Market Insights

Market Information Tuesday 25 June 2024

Oil prices rose on Monday due to increasing geopolitical tensions and expected higher fuel demand in the summer. A barrel of West Texas Intermediate increased 0.7 percent to $82.17 on Monday. The price for a barrel of Brent rose by 0.9 percent to $86.01. “Traders and investors cannot ignore the possibility of an Israeli invasion of Lebanon,” energy expert Anas Alhajji told MarketWatch. Additionally, global power outages may worsen in August, potentially leading to a sudden increase in power generation and demand for petroleum products.

Inflation in Mexico rose more than expected in early June, likely leading to a second consecutive pause by Banco de Mexico at Thursday’s rate meeting. Consumer prices increased 4.78% in the first half of the month, surpassing the 4.73% median estimate and the previous 4.59% rise. Core inflation, which excludes food and fuel, rose to 4.17% from 4.11%, slightly below the 4.18% estimate. The central bank targets 3% inflation, plus or minus one percentage point. Analysts expect inflation to reach 4.27% by the end of 2024 and 3.8% by the end of 2025.

Bank of Canada Governor Tiff Macklem said the economy is heading for a soft landing, expecting a slight rise in the unemployment rate to meet the inflation target. He mentioned that the current unemployment rate of 6.2% is just above pre-pandemic levels, nearing maximum sustainable employment. In June, the Bank of Canada was the first G7 central bank to cut interest rates, reducing its policy rate to 4.75%. The next rate decision is on July 24.

The 6M Euribor is unchanged at 3.69% compared to previous business day. The 10Y Swap is unchanged at 2.76% 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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