Market Information Thursday 12 February 2026

Strong January employment data strengthened the case for a patient Federal Reserve, with payrolls rising 130,000 versus a 70,000 forecast and unemployment edging down to 4.3%. Rate futures cut the implied chance of an April easing to about 20%, while a June move is now seen as uncertain as policymakers keep rates steady at 3.50% to 3.75%. Last year’s job growth averaged just 15,000 a month, underscoring lingering fragility despite the recent pickup.

China inflation cooled in January as weak demand persisted, complicating the recovery. CPI rose 0.2% year on year, down from 0.8% in December, while PPI fell 1.4%, extending a long deflationary run and pressuring profits. Policymakers signal further easing after modest results, with consumption subdued despite a $1.2 trillion trade surplus in 2025.

A sharp selloff in software stocks is freezing deal making and IPO activity as volatile valuations deter buyers and sellers. The sector is down about 25 percent from its October peak, posting its worst three month run since 2002, while the broader equity market is slightly higher. With many firms trading near one times forward revenue, advisers warn deals are stalling or breaking as uncertainty linked to artificial intelligence clouds price discovery.

The 6M Euribor decreased with 2 basis points to 2.11% compared to previous business day. The 10Y Swap decreased with 1 basis point to 2.81% 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.