Market Information Tuesday 28 June 2022

The figures published by the U.S. government showed an increase in durable goods in the United States. Economists had counted on a 0.2% increase in May, but it turned out to be 0.7% in the end. In addition, the number of home sales also increased by 0.7% on a monthly basis after the previous six months showed only a decline.

The price for a barrel of West Texas Intermediate ended yesterday almost 2% higher at USD 109.57. A price ceiling for Russian oil is expected to be agreed upon at the G-7 summit. However, it is still unclear whether this will have an impact on the oil price since the G-7 has already agreed not to buy any more Russian oil from the end of this year. Furthermore, the question remains whether large countries such as China and India will agree to the halt on the import of Russian oil especially since Russia is currently selling their oil at a large discount.

Yesterday, for the first time since 1918, Russia was unable to pay interest on foreign debts. This is an amount of USD 100 million for which they have already received a one month extension. This could have major implications for Russia as some other debts may require early repayment once Russia defaults on an outstanding debt.

The 6M Euribor decreased with 5 basis points to 0.22% compared to previous business day. The 10Y Swap increased with 11 basis points to 2.34% 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.