The energy ministers of the OPEC+ member countries reached an agreement on their production policy on Sunday. OPEC+ will increase production by 400,000 barrels per day every month from August until the end of September 2022. As production increases, the tightness in the oil market will be expected to ease, likely causing oil prices to decline.
U.S. corporate inventories increased 0.5 percent in May, according to figures from the Commerce Department on Friday. US retail sales also unexpectedly increased 0.6 percent on a monthly basis in June. However, US consumer confidence in the economy declined in July from 85.5 at the end of June to 80.8 in the middle of July.
According to Eurostat statistics, the eurozone trade surplus decreased in May compared to a year earlier, as exports increased less strongly than imports. In May, exports increased by 31.9 percent year-on-year to EUR 188.2 billion. Imports even increased by 35.2 percent to 180.7 billion euros. This resulted in a trade surplus of 7.5 billion euros.
The 6M Euribor is unchanged at -0.51% compared to previous business day. The 10Y Swap decreased with 1 basis point to -0.01% 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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