Treasury Update - Autumn 2023

Welcome to the Autumn edition of THE TREASURY HUB Markets Bulletin. As you are aware, these bulletins cover quite a wide range of topics and are a comprehensive review of all the various interest rate, foreign exchange, commodity and stock markets. In order to continue to refine what we provide to you, with effect from next month we will provide a shorter, sharper bulletin but will remain with this more detailed version every calendar quarter.

The stories of the year have been inflation and (its impact on) interest rate trends. Central Banks have tightened interest rates for months on end across the globe but the markets have been preoccupied for the past few months on when the rate hikes will halt and even when they might start to decline.

  • 3-month Euribor has continued to climb in line with ECB Base Rates and is now close to 4.00%. The last time that it was at this level was in November 2008 on its way down from a peak of 5.39%. 
  • EUR, UK and US yield curves are all inverted after 1 year which is consistent with the expectation of a peak in the interest rate cycle in the coming year 
  • Oil prices have moved materially up and down in the past 12 months. At the end of June, Brent Crude was just under $73 compared to a current level of over $86.

Please get in touch with our Corporate Finance team if we can be of any assistance.

  • The Treasury Hub - Banking and Treasury Report Autumn 2023 can be downloaded here.

For any queries relating to this newsletter, please contact Jennifer Brennan, Corporate Finance Director.

Jennifer Brennan

Corporate Finance Director

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