Market Information Monday 13 July 2026

US companies are set to outpace their European peers on earnings growth in the next reporting season, with American tech firms expected to post profit growth of 65.5% against 14% in Europe, driven by AI heavyweights such as Nvidia and Micron. Corporate margins are hitting record levels on both sides of the Atlantic despite elevated oil prices, with US margins up nearly two percentage points this year. Investors will focus on guidance from hyperscalers including Alphabet, Microsoft and Meta, which last quarter raised their combined capital expenditure forecasts by more than 100 billion dollars.

India is holding out for more favourable terms in trade talks with the United States, rejecting a quick interim deal after Washington failed to offer tariff advantages over competitors such as China or guarantees against future levies. New Delhi’s position has been strengthened by a 15% rise in goods exports in the second quarter, a UK free trade agreement taking effect this month and Goldman Sachs raising its 2026 growth forecast for India to 6.8%. The standoff risks steeper US tariffs on Indian exports later this month, though analysts suggest Modi calculates that a rushed deal could prove costlier than holding out.

AI executives are pushing back on concerns about slowing demand, with several stating that compute capacity remains severely constrained and that the buildout has further to run. One executive described AI demand as “almost unlimited,” citing energy availability as the only meaningful bottleneck, while Lumentum said its data centre products are sold out for the next five years. Enterprises are nonetheless scrutinising returns more closely, shifting from unconstrained AI usage toward a focus on value creation, a trend executives dubbed “valuemaxxing.”

The 6M Euribor increased with 4 basis points to 2.61% compared to previous business day. The 10Y Swap decreased with 2 basis points to 3.09% 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.