A group of oil countries, including Saudi Arabia, are trying to persuade OPEC oil cartel and Russia to increase oil production starting August. The Wall Street Journal reports this on the basis of information provided by insiders. According to the newspaper, the countries would like to increase production based on signs that demand for oil is picking up again as corona measures are relaxed in many countries. The OPEC members will probably talk about this in a video conference next week.
US President Donald Trump says it is unlikely that the fragmented trade deal with China will be extended. Tensions between the United States and China are too tense for that, he told reporters aboard his government plane. “I wasn’t even thinking about it and I have other things on my mind,” Trump answered on the question if new trade agreements are coming up. “The relationship with China has been seriously damaged.”
The production of the Italian and French industry increased substantially in May compared to April. In France, driven mainly by the construction sector, industrial production grew by almost 20%, more than economists on average expected. In Italy, the increase in production was even more than 42 percent compared to expected growth of 24 percent.
The 6M Euribor decreased with 1 basis point to -0.33% compared to previous business day. The 10Y Swap is unchanged at -0.19% 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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