Market Information Thursday 9 March 2023

Oil prices traded lower on Wednesday, extending losses after U.S. government data pointed to weak demand, which exacerbated fears that more aggressive U.S. interest rate hikes would pressure economic growth. Brent crude futures were down $1.07 cents, or 1.3%, to $82.28 per barrel . U.S. West Texas Intermediate (WTI) crude futures dropped to $1.19, or 1.5%, to $76.37 a barrel.

The Bank of Canada on Wednesday left its key overnight rate on hold at 4.50%, becoming the first major central bank to suspend its monetary tightening campaign in the face of an anticipated easing of high inflation. Over the past year, the Canadian central bank raised rates eight times in a row by a total of 425 basis points to tame inflation, which peaked at an annualized rate of 8.1% last year.

U.S. private payrolls increased more than expected in February, pointing to continued labor market strength. Private employment increased by 242,000 jobs last month, the ADP National Employment report showed on Wednesday. Data for January was revised higher to show 119,000 jobs added instead of 106,000 as previously reported.

The 6M Euribor increased with 6 basis points to 3.42% compared to previous business day. The 10Y Swap decreased with 3 basis points to 3.20% 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.