The Netherlands has become less attractive for foreign direct investment (FDI), particularly from the U.S., due to weakening fundamentals like education, demographics, infrastructure, and regulatory burdens. According to the American Chamber of Commerce (AmCham), the country attracted only 1% more FDI from 2019–2023, compared to significantly higher growth in surrounding countries. Strict application of EU regulations and limited use of AI are also harming productivity and competitiveness. AmCham urges long-term, tailored policies to restore investor confidence.

Donald Trump has threatened to impose a 50% import tariff on EU goods starting June 1st and warned Apple it could face penalties if it doesn’t move iPhone production to the U.S. These threats shook investor optimism that had returned after a temporary trade truce with China. Tensions with the EU are rising as Trump grows impatient with slow negotiations. Despite the dramatic rhetoric, markets only saw a 1% dip, reflecting investor skepticism about the actual implementation of these threats. However, Trump and Von der Leyen have agreed to postpone the measures until 1st of July.

US bonds and stocks fell after a weak Treasury auction, highlighting concerns about rising debt as Trump’s tax cut bill passed the House. The 30-year yield rose above 5.1%, and the S&P 500 dropped 1.6%. Analysts expect the bill to add at least $3 trillion to US debt. European markets also declined amid broader fiscal worries.

The 6M Euribor increased with 1 basis point to 2.12% compared to previous business day. The 10Y Swap decreased with 4 basis points to 2.57% 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.

House prices in the Netherlands rose again in April, according to Statistics Netherlands (CBS) and the Land Registry. Prices increased by 10.2% year-on-year and 0.7% month-on-month. Compared to the previous peak in July 2022, prices were 11.0% higher. There were also more transactions: 18,915 homes were sold in April, nearly 21% more than a year ago. In the first four months of 2025, 70,389 homes were sold, 17% more than in the same period in 2024. The average transaction price was €472,054.

The U.S. House of Representatives has approved President Donald Trump’s controversial “Big Beautiful Bill,” which includes an extension of the 2017 tax cuts, partly funded by Medicaid cuts. The bill passed narrowly, with 215 votes in favour and 214 against. It now goes to the Senate. Despite Republican divisions—two voted against it—all Democrats opposed the bill. The Congressional Budget Office estimates it would increase spending by $3.8 trillion over 10 years while reducing expenses by only $1 trillion. The deficit could reach 9% of GDP, with national debt rising to 125% of GDP in the next decade.

The eurozone’s services sector contracted again in May, following a slight expansion in April, according to preliminary S&P Global data. The services Purchasing Managers’ Index (PMI) dropped from 50.1 to 48.9—its lowest level in 16 months.
Meanwhile, the manufacturing PMI rose slightly from 49.0 to 49.4, its highest in 33 months, but still indicates contraction. As a result, the composite PMI fell to 49.5 in May, down from 50.4 in April—its lowest in six months.

The 6M Euribor decreased with 4 basis points to 2.12% compared to previous business day. The 10Y Swap increased with 6 basis points to 2.60% 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.

The EU has launched a strategy to strengthen its single market amid rising global tensions and a looming trade dispute with the US. The plan aims to cut barriers, boost investment, and support small businesses across key sectors. The Commission targets €400 million in annual savings through streamlined regulations.

U.S. stocks fell sharply, with the Dow dropping nearly 2% in their worst day in a month. A weak 20-year Treasury auction pushed yields higher, spooking investors. Rising interest rates raised concerns about economic strain and the potential impact of proposed tax cuts.

The ECB warns that despite the rapid recovery in equity markets, financial stability remains under pressure from high valuations and ongoing uncertainty about U.S. trade policy. Equity markets are vulnerable to abrupt price declines, partly because of risk concentrations in U.S. and tech stocks. Rising sovereign debt and potential weaknesses in non-banks also pose risks to the euro area.

The 6M Euribor decreased with 4 basis points to 2.12% compared to previous business day. The 10Y Swap increased with 6 basis points to 2.60% 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.

Moody’s has downgraded its credit rating for the United States from AAA to Aa1, citing rising debt and long-term budget deficits. This means the U.S. has lost its last top credit rating from major agencies after similar moves by Fitch and S&P. The downgrade comes amid political tensions over a large tax and spending plan, expected to increase the deficit by $3 trillion. Though no major market shock is expected, the move could raise interest rates and further strain U.S. debt.

Pierre Wunsch, Belgian central bank chief, says the ECB should be ready to cut interest rates slightly below 2% due to economic shocks and uncertainty. Markets expect a June 2025 rate cut from 2.25% to 2%, with another possibly later in the year. Wunsch finds these expectations reasonable and sees light monetary support as justified by late 2025. His more moderate stance marks a shift from his previously stricter position on interest rates.

