Market Information Monday 20 October 2025

The US will ease tariffs on trucks and parts imported from Mexico and Canada to soften the impact of the upcoming 25% duties taking effect on November 1. Vehicles compliant with the USMCA will only be taxed on their non-US content, and car parts will remain tariff-free for now. The Trump administration is also extending a rebate scheme for carmakers until 2030 to encourage domestic production, amid industry concerns over trade disruptions in the North American auto supply chain.

Silver prices have surged 78% this year, outperforming gold, thanks to its dual role as both a precious and industrial metal. Demand from industries such as solar, electric vehicles, and semiconductors has led to persistent shortages, with a projected 118 million-ounce deficit in 2025. Supported by lower interest rates, inflation, and rising investor demand, silver continues to shine as both an industrial and investment asset.

Failed cocoa harvests in West Africa have driven chocolate prices up by over 50%, making treats like chocolate letters and spiced nuts 13–20% more expensive this year. Producers such as Verkade and Bolletje face shrinking profit margins and adjust their products to retain customers. Rabobank expects prices to remain high due to structural issues like climate change and years of farmer underpayment.

The 6M Euribor increased with 1 basis point to 2.11% compared to previous business day. The 10Y Swap increased with 3 basis points to 2.59% 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.