CONSUMER CYCLICALS: Coty | 3Q Results (x7)

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• At 13:00 ET 18:00 BST, White House Press Secretary Karoline Leavitt will deliver her first press conference since Trump’s 'Liberation Day' tariff announcement. President Donald Trump will sign an Executive Order to boost the US coal industry before delivering remarks at the NRCC Dinner at 18:45 ET 23:45 BST.
• The pragmatic wing of the Trump administration - led by Treasury Secretary Scott Bessent - appears to have gained the upper hand over the trade hawks - led by advisor Peter Navarro and Commerce Secretary Howard Lutnick. The White House appeared to delete a social media post backing a Navarro op-ed claiming tariffs are "not a negotiation." Shortly after, Bessent confirmed he will lead trade negotiations with Japan. 
• Bessent said yesterday that tariffs are going to ‘re-lever’ the private sector, pay for Trump’s tax agenda, and bolster national security.
• Trump threatened an additional 50% tariff on China that could hike duties on Chinese imports to 104% (20% Fentanyl, 34% reciprocal, 50% counter-retaliatory).
• USTR Jamieson Greer's testimony to the Senate on Trump's trade agenda will be the most watched event on Capitol Hill today.
• House Speaker Mike Johnson (R-LA) is facing a rebellion from deficit hawks and his Budget Committee chair over the Senate's reconciliation budget blueprint.
• The US will hold indirect talks with Iran on its nuclear programme on Saturday.
• Poll of the Day: Consumer sentiment registered an 8-point swing from April 5.

Full Article: US DAILY BRIEF

SX7E (17th Apr) 144/135ps, bought 0.55 in 20k.

FX Exchange traded Option, looking for Yen Weakness.

• JPYUSD (8th Aug) 73c, sold at 0.79 in 1.5k.