EU-UK: Agreement Reached On Gibraltar As EU To Manage Border Checks
Jun-11 15:08
European Commissioner for Trade and Economic Security Maros Sefcovic has confirmed the EU, UK and Spain have reached an agreement on the status of the British Overseas Territory of Gibraltar. Reuters reports the UK Foreign Office says that "The UK, alongside the gov't of Gibraltar, reaches a political agreement with the EU to protect British sovereignty, UK military authority, and secure Gibraltar's economic future. The agreement provides a practical solution to avoid the need for 'onerous checks' and long delays at the border."
- The joint statement confirms that "the Parties agreed to establish dual Gibraltar and Schengen border checks at Gibraltar port and airport – to be carried out in full cooperation between the EU and UK/Gibraltar authorities, removing all checks at the crossing point between Gibraltar and La Linea [...]. For the EU, full Schengen checks will be carried out by Spain. For the UK, full Gibraltar checks will continue to be carried out as they are today. " The Daily Telegraph reported earlier the system will mirror that used for the Eurostar train service, with UK border guards checking passports first, then French (or in Gibraltar's case, Spanish) guards checking on British soil to ensure a frictionless exit.
- For the UK, retaining Gibraltar's ability to act as a strategic military base has been of paramount concern. It remains to be seen how Spain effectively policing entry to the British territory affects the operations of the UK armed forces on the rock.
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OPTIONS: Expiries for May13 NY cut 1000ET (Source DTCC)
May-12 15:08
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- USD/JPY: Y143.00($1.5bln), Y146.75(E567mln), Y151.00($1.2bln)
- GBP/USD: $1.3200(Gbp599mln)
- EUR/GBP: Gbp0.8695(E580mln)
- AUD/USD: $0.6545(A$811mln)
- USD/CAD: C$1.3875-85($1.2bln)
- USD/CNY: Cny7.2500($519mln)
TARIFFS: China Tariffs Will Be "Substantially Higher" If No Deal Struck - Trump
May-12 15:06
US President Donald Trump has spoken on issues related to trade and foreign policy at a White House press conference to announce an Executive Order on pharmaceuticals.
- Trump says that discrepancies in drug prices will be added to tariffs levied on foreign countries. He says that revenue will be used for initiatives like the 'Golden Dome' missile defence system.
- On China tariffs, Trump says the US has achieved a “total reset” with China. When asked if tariffs would return to the 145% level if an agreement isn’t struck during the 90-day pause, Trump says: “No, but they would go up substantially higher… I think there will be a deal though…”
- Trump notes that he believes China will follow through on removing non-tariff barriers. Adds that the China agreement doesn't cover tariffs on cars, steel, aluminium, or pharmaceuticals.
- Trump stresses that Iran “can’t have a nuclear weapon” and notes that Iran is “talking intelligently” and “being very reasonable thus far.”
- On potential Russia/Ukraine ceasefire talks in Turkey, Trump says: “Don’t underestimate Thursday in Turkey”. He says President Erdogan is “going to be a great host.” He says “you may have a good result out of the meeting between Russia and Ukraine”.
- Referring to Ukrainian President Volodymyr Zelenskyy and Russian President Vladimir Putin, Trump says: “I believe the two leaders are going to be there… I was thinking about flying over there… If I think things will happen.” Trump hints at additional sanctions on Russia if Putin declines to attend the Turkey meeting.
OPTIONS: Expiries for May13 NY cut 1000ET (Source DTCC)
May-12 15:01
- EUR/USD: $1.1145-50(E1.0bln), $1.1290-00(E727mln), $1.1325(E600mln), $1.1355-60(E1.1bln), $1.1370-75(E1.8bln), $1.1415-20(E1.3bln), $1.1450(E1.1bln)
- USD/JPY: Y143.00($1.5bln), Y146.75(E567mln), Y151.00($1.2bln)
- GBP/USD: $1.3200(Gbp599mln)
- EUR/GBP: Gbp0.8695(E580mln)
- AUD/USD: $0.6545(A$811mln)
- USD/CAD: C$1.3875-85($1.2bln)
- USD/CNY: Cny7.2500($519mln)
