Market Information Friday 02 January 2026

On the final trading day of 2025, markets were quiet as investors wrapped up the year early, with shortened opening hours and some exchanges closed. The AEX hovered around 951 points after minor fluctuations. Focus was on the Federal Reserve’s December minutes, which revealed divisions over the recent rate cut and uncertainty about future policy. In 2025 commodities saw sharp moves, with gold and silver posting their strongest annual gains since 1979, oil prices falling, and Bitcoin ending the year down 5%. The euro closed at $1.17 after a volatile year. Overall, trading remained subdued, with investors postponing new positions until 2026. Meanwhile, Asian markets opened the new year on a strong note: the Hang Seng index surged over 2.5%, driven by technology and AI stocks after a breakthrough in cheaper AI development. Optimism also spread to India’s Nifty 50 and Korea’s Kospi, which posted solid gains.

Argentina faces urgent financial pressure as it must repay $4.3 billion in government loans by 9 January but currently has only $1.9 billion available. The Minister of Economic Affairs is exploring options such as short-term loans from international banks and tapping into a $20 billion foreign exchange arrangement with the US Treasury. Whether additional US support will be provided remains uncertain, adding to ongoing economic challenges for Argentina.

China’s president announced that the economy will meet its 2025 growth target of 5%, calling the year “extraordinary” despite pressures from slowing retail growth, falling house prices, and a real estate crisis. Xi Jinping emphasised resilience and innovation and promised more proactive policies in 2026 to boost long-term growth. However, doubts persist about the reliability of official figures, with independent analysts estimating actual growth closer to 2.5–3%, citing prolonged deflation and structural weaknesses.

The 6M Euribor is unchanged at 2.12% compared to previous business day. The 10Y Swap decreased with 1 basis point to 2.92% 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.