Market Information Friday 23 October 2026

French government bonds came under renewed pressure as the 10-year yield climbed above 5% and the spread over German Bunds widened to 178 basis points, its highest level since the 2011 eurozone debt crisis. Concerns over France’s public finances and political uncertainty are increasingly affecting wider European debt markets, while investors now price in almost three ECB rate hikes by late 2027.

US technology stocks fell sharply as investors questioned the sustainability and financing requirements of the AI investment boom, with the Nasdaq dropping 2.6% and recording its largest daily decline since June. The broader S&P 500 fell 1.2%, while elevated oil prices and resilient labour market data reinforced expectations of another Federal Reserve rate increase before year-end.

The British pound strengthened as higher-than-expected inflation reinforced expectations of further monetary tightening, with markets pricing in at least three 25-basis-point Bank of England rate hikes by April. Sterling rose to around $1.34 and outperformed most European currencies as investors shifted capital away from eurozone assets amid growing fiscal concerns, particularly in France.

The 6M Euribor increased with 1 basis point to 3.03% compared to previous business day. The 10Y Swap decreased with 6 basis points to 3.47% 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.