Market Information Friday 23 May 2025

House prices in the Netherlands rose again in April, according to Statistics Netherlands (CBS) and the Land Registry. Prices increased by 10.2% year-on-year and 0.7% month-on-month. Compared to the previous peak in July 2022, prices were 11.0% higher. There were also more transactions: 18,915 homes were sold in April, nearly 21% more than a year ago. In the first four months of 2025, 70,389 homes were sold, 17% more than in the same period in 2024. The average transaction price was €472,054.

The U.S. House of Representatives has approved President Donald Trump’s controversial “Big Beautiful Bill,” which includes an extension of the 2017 tax cuts, partly funded by Medicaid cuts. The bill passed narrowly, with 215 votes in favour and 214 against. It now goes to the Senate. Despite Republican divisions—two voted against it—all Democrats opposed the bill. The Congressional Budget Office estimates it would increase spending by $3.8 trillion over 10 years while reducing expenses by only $1 trillion. The deficit could reach 9% of GDP, with national debt rising to 125% of GDP in the next decade.

The eurozone’s services sector contracted again in May, following a slight expansion in April, according to preliminary S&P Global data. The services Purchasing Managers’ Index (PMI) dropped from 50.1 to 48.9—its lowest level in 16 months.
Meanwhile, the manufacturing PMI rose slightly from 49.0 to 49.4, its highest in 33 months, but still indicates contraction. As a result, the composite PMI fell to 49.5 in May, down from 50.4 in April—its lowest in six months.

The 6M Euribor decreased with 4 basis points to 2.12% compared to previous business day. The 10Y Swap increased with 6 basis points to 2.60% 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.