Market Insights
Market Information Friday 9 August 2024
The Danish tax authorities will not gain access to documents seized last year that allegedly indicate dividend fraud, as the North Holland court has decided to wait for rulings from Canada and Denmark before granting access. The case involves alleged fraud in which four Canadian pension funds are said to have wrongfully claimed dividend tax refunds. Former banker Frank Vogel, who the Danish tax authorities believe is the mastermind behind the fraud, requested a postponement of the case until the legal proceedings in Canada and Denmark are concluded, which the court has granted.
The Swiss franc has reached a ten-year high, despite recent interest rate decreases as investors seek safety during economic uncertainties. The Swiss National Bank (SNB) is under pressure to weaken the strong franc, but previous interventions have resulted in significant losses. Further interest rate decreases may slightly weaken the currency, but demand remains strong due to the franc’s status as a safe haven. The franc’s rise seems likely to continue unless unexpected factors, such as concerns over a potential inheritance tax increase, intervene.
The number of new unemployment claims in the United States (U.S.) decreased more sharply than expected in the week ending August 3, decreasing by 17,000 to 233,000 claims, while 240,000 were expected. The previous week’s claims were recorded at 250,000, slightly higher than initially reported. The number of continued claims increased slightly by 6,000 to 1,875,000 in the week ending July 27.
The 6M Euribor increased with 6 basis points to 3.46% compared to previous business day. The 10Y Swap decreased with 1 basis point to 2.55% compared to previous business day.
In the attachment, today’s market data on money and capital market rates as well as other rates are presented.