EU FINANCIALS: AMCO - Asset Management: Fitch Upgrade            

Christopher Miller, the Financial Times' Ukraine correspondent, reports on X: "Russian forces have seized control of two villages in Ukraine's Dnipropetrovsk oblast – Zaporizke and Novoheorhiivka – making them the first villages in that region to fall to Russia," per Ukrainian war tracking group Deepstate UA.

• The symbolic breakthrough in the frontline comes as the ceasefire process, kick-started by US President Donald Trump with a pair of summits in Alaska and Washington, appears to have delivered little progress towards a bilateral meeting with Russian President Vladimir Putin and Ukrainian President Volodymyr Zelenskyy.
• Russian Foreign Minister Sergei Lavrov reiterated in an NBC interview on Sunday that, “Putin is ready to meet with Zelenskyy," but "this agenda is not ready at all.” Trump conceded yesterday that personal animosity is preventing a meeting: “[Putin] doesn’t like [Zelenskyy]. I have people I don’t like, I don’t like to meet with them.” Trump added later: “That’s going to be up to them. It takes two to tango...”
• Zelenskyy said in a statement on X, after a meeting with UK security officials in Kyiv today: "We [...] discussed in detail the efforts ... on security guarantees for Ukraine and the developments within the Coalition of the Willing."
• Finnish President Alexander Stubb told reporters earlier that a call between US Secretary of State Marco Rubio and European foreign ministers yesterday "focused on security guarantees for Ukraine and the US role in them," but optimism that Russia will engage with the ceasefire process appears to have evaporated. 

• EUR/USD: $1.1550-60(E1.8bln), $1.1620-30(E1.5bln), $1.1650(E2.1bln), $1.1665(E954mln), $1.1700-10(E1.5bln), $1.1750(E1.3bln), $1.1800(E2.0bln)
• USD/JPY: Y147.00($633mln), Y147.20-25($910mln), Y147.40-50($805mln) Y147.90-05($3.2bln)
• GBP/USD: $1.3350-60(Gbp1.8bln), $1.3484-85(Gbp672mln), $1.3515-25(Gbp903mln), $1.3570-75(Gbp1.1bln)
• AUD/USD: $0.6515-25(A$1.3bln), C$1.3915-25($840mln)
• USD/CAD: C$1.3680-90($1.2bln)
• USD/CNY: Cny7.1669($766mln)

"The United Kingdom Debt Management Office (DMO) announces that the new conventional gilt, which will mature on 22 October 2035, will pay a coupon of 4 3/4% per annum, payable semi-annually. The new gilt will have the ISIN code GB00BTXS1K06 and the SEDOL code B-TXS-1K0; it will pay a long first coupon on 22 April 2026."

"The new gilt is planned for launch by syndication in the week commencing 1 September 2025, subject to demand and market conditions. Further details of this transaction will be announced in due course."