EM CEEMEA CREDIT: EMAAR: 1Q25 results, headlines hitting the tape

• Treasuries sit reasonably firmer on the day, although that’s only broad consolidation of yesterday’s bear steepening as they await a next material headline driver.  
• Markets are likely to be on headline watch although later on, 3Y supply will prove an interesting test of demand in current volatility before SF Fed’s Daly speaks in her first remarks since Apr 2 tariff announcements.
• The steepening theme continues. Cash yields are 1-4bp lower as 30s lag with underperformance building on yesterday’s large shift steeper at the Asia open.
• 2s10s sits at 43bp (+0.5bp) as it holds near yesterday’s 45bps at fresh highs since May 2022.
• TYM5 trades at 112-02 (unch) in a relatively narrow range of 18+ ticks after yesterday’s huge 114-10 to 111-15+. Cumulative volumes have again been elevated at above 700k although down from particularly active recent overnight sessions.
• Yesterday’s low of 111-15+ marks new support with the pullback deemed corrective. Resistance is seen at 112-29 (50% of Apr 7 high/low range) after which lies that 114-10.
• Data: NFIB Mar – already released, see “US DATA: Small Business Optimism Reverses Further, Price Plans Drifting Higher”
• Fedspeak: SF Fed’s Daly on economic outlook (1400ET, Q&A only) - see STIR
• Coupon issuance: US Tsy $58B 3Y Note auction - 91282CMW8 (1300ET)
• Bill issuance: US Tsy $70B 6W Bill auction (1130ET)

XCA (19th Dec) 13p, sold at 0.76 in 26k.

 SX5E (20th Mar) 4300/3500ps 1x2, bought for 58 in 7k.