Market Information Wednesday 25 February 2026

US President Donald Trump used his unusually long State of the Union address to present the United States as more prosperous and powerful than ever, highlighting economic progress and a strict migration stance in an effort to reassure voters ahead of the Congressional elections. Although inflation has eased and markets are performing well, many lower‑income households still struggle with the cost of living, making economic reassurance central to his message. Foreign policy played only a minor role, and the evening was marked by strong political division, with enthusiastic Republican applause contrasting with Democrats walking out or accusing him of presenting an overly positive and inaccurate picture.

Despite Trump repeatedly shifting his proposed import tariff levels within a matter of days following a Supreme Court ruling that voided the existing measures, Wall Street ended in positive territory. The rapid sequence of announcements, moving from 10 percent to 15 percent, back to 10 percent and then signalling a return to 15 percent, created uncertainty but ultimately did not shake investor confidence. Attention shifted instead to a broad rebound in technology shares after a pessimistic AI scenario that had triggered earlier market volatility was publicly dismissed as unrealistic by a senior White House economist, restoring calm across the sector.

Asian markets opened strongly, with record levels reached in Japan and South Korea and solid gains across China. The rally was driven in part by rising commodity and rare‑earth stocks after reports that the Trump administration aims to apply AI to help establish reference prices for critical minerals. Technology shares also benefited from broader optimism linked to AI‑related developments, while regional currencies strengthened against a weakening US dollar. Globally, investors prepared for a dense round of earnings updates in both Europe and the United States, particularly within the technology sector, as markets regained momentum following earlier trade and AI‑related concerns.

The 6M Euribor increased with 1 basis point to 2.15% compared to previous business day. The 10Y Swap is unchanged at 2.73% 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.