Market Information Tuesday 28 October 2025

OPEC+ is reportedly set to lift December output targets by another 137,000 bpd, extending the series of modest monthly hikes eight members began in April. In total, those eight have restored >2.7 million bpd of the 5.85 million bpd they previously cut. The latest move follows prices rebounding above $66/bbl after new U.S. sanctions on Russia’s oil firms tightened sentiment.

Ahead of threatened 100% U.S. tariffs starting Nov 1, small importers supplying major retailers front-loaded spring 2026 goods. Ports reported record volumes as “front-loading” became standard practice during the recent tariff truce, while some firms shifted to draw from domestic warehouses to better pace shelf stock.

Companies eye Thursday’s meeting between Trump and Xi Jinping at South Korea’s APEC summit for clarity on trade and tech restrictions: China accounted for >3.5% of U.S. pharma imports in 2024 and supplies >40% of key starting materials, while energy flows remain constrained by a 15% Chinese tariff on U.S. U.S. crude exports to China, about 150,000 bpd in 2024, have stalled since February tariffs. Automakers also face risks from Chinese export controls on rare earths and chips, underscoring how policy outcomes could ripple through supply chains and prices.

The 6M Euribor is unchanged at 2.10% compared to previous business day. The 10Y Swap decreased with 1 basis point to 2.61% 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.