The Amsterdam stock market declined sharply last week following the announcement of broad global import tariffs, raising concerns about economic slowdown and trade disruptions. The euro gained over 1.5% against the US dollar, closing just above 1.10 on Friday, partly due to reduced confidence in the dollar after the US trade measures.

The UK government is responding to US import tariffs announced last week, with plans to unveil measures this week to protect the economy and jobs. The 10% levy on British goods is already disrupting trade, prompting companies to take action. The government is considering tax breaks, regulatory relief, and adjustments to climate targets, while continuing trade talks with the US.

The trading week will again be dominated by global trade tensions, following the U.S.’s heavy import tariffs and China’s retaliatory measures, heightening concerns about inflation. Investors will focus on inflation data from the U.S. and Germany, and central bank minutes, though these predate recent developments. Earnings season also kicks off, with markets watching for warnings about the economic impact of the trade war.

The 6M Euribor decreased with 2 basis points to 2.30% compared to previous business day. The 10Y Swap decreased with 4 basis points to 2.52% 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 U.S. trade deficit decreased in February as exports increased and imports remained steady. The deficit fell from $130.7 billion in January to $122.7 billion in February, a 6.1% decline.

Producer prices in the eurozone rose by 0.2% in February compared to the previous month, following a 0.7% increase in January. Energy prices also rose by 0.2%, after a 1.6% increase in January.

Germany’s services sector grew at a slightly slower pace in March. The services PMI declined from 51.1 in February to 50.9 in March, the lowest level in four months. However, an earlier estimate for March had been even lower at 50.2.

The 6M Euribor increased with 1 basis point to 2.32% compared to previous business day. The 10Y Swap decreased with 7 basis points to 2.56% 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 Donald Trump announced to significantly increase tariffs on almost all US imports and impose higher “reciprocal” duties on key trade partners, escalating fears of a global trade war. This move, aimed at boosting domestic manufacturing and “liberating” the US economy, led to sharp declines in US stock futures with both the S&P 500 and Nasdaq futures being down 2.7 per cent and 3.2 per cent, respectively.

The UK proposed a joint European fund to purchase and stockpile military equipment, leveraging favorable market rates to ease defense investment costs. This “supranational institution” aims to improve procurement efficiency and include non-EU countries like Norway. Despite some caution from European officials on its practicality, the plan could bolster UK defense spending.

Chinese megabanks’ interest margins have hit record lows amid an economic slowdown and credit-boosting policies, with major banks posting an average margin of 1.48%. Reduced mortgage rates and increased deposits have pressured profitability, prompting Beijing to inject $72 billion into these banks. This rare direct investment by the finance ministry aims to stimulate credit expansion.

The 6M Euribor decreased with 3 basis points to 2.31% compared to previous business day. The 10Y Swap increased with 2 basis points to 2.63% 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.

Preliminary data released by Eurostat yesterday indicated that inflation in the eurozone has slightly decreased in March. Consumer prices rose by 2.2 percent compared to the same month last year, marking a decline from the 2.3 percent reported in February and 2.5 percent in January.

According to final figures from S&P Global, the expansion of the U.S. industrial sector slowed in March, despite concerns about a potential contraction. The purchasing managers’ index dropped from 52.7 in February to 50.2 in March, exceeding the anticipated decline to 49.8.

Figures published yesterday by Eurostat reveal that unemployment in the eurozone decreased in February. The seasonally adjusted unemployment rate reached 6.1 percent, compared to 6.5 percent last year and 6.2 percent in January 2025.

The 6M Euribor decreased with 1 basis point to 2.34% compared to previous business day. The 10Y Swap decreased with 4 basis points to 2.61% 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.

European stock markets fell sharply, with the Stoxx 600 down 1.51% and recording its first monthly loss of 2025. Automakers, including Volkswagen and Renault, dropped due to trade concerns, while the Basic Resources sector hit its lowest level since 2020, with mining giants declining over 3%.

The S&P 500 rebounded slightly after an early sell-off, while the Nasdaq fell 0.7%, dragged down by tech stocks like Nvidia and Tesla. Investors shifted to defensive stocks amid uncertainty over trade policy. Economists now expect just 0.3% U.S. growth in Q1, raising recession fears.

Asia-Pacific markets recovered from Monday’s losses. Australia’s ASX 200 rose after the central bank held rates at 4.1%. Japan’s Nikkei erased early gains after Monday’s sharp drop. South Korea’s Kospi and Hong Kong’s Hang Seng posted gains.

The 6M Euribor decreased with 3 basis points to 2.35% compared to previous business day. The 10Y Swap is unchanged at 2.65% 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.

