Market Information Wednesday March 2nd 2016

According to the Russian press agency TASS, fifteen countries, that account for 73% of global oil production, have reached an agreement about lowering oil production. Iran does not participate in the agreement, but the Russian Energy Minister is convinced that the oil price will rise due to the agreement. As a response to the news, the price for a barrel of Brent oil rose to USD 36,37 yesterday.

The Institute for Supply Management (ISM) states that the American economy shows signs of recovery. The ISM manufacturing index, which tracks manufacturing activity, rose last month to 49.5, compared to 48.2 the month before. The index is higher than anticipated by analysts (48.5). In China, the manufacturing index declined from 49.4 to 49.0, the lowest level in seven years.

Moody’s has lowered its outlook for China from ‘stable’ to ‘negative’, mainly caused by increased debt levels and concerns about the ability of the Chinese government to enact reforms just before Communist Party leaders gather to approve a new five-year road map for the economy.

The 6M Euribor remained unchanged at -0.13%. The 10Y Swap increased with tree basis points to 0.55%.

In the attachment, 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.