Market Information Friday 22 August 2025

The EU and the US clarified details of last month’s trade deal. Tariffs on key sectors such as cars, semiconductors, pharmaceuticals, and wood will be capped at 15%, lower than previously threatened levels (up to 100% for chips and 30% for cars). Some products, like natural resources not found in the US, aircraft, and generic medicines, will only face the standard WTO tariff. In return, EU exports face a general 15% tariff, while US industrial goods can enter the EU tariff-free, and certain American agricultural products may get preferential treatment. The EU also plans significant investments in US energy, AI chips, and possibly defence purchases, though most remain intentions.

France’s economy showed signs of stabilizing in August. The manufacturing PMI rose from 48.2 to 49.9, the highest in almost three years, against expectations of decline. The services PMI also improved to 49.7 from 48.9. The composite index reached 49.8 (from 48.6), still below the growth threshold of 50. Analysts note improvement but warn there is no clear turnaround yet.

Consumer confidence in the eurozone decreased in August, falling from -14.7 to -15.5 according to the European Commission’s preliminary data. Confidence remains well below the long-term average.

The 6M Euribor decreased with 2 basis points to 2.09% compared to previous business day. The 10Y Swap increased with 5 basis points to 2.71% 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.