Market Information Tuesday 22 April 2025

U.S. stock markets closed lower on Monday following Donald Trump’s renewed attacks on Federal Reserve Chair Jerome Powell, whom he slammed as a “major loser” for not lowering interest rates. Trump’s pressure campaign—aimed at offsetting inflation from his new tariffs—has spooked Wall Street, which dropped sharply, with the Dow, Nasdaq, and S&P 500 all losing over 2.4%. Despite Trump’s push, Powell remains cautious, warning that tariffs could worsen inflation and signaling no immediate rate cuts. Trump has even floated firing Powell, a move experts say could trigger market chaos and undermine the Fed’s independence.

Nomura is set to acquire the U.S. and European public asset management businesses of Australia’s Macquarie for $1.8 billion in cash. The deal, expected to close by year-end pending regulatory approval, will boost Nomura’s assets under management to $770 billion. While Macquarie retains its Australian operations, the two firms will collaborate on distribution and product development, including Nomura offering Macquarie’s alternative investments to U.S. clients. Both companies will remain independent until the deal is finalized, and Nomura expects minimal financial impact from the acquisition.

Asia-Pacific markets were mostly muted on Tuesday, mirroring Wall Street’s downturn as President Trump intensified pressure on Fed Chair Jerome Powell. Japan’s Nikkei and Topix traded flat, while South Korea’s Kospi and Kosdaq saw modest gains. Meanwhile, Australia’s ASX 200 dropped 0.63%.

The 6M Euribor decreased with 4 basis points to 2.15% compared to previous business day. The 10Y Swap is unchanged at 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.