The Treasury Hub Markets Bulletin - Q1 2024 Review

Welcome to the 2024 Q1 version of THE TREASURY HUB Markets Bulletin.

  • The focus of markets in the first quarter was very much on inflation and its impact on the expected timing of interest rate cuts. While the consensus was that Central Banks had stalled their tightening of interest rates with the focus firmly on the timing (and number of) rate cuts, the number of cuts expected in 2024 has decreased as the year has progressed. 
  • 3-month Euribor has remained in a relatively tight range around 3.90%, but it is unlikely that this will move in a material way until the ECB implements its first rate cut. 
  • EUR, UK and US yield curves continue to be inverted (i.e. rates decline after 1 year) but the past few days have seen an upward shift in such curves, especially in the US, on the back of inflation figures that look static. 
  • Oil prices were on the rise again in Q1 (mainly due to an improving economic outlook). 
  • Stock markets had a much better start to the year than previously anticipated, with the major US tech stocks, for the most part, releasing strong 2023 financial results. 
  • Both USD and GBP continued to trade in a remarkably tight range against EUR. 
  • Gold has had a record run to new heights over the first quarter. 
  • S.5 in this Bulletin takes a look back at the 2023 Irish Bank Results.

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Jennifer Brennan

Corporate Finance Director

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