Market Information Thursday 15 January 2026

U.S. retail sales rose 0.6% in November, beating forecasts as car purchases rebounded and broader spending firmed, signalling solid fourth quarter momentum. Core sales increased 0.4% indicating GDP growth, while consumer outlays powered 4.3% annualized growth in the third quarter and point to resilience. Income divergence is widening as higher earners drive demand amid rising food prices.

UK borrowing costs have fallen to their lowest level in over a year as ten-year gilt yields slipped to 4.36 per cent, supported by easing inflation and expectations of further interest rate cuts. Markets now price an 80 per cent chance of two quarter point cuts this year, helping gilts outperform peers. The yield premium over Germany has narrowed below 1.6 percentage points, easing pressure on public finances despite high deficits.

Gold climbed to a record high as geopolitical tension and policy uncertainty drove flows into safe haven assets, reinforced by expectations of Federal Reserve easing. Spot gold rose 1.1% to $4,635.99 an ounce while silver jumped 5.7% to $91.87 an ounce. Recent US data kept traders pricing two rate cuts this year, supporting nonyielding metals despite mixed growth signals.

The 6M Euribor increased with 1 basis point to 2.14% compared to previous business day. The 10Y Swap decreased with 2 basis points to 2.84% 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.