Market information Wednesday September 30th 2015

US oil production will decline at a faster pace than previously expected. The price of a barrel of American WTI oil rose by 1.6% to USD 45.16 and the price of a barrel of Brent crude rose by 1.5% to USD 48.06. Oil analysts at Deutsche Bank emphasize that US oil production has decreased more than previously expected. According to the oil analysts non-OPEC countries will probably decrease oil production for the first time since 2008.

The Greek Ministry of Finance has announced that the tax benefits for the most popular holiday islands (Rhodods, Mykonos, Santorini, Skiathos, Naxos and Paros) will end by the 1st of October 2015. Thus far the VAT payments of the islands were lower because it is relatively expensive to supply the islands by boat or aircraft. Farmers will be hit hard since their VAT will be doubled by 2017 from 13% to 26%.

Preliminary calculations by the German statistical office Destatis showed that there is no movement in consumer prices in Germany. According to Destatis, the preliminary annual inflation rate in September is 0%. In August the prices fell by 0.2% on a monthly basis while in September they rose by 0.2%. However, according to the harmonized European calculation method Germany experienced an annual deflation of 0.2% in September 2015. The official inflation figures will be published on 13 October.

The 6M Euribor remained unchanged at 0.03%. The 10Y Swap increased by 2 basis point to 0.97%.

In the attachment below, today’s market data on money and capital market rates as well as other rates are presented. For more history of these rates or other rates feel free to ask: