EM CEEMEA CREDIT: DP World: Solid H1 25 earnings

Ex-BOE MPC member Michael Saunders on the Bank's sensitivity to interest rate risk and long-dated gilt sales-- On MNI Policy MainWire now, for more details please contact sales@marketnews.com

Bloomberg News reports that the European Commission is set to propose a new Multiannual Financial Framework (MFF) for the period 2028-2034, amounting to EUR1.98 trillion, a major increase on the EUR1.2 trillion allocated for the last MFF period running 2021-27. Today's announcement marks only the start of a multi-year process of negotiation between the Commission, Parliament and member states ahead of the final agreement, which requires unanimity. 

• Bloomberg News: "Included in the draft plan is a €589.6 billion competitiveness, prosperity and security fund, of which €450.5 billion is earmarked for an EU competitiveness fund...Farming, which has long been one of the cornerstones of the EU budget, once again will get a big chunk of funding with €293.7 billion proposed for the bloc’s common agricultural policy,"
• The formal announcement of the initial proposals has been delayed amid tense negotiations overnight within the Commission. Euractiv reports that Budget Commissioner Piotr Serafin, "was supposed to brief MEPs on the package at 12:30 pm. His appearance has been delayed to 2 pm, but this slot has – as of now – been cancelled..."
• Euractiv also reports on the latest tentative schedule from the Commission on timings of announcements from 16:30CET (10:30ET, 15:30BST) onwards: "Von der Leyen will hold a presser with Budget Commissioner Serafin on the overall proposal. Executive Vice-President Sejourne on MFF decisions related to competitiveness and defence right after. Followed by Executive Vice-Presidents Minzatu and Fitto and Agriculture Commissioner Hansen on issues related to agriculture, cohesion policy and employment." Will be streamed here. 

Senate Majority Leader John Thune (R-SD) has teed up a ‘vote-a-rama’ on President Trump’s USD$9 billion rescissions package at around 13:30 ET 18:30 BST today, after OMB director Vought yesterday agreed to remove USD$400 million of cuts from PEFAR, a George W. Bush-era HIV/AIDS prevention program.

• Thune indicated that the removal of PEFAR is likely to be the only change to the final package, which should allow the bill a relatively smooth track back through the House to Trump’s desk.
• In the lower chamber, House Speaker Mike Johnson (R-LA) is expected to rerun a procedural vote on two crypto bills, after 12 conservatives sank a rule vote yesterday. No vote timings have been released.
• Trump said on Truth Social, shortly after the failed crypto vote: “I am in the Oval Office with 11 of the 12 Congressmen/women... they have all agreed to vote tomorrow morning in favor of the Rule.”
• Punchbowl notes Dems are not whipping against the crypto bills: “…we expect several Democrats to back the GENIUS Act — which would introduce regulations to stablecoins — but oppose the CLARITY Act. That bill would reorganize the responsibilities of federal financial regulators for crypto.”
• House Ways and Means Committee will meet at 09:00 ET 14:00 BST to discuss altering the tax code per the crypto regulatory changes under consideration. The panel will hear testimony from industry players, including the Coin Center Director of Policy, the Blockchain Association CEO, and the VP at Fidelity Investments.