Eurozone growth and German inflation data were followed in global markets last week. The Eurozone economy grew by 0.1% in the second quarter of the year compared to the previous quarter and by 0.5% compared to the same period last year. While the consumer price index in Germany increased by 0.3% in August, in line with expectations, annual inflation was 6.1%. On Tuesday, after Russia announced that it would continue its voluntary oil production cut of 300 thousand barrels per day in crude oil exports and Saudi Arabia's voluntary oil production cut of 1 million barrels per day, which it implemented as of July, until the end of the year, the barrel of Brent oil rose above 90 dollars. While the US 10-year bond interest rates increased to 4.30% during the week as expectations increased that the Fed could keep interest rates at a higher level for a longer time, an ounce of gold fell to 1,915.3 dollars against these data. It started the new week at $1,930.
Weekly Market Analysis / 11 September- 15 September 2023
