Market information Wednesday July 8th 2015

The Finance Ministers of the Eurozone met in Brussels yesterday to discuss the consequences of the Greek referendum. They concluded that Greece will probably need a new application for funds to be provided by the European rescue fund ESM. The exact amount of support must be determined by Greece, the European Commission, the ECB and the IMF. Greece needs to submit new budgetary plans to support the application, Sunday at the latest.

The International Monetary Fund (IMF) stated in its annual review of the economy of the United Stated that a further appreciation of the dollar poses a significant risk to the growth prospects of the country. According to the IMF the Federal Reserve is acting wisely by not raising the interest rates, at least until clear signs of upward pressure on prices and wage inflation.

Despite the continued uncertainty regarding Greece, the indices on Wall Street found their way up yesterday. After a decline, the Dow Jones closed with a gain of 0.5%, the S&P500 rose 0.6% and the Nasdaq closed with a 0.1% gain.

The 6M Euribor remained unchanged at 0.05%. The 10Y Swap decreased by 10 basis points to 1.05%.

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.