Market Information Friday 09 January 2026

German President Frank-Walter Steinmeier has criticized U.S. foreign policy under President Donald Trump, warning against the disintegration of the world order into a “den of robbers” where the unscrupulous dominate. Addressing actions like the recent ousting of Venezuela’s President Nicolas Maduro, Steinmeier highlighted the unprecedented attack on global democracy. He noted the significance of Russia’s annexation of Crimea and the invasion of Ukraine, stating that U.S. actions represented a second historic rupture. Steinmeier called for active intervention in crises and urged countries like Brazil and India to help protect the world order.

Stephen Miran, a Federal Reserve governor, has announced intentions for a 150 basis point interest rate cut this year to support the U.S. labour market, based on underlying inflation expectations of around 2.3%. His proposal aligns with the Fed officials’ lowest projection for the federal funds rate by the end of 2026. The U.S. Treasury Secretary, Scott Bessent, also emphasizes the necessity of rate cuts for economic growth. Fitch Ratings has raised its U.S. GDP growth forecast for 2025 and 2026, with expectations of rising inflation. Miran will conclude his term at the end of January and has felt pressure from the Trump administration for significant rate cuts.

The European Union aims to extract, process, and recycle more rare earth metals within Europe to reduce dependency on countries like China. Currently, Europe produces no rare earth metals, resulting in a significant reliance on China for critical industries such as wind turbines and electric vehicles. Plans to scale up mining in Europe face resistance from local communities, as seen in protests against mining projects in Germany and elsewhere. Despite challenges related to permitting and financing, like those faced by Zinnwald Lithium in Germany, the EU continues to pursue strategic partnerships and investments, such as the deal with Indonesia and the financing of the Lobito Corridor in Africa. European countries and companies stress the need for public support to address the challenges in this sector.

The 6M Euribor is unchanged at 2.10% compared to previous business day. The 10Y Swap increased with 2 basis points to 2.88% 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.