Market Information Monday 26 January 2026

US President Donald Trump warned that he would impose 100 percent tariffs on Canadian imports if Canada pursued trade arrangements that could enable Chinese goods to enter the United States through Canadian channels. Canada recently worked to ease certain trade barriers with China to diversify its economic relationships as the United States is increasingly seen as less reliable. Canadian minister Dominic LeBlanc stressed that no free trade agreement with China exists and that recent talks concerned only specific import duty issues. The threat followed a tense week marked by Trump’s shifting tariff threats toward Europe and Canadian Prime Minister Mark Carney’s comments in Davos about a fracture in the global order, which Trump interpreted as criticism.

The rising gold price has boosted activity in Switzerland, a global hub for gold storage and refining, where companies such as Swiss Reserve and Valcambi are seeing high demand as investors seek safe assets amid geopolitical uncertainty and concerns about U.S. policies. Switzerland’s secure Alpine vaults and major refineries reinforce its central role in the gold market, though there are concerns about gold from conflict regions like Sudan entering the supply chain. Demand from both large and small investors has surged, production volumes have increased.

Last week, the S&P 500 declined by 0.4 percent, marking its second consecutive weekly loss as investors remained cautious ahead of the Federal Reserve’s upcoming interest rate decision and the start of earnings season. Despite the weekly drop, the index ended the final trading day nearly unchanged with a slight gain, while the Nasdaq closed higher and the Dow Jones moved lower. U.S. consumer confidence reached a five month high, although it remains well below levels from a year earlier due to concerns about high prices and labour market uncertainty. Intel’s shares dropped 17 percent as the company struggles with AI chip competition and production issues, while Microsoft gained 3.3 percent after resolving a cloud service outage that affected platforms including Outlook.

The 6M Euribor decreased with 1 basis point to 2.15% compared to previous business day. The 10Y Swap increased with 3 basis points to 2.93% 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.