Market Information Friday 24 April 2026

Traditional market correlations have broken down since the Iran war, leaving investors navigating with what BMO’s chief FX strategist calls a “faulty instrument panel.” Gold trades 10% below pre-war levels and moves in lockstep with equities, while the dollar-stocks correlation hit a record inverse of 0.94. Even rate differentials have lost their grip on currencies, with the euro stalling near $1.17 despite expected ECB rate hikes.

Japan’s core inflation rose to 1.8% in March, its first acceleration in five months, driven by energy price pressures stemming from the Iran war. The Bank of Japan is expected to hold rates at 0.75% at its April meeting, though analysts flag a hawkish tilt amid yen depreciation concerns. Core-core inflation eased to 2.4%, its lowest since October 2024, complicating the BOJ’s policy outlook.

IBM shares fell 8% after first-quarter results failed to ease investor fears over AI disruption, with consulting revenue missing estimates despite stronger-than-expected software sales. The company held its full-year guidance at constant currency revenue growth above 5%, which markets read as cautious given the recent Confluent acquisition. Software stocks remain broadly under pressure, with ServiceNow and Oracle also selling off sharply on AI substitution fears.

The 6M Euribor increased with 1 basis point to 2.39% compared to previous business day. The 10Y Swap decreased with 1 basis point to 3.04% 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.