Market Information Tuesday 18 August 2026

New U.S. tariffs of 50% on Canadian goods take effect Wednesday under Section 338 of the Tariff Act of 1930. The duties cover nearly $20 billion in Canadian exports, about 5.2% of the $383 billion in goods the U.S. imported from Canada in 2025. Unlike earlier tariffs, they also apply to goods qualifying under the U.S.-Mexico-Canada Agreement. Talks between Canada’s Dominic LeBlanc and U.S. Trade Representative Jamieson Greer remain far from a deal, with dairy a key sticking point.

Copper prices on the London Metal Exchange (LME) neared a fresh record Monday, touching $14,396 a ton intraday before closing at $14,157.50, just under the $14,160 record. Traders are stockpiling ahead of possible new US import tariffs, while demand for data centers and grid expansion stays strong. Spot prices are running $500 above futures, signalling tight near term supply, and prices have risen for a seventh straight week. LME warehouse stocks fell to about 205,000 tons, the lowest since February.

UK employers cut payrolls by 13,000 in July, following a similar drop in June, according to the Office for National Statistics (ONS). Unemployment held steady at 4.9% in the three months through June, though ONS flagged reduced data quality due to a collection error. Job vacancies fell further as employers stayed cautious amid uncertainty over the Iran war and the upcoming budget. Private sector wage growth excluding bonuses eased to 2.8% from 2.9%, the lowest in almost six years.

The 6M Euribor increased with 2 basis points to 2.67% compared to previous business day. The 10Y Swap increased with 2 basis points to 3.25% 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.