Market Information Tuesday 17 October 2023

In August, the eurozone saw a year-on-year decline in exports, but imports decreased even more significantly, resulting in a shift from a trade deficit to a surplus, according to data from Eurostat, the European statistical office. Exports decreased by 3.9% year-on-year to €221.6 billion, while imports plummeted by 24.6% to €214.9 billion. As a result, the trade balance surplus in August amounted to €6.7 billion, in stark contrast to the €54.4 billion deficit recorded a year earlier.

On Monday, the Dutch government successfully raised €2.7 billion through the reopening of two short-term loans, as reported by the Ministry of Finance agency. The first reopened loan matures on January 30, 2024, offering a yield of 3.74%, while the second reopened loan matures on March 27, 2024, with a yield of 3.77%. The total outstanding amount for these loans is €6.18 billion and €2.45 billion, respectively. Prior to the auction, the target range for both loans was set between €1.0 billion and €2.0 billion. Ultimately, €3.32 billion for the first reopened loan and €3.23 billion for the second loan was issued.

The oil price dropped on Monday with 1.2% at  $86.66 a barrel of West Texas Intermediate, following the largest one-day increase in six months recorded just last Friday. In addition to escalating tensions in the Middle East, oil markets are concerned about the limited availability of oil. On Friday, the United States announced that it is tightening sanctions on the export of Russian oil.

The 6M Euribor is unchanged at 4.12% compared to previous business day. The 10Y Swap increased with 5 basis points to 3.36% 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.