Market Information Friday 23 January 2026

European leaders expressed relief but remained alert after the United States withdrew its threat of new import tariffs linked to tensions over Greenland, stressing that despite the de-escalation after talks between Donald Trump and NATO Secretary General Mark Rutte, the geopolitical order is shifting, the relationship with the US has become more volatile, and unresolved issues around Greenland persist. Leaders emphasized that Europe must prepare more quickly for strategic autonomy, including the ability to respond firmly if pressured again, and urged a renewed focus on the deteriorating humanitarian situation in Ukraine, where Russian attacks on energy infrastructure combined with harsh winter conditions are leaving the population in growing desperation.

Financial markets rallied strongly after Trump unexpectedly stepped back from his tariff threats toward several European countries, creating a brief sense of stability that pushed major indices in Europe, Asia, and the United States higher and lifted the AEX above 1000 points. Investors shifted their attention back to corporate earnings as sectors such as steel, private equity, and semiconductors climbed, while commodities and the dollar stabilized following days of volatility, even though geopolitical uncertainty persisted, illustrated by Trump’s renewed warning that the US might retaliate if European countries attempted to sell American assets.

The expected increase in purchasing power for Dutch households has been revised downward, with Nibud now anticipating an average rise of 0.9 percent instead of the 1.3 percent projected on Budget Day, largely due to lower-than-expected wage growth, as collective labor agreement wages are forecast to rise 3.7 percent rather than 4.2 percent. Most of the 117 model households still experience an improvement, with employees seeing the largest gains, though their expected increase has dropped sharply from an average of 88 euros to 51 euros per month, while five household types, mostly lower-income self-employed individuals, now face a loss in purchasing power compared with earlier forecasts.

The 6M Euribor increased with 1 basis point to 2.16% compared to previous business day. The 10Y Swap decreased with 1 basis point to 2.90% 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.