Market Information Monday 5 September 2022

OPEC and its allies, including Russia, will meet on Monday. The market expects OPEC not to change oil production, according to The Wall Street Journal based on insiders. According to the sources, Moscow is currently not agreeing to cut production as it tries to counter attempts by Western countries to curb Russian oil revenues after the invasion of Ukraine.

Germany is allocating 65 billion euros to a contingency plan to help millions of households cope with rising energy prices, as announced by Chancellor Olaf Scholz. During the press conference in the chancellery in Berlin, Scholz indicated that the measures are a significant step in helping citizens.

Last week, the focus was mainly on US jobs figures, now the focus is shifting from the job market to the interest rate decision of the European Central Bank. There is an increasing chance that the ECB will increase the interest rate by 0.75 percent instead of 0.5 percent to combat historically high inflation. Several ECB board members have recently already hinted at an increase of 75 basis points.

The 6M Euribor increased with 4 basis points to 1.24% compared to previous business day. The 10Y Swap decreased with 4 basis points to 2.41% 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.