Market Information Monday 23 February 2026

A senior ECB policymaker warned that inflation risks in the eurozone are significant in both directions, despite inflation falling to 1.7% in January, below the ECB’s 2% target. Fabio Panetta said the impact of rising, cheaper Chinese imports, up 27% in volume with prices down 8%, could further dampen inflation, while energy markets and geopolitical tensions pose upside risks. He stressed that monetary policy should remain flexible and data-dependent in the coming months.

The AEX rose 2.4% last week to a record 1,017.66 points after the U.S. Supreme Court ruled President Trump’s import tariffs unlawful, though he quickly announced plans for a new 15% global tariff. U.S. growth slowed sharply to 1.4% in the fourth quarter from 4.4% previously, reinforcing expectations of Fed rate cuts later this year. Meanwhile, rising tensions with Iran pushed oil prices higher, and analysts warned that further escalation could lift oil further and weigh on the euro.

OpenAI plans to spend about $600 billion on computing infrastructure through 2030 as it prepares for a potential IPO that could value the company at up to $1 trillion. The company generated $13 billion in revenue in 2025 while spending $8 billion, and is seeking over $100 billion in new funding, including a reported $30 billion investment from Nvidia, which could value it at around $830 billion. However, rising inference costs have pressured profitability, with adjusted gross margins falling to 33% from 40% a year earlier.

The 6M Euribor is unchanged at 2.14% compared to previous business day. The 10Y Swap decreased with 1 basis point to 2.75% 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.