OIL: ESPO Freight Rates Fell to Lowest Since Dec. 2024

"The Republic of Italy has mandated Barclays, BNP PARIBAS, BofA Securities, Crédit Agricole CIB, Santander and Société Generale as Joint Lead Managers for a dual tranche transaction: New EUR 5-year benchmark with maturity date 1 October 2030 and Tap of the BTP Green 30 October 2037 EUR 5bn "WNG" (IT0005596470). The transaction is expected to be launched in the near future subject to market conditions."

• MNI expect the transaction tomorrow.

• The Dollar is seeing continued upside here, but really not seen any Obvious outside drivers, the Yields are still lower on the Day, and {us} futures seem to be moving in the same direction as Equity futures albeit all in small in terms of moves.
• The USD prints a new high versus the EUR, GBP. JPY, PLN, AUD, CHF, NOK, SEK, CZK.
• Although the Stokkie is the worse performer, down 0.80%, the April and the May's printed lows in the USDSEK were the lowest prints since 2022, and the USDSEK is still down a whopping 15.32% YTD.
• Initial resistance in the USDSEK comes at 9.6500.

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• President Donald Trump has no public events scheduled for a second successive day. Trump is expected to continue outreach to wavering Republican Senators on the 'One Big Beautiful Bill'.
• SEC Commissioner Paul Atkins will testify today to the Senate on Trump’s FY26 budget request.   
• The Trump administration has reportedly circulated a letter to trading partners seeking their best offer by Wednesday.
• Commerce Secretary Howard Lutnick is “very optimistic” about striking a trade deal with India in the coming weeks.
• USTR Jamieson Greer is expected to meet the European Trade Commissioner tomorrow - the same day as Trump’s planned doubling of steel and aluminium tariffs.
• The OECD cut its global growth forecast, citing trade uncertainty.
• Senate Majority Leader John Thune (R-SD) hopes to release his text of the GOP megabill as soon as this week. Senate committees could start rolling out their portions of the bill today.
• The White House is expected to send Congress its first package of rescissions today.
• The so-called ‘TACO Trade’ could be instructive for determining Trump’s foreign policy.
• Pressure has increased on Trump to authorise Russia sanctions after a second round of Ukraine talks saw little progress towards a ceasefire.
• A new US-Iran nuclear accord looks in doubt after Trump appeared to nix a compromise on Tehran’s enrichment programme.
• Poll of the Day: Voters trust Trump but have concerns about current economic conditions. 

Full Article: US DAILY BRIEF