of 1 million barrels per day until the end of the year, while Russia also extended its production cuts.

In August, Dutch inflation decreased to 3.0%, as indicated by the final figures released by Statistics Netherlands on Tuesday. Consumer prices had risen by 4.6% on an annual basis in July, whereas in June, this figure was still at 5.7%.

On Monday, the European Commission revised down its economic outlook for the Eurozone, primarily due to the anticipated contraction of the German economy. For this year, Brussels now anticipates a growth rate of 0.8%, whereas the expectation in May was for a growth rate of 1.1%. The forecasts for next year have been scaled back to 1.3%, compared to the Commission’s earlier projection of a 1.6% increase in the spring.

The 6M Euribor increased with 1 basis point to 3.95% compared to previous business day. The 10Y Swap increased with 3 basis points to 3.19% 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.