TAIWAN: Central Bank Keeps Key Rate Unchanged at 2.00%

The 'coalition of the willing' group, formed by countries that have committed to 'boots on the ground' in Ukraine in the event of a ceasefire/peace deal, will hold a national leaders videoconference at 06:00ET/11:00BST/12:00CET. The call will allow those leaders present at the White House talks on 18 August to brief the other leaders on the situation vis-a-vis US security guarantees, a trilateral meeting, and other key outcomes from the talks. 

• The most important outcome of the talks from the perspective of Ukraine and its European allies will be the pledge from US President Donald Trump on security guarantees for Kyiv. Trump instructed Secretary of State Marco Rubio to begin work on establishing what these will look like. They could range from US boots on the ground (the best outcome for Ukraine, but the least likely), to aerial and/or maritime patrols, to providing intelligence and logistical support for Ukraine and its allies.
• For the 'coalition of the willing' countries, there remains significant trepidation as to the prospect of a workable peace deal that works in Ukraine's interest. Both German Chancellor Friedrich Merz and French President Emmanuel Macron voiced backing for a ceasefire before Russian President Vladimir Putin meets with Ukraine's Volodymyr Zelenskyy (which could take place in two weeks).
• Following the 'coalition of the willing' call, the European Council will hold an extraordinary leaders' summit on the same topic. Set to take place at 07:00ET/12:00BST/13:00CET.

• We would expect for the US Treasury and Gilt Roll to start picking up into Friday ahead of the First notice next Week, but as noted last Week with Powell on Friday, some Desks might be tempted to start Rolling some Positions earlier.
• A third of the front Month Volume in Gilt is now spread related, done straight and on legs.

PACE:

• WNA: 2%.
• USA: 3%.
• UXA: 1%.
• TYA: 5%.
• FVA: 5%.
• TUA: 3%.
• Gilt: 4% (as off Yesterday).

RXX5 132c, bought for 15 in 1.2k.