Market Information Thursday 23 April 2026

Taxes on wages across OECD countries have reached their highest level in almost a decade, as governments increasingly rely on labour income to shore up strained public finances. In 2025, a typical single worker faced an average tax wedge of 35.1 percent, the highest since 2016. The burden rose in 24 countries, with the UK recording the largest increase. Economists warn that higher labour taxes risk undermining incentives to work and hire.

The Central Bank of Turkey kept its one-week repo rate unchanged at 37 percent in April and left the interest rate corridor at 35.5 to 40 percent. The decision reflects stronger reserves, with gross reserves rising to about USD 175bn by 20 April from USD 161.6bn in early April, and net reserves excluding swaps increasing to USD 38.6bn. The bank cited slowing growth and elevated inflation risks, with 2026 and 2027 inflation expectations at 27.5 and 20.1 percent, supporting a cautious stance.

The European Union is reconsidering its opposition to new oil and gas drilling in the Arctic as it seeks to strengthen energy security following recent geopolitical crises. Brussels has struggled to gain international backing for a drilling ban proposed in 2021 and is now reviewing alternatives. Any policy shift would benefit Norway, a major Arctic producer, but would face strong resistance from environmental groups citing climate and biodiversity commitments.

The 6M Euribor decreased with 4 basis points to 2.38% compared to previous business day. The 10Y Swap increased with 1 basis point to 3.05% 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.