Market Information Friday 16 January 2026

The AEX index has surpassed the 1000-point threshold, driven by optimism around artificial intelligence and strong gains in semiconductor stocks. The rally reflects investor confidence in accelerating economic growth, despite geopolitical tensions and three consecutive years of positive returns, which historically should signal caution. Analysts warn that high valuations in technology and semiconductor sectors evoke memories of the dotcom bubble, raising questions about the sustainability of current market optimism. Meanwhile, other major European indices, including those in London, Brussels, Frankfurt, Paris, and Madrid, also reached record highs, as markets remain focused on growth and profit expectations rather than global political uncertainty.

The Federal Reserve faces an escalating threat to its independence as political pressure from President Trump intensifies. After years of restraint, Jerome Powell publicly pushed back against what he called “pretexts” and intimidation linked to a Justice Department investigation into renovation costs, framing the issue as a struggle over whether monetary policy remains free from political interference. While markets have reacted only mildly, assuming Trump will fail to dominate interest rate decisions, Powell’s resistance signals that the conflict is far from over. Trump appears determined to influence rate-setting, and the Fed’s independence now relies heavily on Congress and the judiciary, as internal confidence in those safeguards seems to be waning.

The United States and Taiwan have finalised a trade agreement that reduces import duties on Taiwanese goods from 20% to 15%, aligning Taiwan with Japan and South Korea under similar arrangements. As part of the deal, Taiwan will invest at least $250 billion in the US, primarily through Taiwan Semiconductor Manufacturing (TSMC), focusing on semiconductor production, energy projects, and artificial intelligence. Additionally, Taiwan will provide $250 billion in credit guarantees to support further investment in the US semiconductor supply chain, strengthening bilateral economic ties and technological collaboration.

The 6M Euribor increased with 1 basis point to 2.15% compared to previous business day. The 10Y Swap decreased with 1 basis point to 2.83% 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.