US-CHINA: Dep Sec State Sherman: Communications With China Have Not Stopped
Feb-15 17:34
MNI London: US Deputy Secretary of State Wendy Sherman, speaking at a moderated conversation on the US approach to China at the Brookings Institution in Washington, has said she hopes "China will not use a visit by a member of Congress to Taiwan as a pretext for military action."
- Sherman: “We are committed to support Taiwan in its ability to defend itself. We hope that the PRC does not use a visit by a member of Congress to Taiwan as a pretext for military action.”
- Sherman also confirmed that US officials have maintained contact with their Chinese counterparts throughout the "spy balloon" incident, and she hopes to reschedule the postponed diplomatic trip to Beijing with Secretary of State Antony Blinken.
- Sherman: “Our communications have not stopped. We hope when conditions make sense that we will be seeing each other face to face again.”
- House Speaker Kevin McCarthy (R-CA) is widely expected to make a trip to Taiwan this year as part of a hawkish Republican China policy which has included establish a House Select Committee on US-China strategic competition.
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BONDS: EGBs-GILTS CASH CLOSE: Early Weakness Fades Ahead Of UK Data
Jan-16 17:20
The UK curve bear flattened while Germany's twist steepened Monday, amid limited trading ranges in Bund and Gilt yields in a US holiday-thinned session.
- Core FI sold off early in the session on no particular catalyst, potentially in a continuation of the profit-taking and position squaring seen late last week. Yields then fell steadily for most of the session.
- BTP spreads narrowed from early wides, with 10Y closing flat to Bunds.
- BoE's Bailey told Parliament of risks of inflation not dropping as fast as expected due to supply side factors (China reopening, UK labour force constraints), though his comments had little discernable market impact.
- Likewise, little immediate reaction to ECB's/Finland's Rehn calling for "significant" hikes at the upcoming ECB meetings.
- UK data takes centre stage with jobs data early Tuesday, and CPI Wednesday.
Closing Yields / 10-Yr Periphery EGB Spreads To Germany
- Germany: The 2-Yr yield is down 2.7bps at 2.566%, 5-Yr is down 1.2bps at 2.19%, 10-Yr is up 0.7bps at 2.175%, and 30-Yr is up 1.3bps at 2.147%.
- UK: The 2-Yr yield is up 2.7bps at 3.516%, 5-Yr is up 0.7bps at 3.312%, 10-Yr is up 1.8bps at 3.384%, and 30-Yr is up 0.3bps at 3.727%.
- Italian BTP spread unchanged at 184.3bps / Spanish down 0.9bps at 98.9bps
OPTIONS: Larger FX Option Pipeline
Jan-16 17:03
- EUR/USD: Jan20 $1.0650(E1.2bln)
- USD/JPY: Jan19 Y127.95-14($2.6bln), Y132.00($2.2bln)
- AUD/USD: Jan20 $0.6900(A$3.6bln), $0.7200(A$2.3bln)
- USD/CAD: Jan20 C$1.3500($1.3bln)
US: President Biden To Deliver Remarks To Commemorate Martin Luther King Day
Jan-16 16:58
US President Joe Biden is shortly due to deliver remarks at the Martin Luther King, Jr. Day Breakfast in Washington DC.
- Livestream: https://www.whitehouse.gov/live/
- Yesterday, Biden delivered political remarks in Luther King's honour at the Ebenezer Baptist Church in Atlanta, Georgia.
- Biden said: "I stand here at a critical juncture for the United States and the world, in my view. We're at... an inflection point, one of those points in world history where what happens in the last few years and will happen in the next 6 or 8 years, they're going to determine what the world looks like the next 30 to 40 years. It happened after World War Two. It's happening again."
- "Are we a people who will choose democracy over autocracy? Couldn't ask that question 15 years ago. Everyone thought democracy as an institutional structure, was settled. But it's not. It's not. We have to choose a community over chaos. I believe Dr. King's life and legacy show us the way we should pay attention."
