TURKEY: Erdogan Talks Up Outcomes Of White House Meeting
Reuters reporting comments from Turkish President Recep Tayyip Erdogan following his talks with his US counterpart Donald Trump at the White House on 25 Sep. Says that the two "discussed steps to improve defence cooperation with a constructive approach" as well as ways "to facilitate trade, including revising tariffs, to reach a USD100bln trade goal". Says that he left Washington, D.C., "happy" and that “Of course, it’s not possible to resolve every issue in a single meeting. However, this contact has led us to make meaningful progress on many matters.”
- On the geopolitical landscape in the Middle East, Erodgan says he supports "Trump's vision of global peace", adding "there is a mutual will to stop the bloodshed." Erdogan claims he "reached an understanding with Trump on how to achieve a ceasefire [and] lasting peace in Gaza". Says that Trump "is aware that the situation cannot continue like this."
- While Erodgan was keen to talk up the meeting, there is little in the way of concrete outcomes at present. While the issue of Turkey's potential purchase of F-35 jets and lifting sanctions on Ankara imposed after Turkey purchased Russian defence systems was mentioned, there was no firm commitment from the White House. Trump called on Turkey to both step up as a potential mediator between Russia and Ukraine, as well as to halt its purchase and transit of Russian hydrocarbons (the latter of which is likely to be a non-starter for Ankara).
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FOREX: FX OPTION EXPIRY - Notable in the EUR into Friday
Of note:
EURUSD 9.57bn between 1.1500/1.1650.
USDJPY 3.7bn at 147.90/148.11.
AUDUSD 1.86bn at 0.6500/0.6525.
EURUSD 4.02bn at 1.1625 (fri).
EURGBP 1.37bn at 0.8575 (fri).
- EURUSD: 1.1500 (3.22bn), 1.1550 (1.19bn), 1.1558 (528mln), 1.1560 (355mln), 1.1585 (396mln), 1.1615 (230mln), 1.1620 (593mln), 1.1630 (903mln), 1.1650 (2.15bn).
- USDJPY: 147.90 (502mln), 147.95 (1.04bn), 148.00 (990mln), 148.05 (681mln), 148.11 (486mln).
- USDCAD: 1.3800 (388mln).
- AUDUSD: 0.6500 (267mln), 0.6515 (453mln), 0.6520 (460mln), 0.6525 (680mln).
- USDCNY: 7.1669 (766mln).
DENMARK: Foreign Minister Summons US Diplomat Over Greenland Interference Claims
In a development that a year ago would have been viewed as unthinkable, Danish Foreign Minister Lars Lokke Rasmussen has summoned US Chargé d'affaires Mark Stroh to answer questions regarding allegations that three US citizens have been conducting "covert influence operations" with the intention of fomenting a secessionist movement within Greenland.
- Earlier in 2025, relations between Denmark and the US plummeted as President Donald Trump made repeated references to Greenland, a Danish autonomous territory, becoming part of the United States. He claimed it was crucial for national security. This was followed by a controversial visit to a US military base on Greenland from Vice President JD Vance.
- Danish public broadcaster DR reports that "at least three American men with ties to the US president and the White House" have been gathering the names of those in Greenland who could be recruited to join a secessionist movement, as well as those who would be strongly critical of the US. DR has said it cannot be sure whether the men were operating under orders or on their own initiative.
- In a presser, Rasmussen said the talks with Stroh would be a "preventive conversation", to make clear that if there was official interference in relation to the three men gathering names, this would violate international law.
- Relations between Copenhagen and Washington, D.C., were seen to have improved somewhat in recent months as 'takeover' rhetoric subsided and US language on European defence spending became more complimentary. However, these allegations could put relations back into the deep freeze.
ITALY T-BILL AUCTION RESULTS: 5-Month BOT
| Type | 5-month BOT |
| Maturity | Jan 30, 2026 |
| Amount | E3bln |
| Target | E3bln |
| Previous | E6.5bln |
| Avg yield | 2.012% |
| Previous | 1.993% |
| Bid-to-cover | 1.66x |
| Previous | 1.48x |
| Previous date | Jul 29, 2025 |