China has announced steep anti-dumping tariffs on imports of POM copolymers—an industrial plastic—from the U.S., EU, Japan, and Taiwan. These plastics are used in sectors like automotive, electronics, and medical equipment. Tariffs range from 3.8% to 74.9%, depending on the country and company. The move follows a recent temporary trade deal between China and the U.S. to reduce mutual tariffs for 90 days.

The 6M Euribor is unchanged at 2.16% compared to previous business day. The 10Y Swap decreased with 2 basis points to 2.53% 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.

Japan recorded its highest-ever monthly foreign inflows into equities and long-term bonds in April, totaling ¥8.21 trillion ($56.6B), as global investors fled U.S. assets amid tariff shocks and sought diversification. The Nikkei 225 outperformed the S&P 500, supported by Japan’s haven status, falling yields, and institutional demand. While inflows are expected to moderate following trade de-escalation and renewed U.S. confidence, Japanese markets continue to benefit from structural reforms at the Tokyo Stock Exchange, shareholder-friendly policies, and currency tailwinds—strengthening their appeal in a shifting global allocation landscape.

U.S. equities extended gains as the S&P 500 rose for a fourth straight session, lifted by cooling inflation and a drop in Treasury yields. The rally followed a temporary reduction in tariffs by both the U.S. and China, boosting investor sentiment. While the Dow climbed 0.65% and the S&P added 0.41%, the Nasdaq slipped 0.18% as tech stocks lagged.

Asia-Pacific markets were mixed as Japan’s Q1 GDP contracted by 0.2%, worse than expected, amid ongoing trade talks with the U.S. The weaker data dimmed expectations of a Bank of Japan rate hike and put pressure on the yen, which slid toward key resistance levels. While Japan’s Nikkei dipped, broader regional sentiment held, with gains in Australia and South Korea offset by losses in India, Hong Kong, and China, as investors braced for additional economic data from across the region.

The 6M Euribor increased with 3 basis points to 2.16% compared to previous business day. The 10Y Swap decreased with 9 basis points to 2.55% 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.

President Trump’s 90 day pause on most China tariffs cuts the effective US rate from 24% to 14%. In response, JPMorgan, Goldman Sachs, Yardeni Research and Barclays have all lowered their recession probabilities for 2025 and raised GDP and S&P 500 forecasts. The tariff rollback should relieve consumer spending pressures, prevent inventory bottlenecks and support continued economic growth.

Europe positions itself as a reliable, long term partner for Africa amid global trade volatility caused by US tariffs, says EIB vice president Thomas Ostros. With China scaling back investments after its 2018 peak and US duties threatening African exports, Europe aims to serve as a stable “beacon,” lending up to €5 billion annually. The EU is deepening its engagement through projects like Kenya’s rapid bus system and a €100 million loan to Family Bank Kenya.

As of June 6, the transitional measures will expire, returning Ukrainian eggs, corn, poultry, dairy, beef, pork, and wheat to the higher EU import duties. This represents a severe blow to Ukraine’s economy just as the country is striving for a peace agreement with Russia. Under pressure from Poland and France, the European Commission is preparing a new trade negotiation, with Ukraine losing some €3.5 billion annually due to the removal of the exemptions.

The 6M Euribor increased with 1 basis point to 2.13% compared to previous business day. The 10Y Swap increased with 2 basis points to 2.64% 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.

The Federal Reserve warned of stagflation risks due to new tariffs, but April inflation data showed cooling price pressures, with CPI at 2.3%—its lowest since early 2021. Core inflation was also lower than expected, suggesting early tariffs haven’t yet fed into prices. Meanwhile, trade deals with the UK and China, and a pause on reciprocal tariffs, are expected to stabilize consumer prices and reduce macroeconomic uncertainty, easing stagflation concerns for now.

A $142 billion U.S.-Saudi arms deal and pledges of up to $1 trillion in Gulf investments mark a major shift toward economic diplomacy in the Middle East. The surprise lifting of long-standing sanctions on Syria is expected to unlock large-scale reconstruction financing from the Gulf region and international sources. AI investments, including a major Nvidia chip deal, highlight the Gulf’s digital ambitions and signal shifting capital flows that may redefine global economic alignments.

