Market Information Tuesday 23 September 2025

Germany’s federal and state tax receipts rose 2% y/y in August to €63.2bn, taking Jan–Aug collections to €576.5bn (+6.8% y/y). Despite the nominal increase, the finance ministry cautioned that there are no signs of a short-term acceleration in activity, consistent with a still-subdued growth backdrop after back-to-back annual contractions. The data keep the focus on near-term fiscal planning and whether any cyclical upturn can materialize into Q4.

Asian equities were supported by ongoing AI-led momentum after fresh Wall Street record highs, while safe-haven demand kept gold near $3,759/oz. Chip-exposed markets outperformed, South Korea +0.5%, with Japan and Taiwan up roughly +6.5% and +7% month-to-date, whereas China lagged (blue chips -0.8%). Region-wide moves were modest on the day, but the broader Asia-Pacific gauge is still +5.5% MTD, reflecting robust tech inflows even as investors hedge with gold on the prospect of further U.S. rate cuts.

London’s FTSE 100 eked out a +0.1% close at 9,226.68, with record-high bullion prices propelling precious-metals names while autos slumped. Miners were the clear outperformers (sector +5% intraday), helped by gold’s latest peak and firmer industrial metals, whereas the automobiles & parts cohort fell 1.6% amid weaker European peers and trimming of EV ambitions at major manufacturers. A firmer sterling also weighed on export-heavy constituents, leaving the broader market little changed into the close.

The 6M Euribor increased with 1 basis point to 2.11% compared to previous business day. The 10Y Swap is unchanged at 2.70% 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.