EM CEEMEA CREDIT: BOUSUK: 1Q25 earnings results, neutral read

• No obvious headline driver or block/cross (as yet) to point to for latest bid in Tsys off morning lows.
• Tsy Jun'25 10Y climbed to 111-23 (+6.5), gains are considered corrective and resistance to watch is 111-25, 50.0% of the Apr 7 - 11 bear leg sell-off. Clearance of this level would undermine the bearish theme, and open 112.12, the 61.8% retracement point.
• Curves bull steepening with short end rates leading: 2s10s +2.650 at 50.975 (46.905 low), 5s30s +.916 at 85.004.

White House Press Secretary Karoline Leavitt has said that US President Donald Trump is not content with the temporary Victory Day ceasefire offered in Ukraine by Russian President Vladimir Putin. Leavitt says that Trump wants to see a permanent ceasefire, and that the commander-in-chief is "increasingly frustrated" with both Putin and Ukrainian President Volodymyr Zelenskyy for failing to come to the negotiating table. 

• Earlier today, Putin announced there would be a ceasefire implemented from 8-11 May in celebration of the 80th anniversary of the end of the Second World War. The Kremlin has threatened to retaliate with "an adequate and effective response" should Ukraine break the ceasefire.
• The meeting between Trump and Zelesnkyy in St. Peter's Basilica at the funeral of Pope Francis over the weekend, combined with rhetoric saying Putin "has to be dealt with differently, through 'Banking' or 'Secondary Sanctions?'
• In a further sign of concessions to Russia, Trump said “Oh, I think so,” on 27 April when asked whether Zelenskyy was willing to "give up" Crimea, which was annexed by Russia in 2014.
• In an interview with The Atlantic published earlier today, Trump said Putin “is going to be fine” in any negotiations. Trump “I’m trying to save a lot of lives in the world, You know, Ukraine and Russia — it’s not our lives, but it could end up in a Third World War.”

• -12,000 SFRN5 96.50/97.00 call spds, 7.0 ref 92.265