BONDS: BTP/Bund Block trade

OEG6 116.25/117/117.25/118.75c condor vs 115.5/114.75ps, sold the condor at 27.75 in 14.4k (ref 116.50).

E-minis have moved away from session lows, with bulls looking to force the S&P 500 contract back above the 50-day EMA (6,901.43) on a sustained bases after an earlier break below.

• The contract last trades 1.09% lower vs. settlement levels after President Trump’s latest tariff threats weighed on wider risk sentiment and reignited the ‘sell America’ theme.
• A close above the 50-day EMA would reaffirm the bullish technical picture and leave focus on the year-to-date & all-time high (7,036.25).
• Meanwhile, a close below would place focus on the Jan 2 & year-to-date base (6,866.75).
• NASDAQ 100 e-minis are -1.47% after registering a fresh ’26 low, while DJIA e-minis are -0.76%.
• A reminder that cash equities are closed on Monday, as the U.S. observes the MLK Day holiday.

Reuters reporting comments from French Finance Minister Roland Lescure and German Vice Chancellor and Finance Minister Lars Klingbeil on the sidelines of an emergency meeting of EU finance ministers in Brussels to discuss US President Donald Trump's tariff threat over Greenland. 

• Lescure said that “France and Germany agree on acting strongly in response to tariffs threats related to Greenland.” Lescure said,  “We do not like using tariffs as geopolitical weapon,” adding that the best way to prevent threats from materialising is “showing EU is ready to react strongly.”
• Lescure continued,  “we will discuss tariffs threat related to Greenland to say 'no'… We want to make sure we are credible enough.”
• Comes after French President Emmanuel Macron’s office said in a statement yesterday that Macron, “will be in contact all day with his European counterparts and will ask, in the name of France, the activation of the Anti-Coercion Instrument.”
• Klingbeil said, per Reuters, “if Trump implements his threats, we will react with confidence.” Klingbeil added, “I want free trade between the US and Europe, but when it is about territorial integrity, the limit is reached.”
• Bloomberg reported earlier that Germany appears to be aligning with France on deploying the ACA, with Klingbeil saying ahead of the meeting that Trump's bid to annex Greenland is a red line for the EU and the bloc should consider using the ACA.