Market information Monday July 6th 2015

Greece voted in a referendum against further austerity demanded by creditors. This outcome leaves Europe’s leaders to determine if the nation can remain in the euro. 61% of the voters did vote for the rejection of further spending cuts and tax increases. The Greek prime minister Alexis Tsipras described the result as a “great victory”, and said Athens would return to the negotiating table on Monday with a strengthened hand.

Greek Finance minister Yanis Varoufakis layed down his post after the result of the referendum. He wrote on his personal blog: “Soon after the announcement of the referendum results, I was made aware of a certain preference by some European participants, and assorted ‘partners’ for my ‘absence’ from its meetings: an idea that the prime minister judged to be potentially helpful to him in reaching an agreement”

The Chinese stock market has lost 28% of its value since 12 June 2015. Therefore China postponed 28 initial public offerings. Security companies are pledging more than USD 19 billion for a fund to stabilize the sharp decrease in the stock market.

The 6M Euribor remained unchanged at 0.05%. The 10Y Swap decreased 10 bps to 1.13%.

In the attachment below, today’s market data on money and capital market rates as well as other rates are presented. For more history of these rates or other rates feel free to ask: update@zanders.eu.