Market Information Monday 28 April 2025

ECB policymakers are growing more confident about a June rate cut but favor only a small move. Falling inflation and a weakening economy support a cut, although the outlook remains uncertain amid global tensions and Trump’s trade policies. Many ECB members want to avoid sparking market panic with too large a cut.

In the coming week, markets will focus on U.S. growth data, two jobs reports, and the Fed’s key PCE inflation figures. Uncertainty remains high due to Trump’s unpredictable trade and monetary policies, unsettling businesses and investors. Wednesday is expected to be the highlight, with major macroeconomic releases from both the U.S. and the eurozone.

US stocks have underperformed global markets in the first quarter of 2025 by the widest margin since 1993, as Donald Trump’s unpredictable trade policies sparked an investor shift away from American assets. The MSCI USA index fell 11%, while non-US stocks rose 4%, reflecting concerns that tariffs will hurt US growth more than elsewhere. A weaker dollar and rising policy uncertainty have further contributed to this gap.

The 6M Euribor increased with 3 basis points to 2.13% compared to previous business day. The 10Y Swap is unchanged at 2.45% 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.