U.S. stock futures held steady overnight following strong gains earlier in the week, as easing U.S.-China trade tensions and a 90-day tariff reduction lifted investor sentiment. The S&P 500 turned positive for the year, led by tech stocks, with Nvidia surging over 5% on a major AI chip export deal to Saudi Arabia. The rally signals broad risk appetite across equities, bolstered by a string of gains in key names like Apple, Amazon, and Goldman Sachs, despite lingering structural issues in global trade relations.

The 6M Euribor increased with 1 basis point to 2.12% compared to previous business day. The 10Y Swap increased with 3 basis points to 2.62% 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.

A 90-day pause on the steepest U.S.-China tariffs is sparking a surge in shipments from China, as importers rush to frontload inventory before a potential August tariff hike. Despite the temporary reprieve, many businesses face rising supply chain costs, limited shipping capacity, and unpredictable policy shifts that complicate planning and pricing. Ocean freight rates are expected to spike due to high demand and constrained vessel availability. Retailers and critical industries are scrambling to replenish inventories, fueling a peak shipping season into Q3. Long-term uncertainty continues to weigh heavily on business confidence.

U.S. stocks surged Monday after the U.S. and China agreed to temporarily reduce tariffs, easing fears of a trade war–induced recession. The Dow jumped 2.81%, the S&P 500 gained 3.26%, and the Nasdaq soared 4.35%, led by tech giants like Tesla, Apple, and Nvidia. Treasury Secretary Scott Bessent called the talks “very productive,” though he emphasized that the deal is only a pause, not a resolution. Optimism around trade progress lifted Treasury yields and oil prices, while defensive stocks lagged. Markets welcomed the surprise tariff relief, but long-term uncertainty remains.

Asia-Pacific markets traded mixed on Tuesday, reacting to Wall Street’s sharp rally following the surprise U.S.-China trade agreement, which included a 90-day tariff pause and a substantial 115-point cut in reciprocal duties. Nomura upgraded Chinese equities to “tactical overweight,” citing the larger-than-expected tariff reduction as a major boost to global risk sentiment. However, Hong Kong stocks reversed sharply, led by declines in tech. Japan’s Nikkei rose, while India and South Korea posted modest moves. The Bank of Japan signaled caution, suggesting a possible rate pause if U.S. economic momentum weakens.

The 6M Euribor decreased with 2 basis points to 2.11% compared to previous business day. The 10Y Swap increased with 8 basis points to 2.59% 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.

U.S. Treasury Secretary Scott Bessent and USTR Jamieson Greer clinched a Geneva deal with China to trim America’s $1.2 trillion goods trade deficit, with details due Monday and no tariff cuts announced. It was the first senior U.S.–China economic meeting since Trump’s tariff blitz, noted for its swift, constructive progress. President Trump hailed it as a “total reset” to open China further to U.S. business despite the ongoing triple-digit duties.

Core US inflation is set to accelerate in April, with core CPI forecast of 0.3% as companies begin passing higher tariff costs onto consumers. Retail sales are expected to stall in April following a 1.5% Q1 surge, reflecting growing consumer anxiety over rising prices. Businesses are caught between absorbing tariff-driven cost increases and risking lost sales, even as the Fed warns of trade-policy risks to both inflation and employment.

After the Trump import tariffs in early April, the junk bond market was almost at a standstill, but now companies in the US and Europe dare to issue risky bonds again at higher yield spreads. Especially in Europe, trading is picking up on expectations of an ECB rate cut in June, supporting bond prices. Analysts call the correction a healthy reset and see attractive yields in high yield bonds with less volatility than equities.

The 6M Euribor decreased with 2 basis points to 2.13% compared to previous business day. The 10Y Swap increased with 1 basis point to 2.51% 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.

US President Donald Trump confirmed on Thursday that a trade deal has been reached with the United Kingdom. He had hinted at the agreement on Wednesday without naming the country. On Thursday, he revealed on Truth Social that it involves the UK, calling it an important and exciting day for both nations. A press conference is scheduled for later today in the Oval Office. Trump stated this is the first in a series of trade deals.

The Bank of England cut its interest rate by 25 basis points on Thursday, from 4.50% to 4.25%, as expected. This follows a pause in March and a previous rate cut in February.

The central banks of Norway and Sweden kept their interest rates unchanged on Thursday, following the US Federal Reserve’s decision to do the same on Wednesday. Norway’s rate remains at 4.50%, with a likely rate cut expected in 2025. Sweden’s Riksbank held its rate at 2.25%, noting increased uncertainty and the possibility of easing policy if inflation stays below earlier expectations.

The 6M Euribor is unchanged at 2.15% compared to previous business day. The 10Y Swap increased with 7 basis points to 2.50% 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.