The State Secretary for the Extractive Industries announced Monday that as of October 1, the gas field in Groningen will go on the pilot light. As a result, from October onwards only a small amount of gas may be extracted from the gas fields. This is expected to amount to 2.8 billion cubic meters of gas in the coming gas year. Currently, all 11 sites are still open, but a decision will be made before April 1st, 2023 whether sites can be closed. Due to the impact of earthquakes in the region, the government wants to stop gas production in Groningen as soon as possible.
Against expectations, the German business climate deteriorated further in September, according to figures published by the research institute ifo. The index for the German business climate fell from 88.6 in August to 84.3 for this month. This brings the index to its lowest reading since May 2020.
Britain’s central bank announced yesterday that it would not hesitate to raise interest rates further if it appears necessary to bring inflation back further to the targeted 2%. This pronouncement came yesterday after the British pound went into free fall.
The 6M Euribor increased with 4 basis points to 1.80% compared to previous business day. The 10Y Swap increased with 17 basis points to 3.02% 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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