EMISSIONS: EU End-Of-Day Carbon Summary: EUAs/UKAs Fall On EU Gas Losses

The uptick in US equities following the opening bell persists here, with the e-mini S&P now more than erasing the late sell-off across Monday trade. Consumer discretionary and utilities names are leading the bounce, supported by corporate earnings: 3M and General Electric are among the S&P 500's top performers on the back of their pre-market reports, while Tesla is higher by near 4% ahead of their after-hours report.

• No specific headlines or newsflow to trigger the sharp recovery in stocks here, but markets may be fading the concerns surrounding both Fed independence and the policy cycle across the second half of this year.
• Trade remains a key focus for markets - negotiation teams from South Korea, India and Thailand are due in Washington this week, leaving markets on watch for confirmation of any progress from the Oval Office.
• Tesla are due after-market, with Boeing, Alphabet, P&G and Philip Morris due later this week: https://media.marketnews.com/MNIUSEARNINGS_210425_3ed710b2f3.pdf

Belgium has announced it will be looking to sell the following OLOs / Green OLO at its auction next Monday, April 28:

• the 2.85% Oct-34 OLO (ISIN: BE0000360694)
• the 3.10% Jun-35 OLO (ISIN: BE0000363722)
• the 2.75% Apr-39 Green OLO (ISIN: BE0000356650)

Recent Euribor flow of note:

• ERH6 98.4375/98.125 1x2 put spread, paper pays 2.25 in 9.5k
• ERZ5 98.3125/98.0625 put spread, paper sells for 8 in 15k