Market Information Wednesday 25 October 2023
Last Tuesday, the euro traded higher against the dollar than 24 hours earlier, caused by market expectation of the Fed not to raise official rates at their next meeting on Wednesday. The euro traded around $1.066 on Tuesday. ECB President Lagarde will give a speech on Wednesday, while Germany will present October business confidence figures on Thursday. Both events will be followed with great interest ahead of the next ECB meeting.
Figures published by the trade organization World Steel Association on Tuesday showed that global steel production decreased again in September. This decline followed an increase in production in July and August. In total, the 63 steel-producing countries produced some 149.3 million tons of steel, in line with an annual decline of 1.5%. In July and August, production increased by 6% and 2.2%. Chinese steel production fell 5.6% in September, while US production rose almost 3%. German steel production also rose by a figure equal to 2.9%.
The eurozone economy decreased more than expected in October, according to preliminary estimates from S&P Global on Tuesday. The purchasing managers index for the services sector stood at 47.8 in October, compared to 48.7 in September. This brings the index to a 32-month low. An index of 48.9 was expected. The services sector declined for the third month in a row, while industry production has been shrinking for 16 months.
The 6M Euribor decreased with 1 basis point to 4.10% compared to previous business day. The 10Y Swap decreased with 5 basis points to 3.39% 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.