Market Information Thursday 04 June 2026

Gold has overtaken US government bonds as the largest global reserve asset, according to the European Central Bank. By end-2025, gold represented 27 percent of central bank reserves, up from 20 percent, while US Treasuries fell to 22 percent. The shift reflects both strong price gains and diversification away from the US dollar amid geopolitical tensions and sanctions risks. Central banks now hold almost 36,000 tonnes of gold.

US convertible bond issuance is on track for a record year in 2026 as companies linked to the artificial intelligence boom exploit strong investor demand and volatile share prices. Issuance has reached $57bn so far, driven by firms able to raise low cost or zero coupon debt by offering conversion into equity at higher future prices. Investors value the equity upside, while issuers benefit from cheaper financing and limited near term dilution.

Specialist trading firms such as Jane Street and Citadel Securities generated a combined $114bn in revenues last year, a 45 percent increase from 2024, highlighting their growing challenge to traditional Wall Street banks. Growth was driven mainly by proprietary trading and private investments, while market making also expanded. Increased market volatility linked to geopolitical tensions and the artificial intelligence boom supported results, though analysts question whether such returns are sustainable.

The 6M Euribor increased with 2 basis points to 2.54% compared to previous business day. The 10Y Swap increased with 5 basis points to 3.07% 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.