WHITE HOUSE: Ahead Of Meloni Meeting Off. Says 'We're Open, Ready To Make Deals'
Reuters reports comments from a senior White House official ahead of the meeting later today between President Donald Trump and Italian PM Giorgia Meloni. The two are set to hold talks in the Oval Office from 1305ET (1805BST, 1905CET). The major international focus of the meeting will be whether Meloni can make any headway in setting a process for possible trade talks between the US and EU.
- While trade negotiations fall under the competency of the European Commission, rather than individual member states, the conversations will be watched for signs of whether Meloni pushes for exemptions for exports that would favour Italy specifically, or a broader EU-wide relaxation. On trade, the White House official says "We're open. We're available. We're ready to make deals."
- On defence spending, the official says the matter "will certainly come up in discussion" between the two, adding that anything the PM can do to reach the 2% of GDP on defence NATO benchmark is "much needed." Energy, shipping, and ways to promote space cooperation and development of critical tech also to be discussed,
- The official says Meloni's visit has been 'in the queue for some time' and that the PM and Trump have a 'very special relationship'. Says that the White House sees Meloni 'as a valuable interlocutor with the EU'.
- Says Trump and Meloni 'will work together to end the war in Ukraine'.
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US TSY OPTIONS: BLOCK: Large Jun'25 10Y Volatility Buying
- +15,000 TYM5 107.5/113.5 strangles, 35 vs. 110-18.5/0.05% at 0917:53ET
- Additionally, +9,000 TYM5 108/113 strangles, 45 vs. 110-19/0.05% on screen
UK: BOE MNI Instant Answer questions for March 2025 meet
The BOE policy decision is due March 20, with the answers to below questions published at midday:
1. Was the Bank Rate changed, and if so by how much?
2. Number of members voting for cut of 50bp or greater?
3. Number of members voting for 25bp cut?
4. Number of members voting for unchanged rate?
NB: On questions 2-4 we will name the dissenters (and the magnitude of dissent)
5. Did the MPC drop reference to a “gradual approach” to removing “policy restraint being appropriate” from their Statement?
6. In the guidance, alongside a “gradual” approach to removing policy restraint, did the MPC use “careful”?
7. Did the MPC again say Bank Rate is likely to “remain restrictive for sufficiently long”?
8. Did the MPC again say it will “decide the appropriate degree of monetary policy restrictiveness at each meeting”?
9. Did the MPC leave its guidance paragraph materially unchanged versus the February policy statement?
EQUITIES: US Cash Opening calls
US Cash opening calls, set for a steady open, SPX should be close to Yesterday's mid range, as the Emini also trades at Yesterday's mid pre Cash open.
- Calls: SPX: 5,659.3 (-0.3%); DJIA: 41,799 (-0.1%/-43pts); NDX: 19,708.3 (-0.5%).
