Financial Markets Daily Report13 September 2023
Investors traded yesterday with most eyes on today’s US CPI report. Oil prices rose again after OPEC released its monthly report and kept its global oil demand forecast for the rest of the year and 2024 unchanged, despite Saudi and Russian cuts. Benchmark Brent ended the session at an annual high, fuelling concerns about inflation.
- Investors traded yesterday with most eyes on today’s US CPI report. Oil prices rose again after OPEC released its monthly report and kept its global oil demand forecast for the rest of the year and 2024 unchanged, despite Saudi and Russian cuts. Benchmark Brent ended the session at an annual high, fuelling concerns about inflation.
- Major equity indices were mixed. In Europe, the positive surprise from the German ZEW business survey did not provide enough support for the DAX and Eurostoxx50 and both closed lower. Meanwhile, in the US, major indices posted losses on the back of a rout in some of the largest tech companies.
- In this context, short-term government bond yields rose slightly, while long-term yields remained broadly flat. In the currency market, the euro was flat against the dollar, which however strengthened slightly against most of its peers. In commodities, natural gas prices remained volatile and the TTF benchmark closed lower.