Market Information Wednesday 12 November 2025

The European Court of Justice has upheld the EU directive on statutory minimum wages, rejecting Denmark’s claim that it infringes national powers, though it struck down two provisions that directly influence wage levels. Dutch union FNV calls the ruling “fantastic” and urges an increase in the Netherlands’ minimum wage, which at €14.40 per hour still falls short of the directive’s benchmark of 60% of the median gross wage. The judgment also bans discriminatory practices like lower youth wages and deductions for migrant workers and requires countries with low collective agreement coverage—such as the Netherlands—to promote collective bargaining. While supporters hail the decision as a win for workers and social legislation, business lobbyists warn against EU overreach.

A trade war sparked by U.S. President Trump is affecting one in five fast-growing Dutch companies, although the direct impact of tariffs, which can reach up to 50 percent on some metals, remains limited. The bigger issue is policy uncertainty, which discourages investment and slows growth much more than tariffs themselves, according to both entrepreneurs and economists. While some firms such as Tata Steel can offset costs, others face margin pressure and are considering relocating production to the United States. This unpredictability ripples through supply chains, freezing budgets for technology and staff and creating long-term risks for competitiveness. Economists warn that resilience and continued investment in people and processes are key because companies that prepare now will lead when markets stabilize.

Britain’s labour market weakened in the third quarter as unemployment rose to 5.0 percent from 4.8 percent, the highest since early 2021, and wage growth slowed to 4.6 percent, according to official data. Payrolls fell by 32,000 in October after a similar drop in September, marking the biggest two-month decline since late 2020. The pound slipped against the dollar and government bonds rallied as investors anticipated a Bank of England rate cut in December, following signs of easing pay pressures and softer consumer spending. Private-sector wage growth cooled to 4.2 percent, its weakest since early 2021, reinforcing expectations for lower borrowing costs next year.

The 6M Euribor is unchanged at 2.12% compared to previous business day. The 10Y Swap decreased with 1 basis point to 2.67% 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.