Escalating trade tensions continue, with President Trump set to impose new tariffs—including a 25% duty on foreign cars—which could severely impact Europe’s automotive sector and trigger EU retaliation. Investors are watching key economic indicators and central bank decisions this week, particularly from the Reserve Bank of Australia, while the earnings season quietly transitions into a new round, starting with Tesla.

The previous week was challenging on the Amsterdam Stock Exchange, echoing the tech sell-off on Wall Street. Financials had mixed results, though optimism remains for European banks, and Shell gained after announcing a boost to its dividend payout. ArcelorMittal was the biggest loser due to trade tariff concerns.

The previous winter left Europe’s gas storage unusually depleted, with one third of reserves remaining after the first truly cold season since Russian pipeline cuts, made worse by halted flows via Ukraine. Traders normally refill storage during summer, but high summer prices compared to winter have removed the usual profit incentive, raising uncertainty about who will step in to ensure gas levels meet EU rules. Governments may need to act fast, as delays could leave the region vulnerable to price spikes next winter if storage targets aren’t met.

The 6M Euribor is unchanged at 2.38% compared to previous business day. The 10Y Swap decreased with 4 basis points to 2.65% 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.

Norges Bank has kept the interest rate unchanged at 4.5%, as announced by the Norwegian central bank on Thursday.

The U.S. economy grew 2.4% in Q4 2024, up from the earlier estimates of 2.3%, according to final figures from the U.S. Department of Commerce.

The number of new unemployment benefit claims in the U.S. slightly declined last week. Data from the U.S. Department of Labor showed that claims totalled 224,000 for the week ending March 22, a decrease of 1,000 from the previous week. The forecast was 226,000 new claims.

The 6M Euribor decreased with 1 basis point to 2.38% compared to previous business day. The 10Y Swap increased with 1 basis point to 2.69% 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.

Sweden plans to increase its defense spending to 3.5% of GDP by 2030, largely funded through borrowing, driven by Russian aggression and concerns over US foreign policy. The significant rearmament, the largest since the Cold War, has been agreed upon by the prime minister and supporting coalition parties. Sweden’s focus includes strengthening its role in Nato, with contributions such as deploying troops and fighter jets to support regional operations.

Rachel Reeves announced a £14bn package to stabilize UK finances, focusing on fiscal headroom restoration without immediate tax hikes. Key adjustments include welfare cuts, spending reductions, and planning rule changes as part of the Spring Statement. The plan precedes tax increases and features a defense spending boost amid global uncertainties.

Copper prices are set to reach $12,000 per tonne in 2025, driven by global demand and potential US tariffs. Increased US imports are reshaping market dynamics traditionally led by China, while electricity grid upgrades and new futures contracts for battery metals further boost price expectations.

The 6M Euribor decreased with 1 basis point to 2.39% compared to previous business day. The 10Y Swap decreased with 2 basis points to 2.68% 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 Ministry of Finance announced yesterday that the Netherlands has issued 1.99 billion euros through the reopening of an existing bond, which matures on July 15, 2035. The Ministry aimed to raise an amount between 1.5 and 2.0 billion euros.

According to figures published yesterday by the World Steel Association, global steel production further declined last February. The 69 steel-producing countries collectively produced 144.7 million tons in February, a decrease of 3.4% compared to the same month last year. Over the first two months of the year, total production fell by 2.2%, resulting in a production of 302.0 million tons.

The Ifo Institute reported on Tuesday that the Business Climate Index for Germany increased more in March than expected. The combined index for industry and trade rose to 86.7, compared to 85.3 in February.

The 6M Euribor is unchanged at 2.40% compared to previous business day. The 10Y Swap increased with 2 basis points to 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.

The UK’s private sector grew at its fastest pace in six months, driven by a strong services sector benefiting from rising demand. The S&P UK PMI index climbed to 52.0 in March, signalling expansion, while manufacturing struggled due to weak exports and uncertainty over US trade tariffs. Businesses brace for potential disruptions as Trump’s tariff plans remain unclear.

Japan’s 5-year bond yield rose to 1.165%, the highest since October 2008, while the 10-year yield climbed to 1.575%. Bank of Japan Governor Kazuo Ueda reaffirmed that interest rates will continue to rise if inflation nears the 2% target, even at the risk of bond losses.

European stocks closed slightly lower, with the Stoxx 600 down 0.13% as optimism over US trade policy weakened. Germany’s DAX lost 0.17%, France’s CAC 40 fell 0.26%, and the UK’s FTSE 100 dipped 0.1%. Travel stocks rose after Heathrow reopened, while Swedish defense firm Saab gained 4.5% following an upgrade from UBS.

The 6M Euribor decreased with 1 basis point to 2.40% compared to previous business day. The 10Y Swap increased with 1 basis point to 2.68% 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.