Market Information Tuesday 30 July 2024

Brent crude oil fell below $80 per barrel for the first time since June 10, influenced by algorithmic trading and weak demand from China, the world’s largest oil importer. China’s economic growth slowed to its lowest rate in five quarters, contributing to reduced global oil consumption, according to the International Energy Agency. Despite this decline, crude prices remain elevated year-to-date, bolstered by OPEC+ production cuts and anticipated US interest rate reductions by September.

In the second quarter, Taiwan’s exports increased by 9.9% year-on-year, a deceleration compared to the first quarter’s annual growth rate of 12.9%, driven by the surge in AI demand benefiting its technology-centric exporters like chipmakers. Taiwan hosts the world’s largest contract chip manufacturer, Taiwan Semiconductor Manufacturing Co. In July, the Asian Development Bank raised its 2024 growth projection for Taiwan to 3.5% from 3%, attributing this to robust chip exports and the AI boom.

Bitcoin declined from a six-week peak amid speculation the US may liquidate seized tokens, following Donald Trump’s promise to establish a government cryptocurrency reserve if re-elected. The US transferred $2 billion worth of Bitcoin to a new digital wallet, as reported by blockchain research firm Arkham. Analysts believe these tokens originated from the Silk Road marketplace. Bitcoin’s value peaked near $70,000 before falling by 2.2% to $66,482 in New York.

The 6M Euribor decreased with 3 basis points to 3.59% compared to previous business day. The 10Y Swap decreased with 4 basis points to 2.65% 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.