Eurostat, the statistical office of the European Union, reported an inflation rate of 0.2% for the third consecutive month in August within the euro area. This is mainly due to a steep decline in oil prices, resulting in considerably lower energy prices. However, food, alcohol & tobacco increased to 1.2%, compared with 0.9 % in July.
The price of US crude oil (WTI) by 5.9% to USD 47.89 per barrel, the highest point in a month. The main driver behind the increase is de decision made by OPEC to start talks with other oil-producing countries for fair pricing. The US Energy Information Administration reported that oil production has been lowered by 130,000 barrels per day from a total of 30 million barrels per day.
The uncertainty towards the Chinese economy and the monetary policy of the US will keep a hold of worlds indexes the coming weeks, according to investment advisor Ineke Valcke of Theodoor Gilissen. The investment manager index in China reported a drop to 49.7 from 50 the month before. An index below 50 indicates a decline.
The 6M Euribor remained unchanged at 0.04%. The 10Y Swap increased by 5 basis points to 1.09%.
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