Market Insights

Market Information Wednesday 29 November 2023

On Tuesday, oil futures closed higher after a four-day downward trend. The January futures for a barrel of West Texas Intermediate crude oil rose by 2.1%, closing at $76.41 on the New York Mercantile Exchange. Investors continue to speculate on the potential outcomes of the upcoming meeting of OPEC+ countries regarding production restrictions in the coming months. The significant group of oil-exporting nations must reach an agreement on production quotas, but the postponement of the meeting, originally scheduled for Sunday, to Thursday, indicates discord. Traders will also closely monitor the weekly figures on U.S. trade inventories on Wednesday. The EIA is expected to announce a decrease in crude oil stockpiles by 700,000 barrels.

This year, the Chinese economy is projected to grow by 5%, as announced by the People’s Bank of China. The PBoC aims to maintain the stability of its own currency, the yuan. Additionally the bank called for economic change, stating that a growth model based on debt is deemed less effective.

The confidence of American consumers in the economy increased in November, while the figure for October turned out to be significantly lower than initially reported, according to data released on Tuesday by The Conference Board. The Consumer Confidence Index rose from 99.0 in October to 102.0 in November, where economists had initially expected an index of 101.0. The October figure was significantly downwardly revised from the previously reported 103.0. Regarding the sub-index for economic expectations for the next six months, it rose to 77.8 from a revised-downward 72.7 in October. An expectations index of less than 80 is considered a signal of a recession within a year, stated The Conference Board. The 6M Euribor decreased with 2 basis points to 4.05% compared to previous business day. The 10Y Swap decreased with 5 basis points to 2.99% 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.

In the attachment, today’s market data on money and capital market rates as well as other rates are presented.

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