Market Information Monday 24 August 2026

US-Canada trade talks collapsed on Friday, triggering 50% US tariffs on roughly 20 billion dollars of Canadian exports including dairy, steel and wine, with Ottawa announcing retaliatory measures of equal scale to take effect on 8 September. Both sides blamed each other for the breakdown, with Canadian Prime Minister Mark Carney stating that last-minute changes to US terms were “unfair and uneconomic,” while US Trade Representative Jamieson Greer said Canada had declined to finalise a deal on agreed terms. The failure further strains a relationship already under pressure from unresolved USMCA negotiations, with no new talks currently planned.

Public opposition to AI data centres is emerging as a formal investment risk factor, with Morgan Stanley reporting that 156 billion dollars in US projects were delayed or cancelled last year and a further 130 billion dollars in the first quarter of 2026 alone. European resistance is also growing, with examples including Meta’s blocked data centre in Zeewolde and a temporary moratorium on new facilities in Amsterdam, prompting advisers to label community opposition a “structural factor” for investors to price in. The core challenge for the sector has shifted from financing to securing and maintaining a social licence to operate, a process that requires costly adaptations around energy, water use and community impact.

The US is set to unleash what Treasury Secretary Scott Bessent described as “the greatest financial offensive ever marshalled” against Iran, with sweeping new sanctions targeting Iran’s trading partners due to be announced on Monday. Iran responded by threatening to halt all oil exports from the Gulf, with a senior official warning that “not a single drop of oil” would flow through the Strait of Hormuz if the economic pressure continues. The escalation comes six months into the conflict, with no direct talks between the two sides since June, as the near-closure of Hormuz continues to weigh heavily on global energy markets.

The 6M Euribor increased with 2 basis points to 2.74% compared to previous business day. The 10Y Swap is unchanged at 3.28% 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.