During the G20 summit in Osaka, US President Trump and Chinese President Xi Jingping agreed to continue negotiations on a new trade agreement. In addition, President Trump has indicated that as long as negotiations are ongoing, new import duties worth USD 300 billion will not be implemented. Asian stock markets responded optimistically to the news on Monday morning.
Research firms Markit and Caixin have published figures showing that the Chinese industry contracted in June 2019 compared to a month earlier. The PMI fell from 50.2 in May to 49.4 in June. Both the demand for products and production declined. The order portfolio also decreased across the board.
Russia and Saudi Arabia have reached an agreement to extend existing oil production restrictions by 6 to 9 months. In doing so, trying countries are trying to stabilize falling oil prices as a result of rising US oil inventories and the global economic slowdown. Today and tomorrow, OPEC countries (including Saudi Arabia) meet in Vienna to discuss the extension of the production restrictions.
The 6M Euribor is unchanged at -0.31% compared to previous business day. The 10Y Swap is unchanged at 0.18% 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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