THAILAND: Acting PM-Fighting Has To Stop Before Negotiations w/Cambodia
Jul-24 09:35
Reuters reports comments from Acting Prime Minister Phumtham Wechayachai regarding the escalation in military skirmishes between Thai and Cambodian forces. Says that "Cambodia fired heavy weapons into Thailand without specific targets so civilians were killed." Acting PM: "There has been no declaration of war." Acting PM: "The conflict with Cambodia has not spread to more provinces." Acting PM: "Fighting has to stop first before there are any negotiations with Cambodia".
- As noted earlier (see 'THAILAND: Border Clashes With Cambodia Escalate, Both Sides Pledge To Fight Back', 09:15BST), "The latest exchange of fire marks a significant escalation in a decades-long conflict after Thailand downgraded its diplomatic relations with Cambodia to the lowest possible level."
- Tita Sanglee, a Thailand-based associate fellow at the ISEAS–Yusof Ishak Institute think tank told the Daily Telegraph, "...the pressure on Thai political as well as military leaders is mounting. Continued restraint may no longer be viable as it risks escalating a crisis of public trust.” She added that there are a number of people in Thailand [...] who feel the government has “been too slow and too soft compared to Cambodia’s swift and tough approach. “So, as things stand, I don’t see de-escalation coming soon. The real question is how far the fighting might go.”
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EGB SYNDICATION: Slovenia 10-year SLB: Update
Jun-24 09:34
- New 10-year Jul-35 SLOREP SLB. Revised guidance at MS + 65bps area (initial was MS+70bps Area)
- Coupon: Annual, act/act ICMA. Step up/down in July 2034, the first coupon post the last reporting date (Dec 2033) for the year ending on the Target Observation Date
- Size: E1bln WNG
- Books: In excess of E3.1bln (incl E415mln JLM)
- Maturity: July 2, 2035
- ISIN: SI0002105052
- Settlement: July 2, 2025 (T+6)
- Bookrunners: Barclays, BNPP, CA-CIB, DB (B&D), JPM, OTPBSI
- Timing: Books open, today's business
Details per market source with MNI colour.
GERMAN AUCTION RESULTS: 1.70% Jun-27 Schatz Results
Jun-24 09:33
| 1.70% Jun-27 Schatz | Previous | |
| ISIN | DE000BU22098 | |
| Total sold | E4bln | E4.5bln |
| Allotted | E3.066bln | E3.678bln |
| Avg yield | 1.85% | 1.78% |
| Bid-to-offer | 2.24x | 2.39x |
| Bid-to-cover | 2.92x | 2.92x |
| Avg Price | 99.712 | 99.844 |
| Low Price | 99.710 | 99.840 |
| Pre-auction mid | 99.705 | 99.831 |
| Previous date | 03-Jun-25 |
BOE: Greene: First glance balanced reiterates "careful and gradual"
Jun-24 09:32
- "The main messages for me remain the same: underlying activity is weak, the labour market has loosened further and the disinflationary process continues, albeit with an elevated plateau of inflation around 3.5% for the second half of this year."
- "I continue to think the risks remain two-sided but skewed to the downside on growth and to the upside on inflation. This is an uncomfortable place to be for a central banker. Given the period of elevated inflation through which we have just come, I think price stability is the key priority. But extracting a clear signal on this amongst increased noise and uncertainty is difficult. On the domestic front, noisy data means that it will take longer for me to take comfort from recent disinflationary trends. On the global front, there are a number of key events playing out between now and our next meeting, including the deadline for the pause on so-called “reciprocal tariffs” from the US, the potential passage of a budget in the US and the unfolding of events in the Middle East. It’s unlikely that the uncertainty from these events – and subsequent developments – will be resolved any time soon. I therefore think a careful and gradual approach to removing monetary policy restrictiveness continues to be warranted."
