The United States and the European Union agree on the reduction of import duties on steel and aluminum by the US. The US Secretary of Commerce, Gina Raimondo, indicated that the import duties will continue to apply, but that there will be a limit on the amount of aluminum and steel that is imported duty-free. In return, the EU will lower a number of import duties. This is good news for many American companies including Harley Davidson. In this way Raimondo hopes to take the pressure off the supply chain.
The oil price rally shows a sign of fatigue. Saxo Bank indicates that after a period of consolidation, the oil price will rise again towards the end of the year. According to Saxobank, the development of the price of crude oil is related to the nuclear talks between Iran and the EU. This could lead to an increased supply of oil. The EIA’s weekly inventory indicated on Wednesday a larger-than-expected rise in US oil inventories.
US income per capita has fallen sharply. The average American income fell sharply in September, while spending did increase. This was revealed on Friday from figures from the US government. On a monthly basis, incomes fell 1.0 percent in September, after rising 0.2 percent in August. Spending rose 0.6 percent in September, after rising 1.0 percent in August. On a monthly basis, the PCE core price index rose 0.2 percent, after rising 0.3 percent in August.
The 6M Euribor increased with 1 basis point to -0.53% compared to previous business day. The 10Y Swap increased with 3 basis points to 0.28% 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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