POWER: EU Raises Ukrainian Power Import Limit
The EU has increased Ukraine's maximum power export capacity to the bloc by 38.5% to 900MWh, the Ukr...
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SONIA: Put Ladder buyer
SFIQ5 95.95/95.90/95.80p ladder, bought for 1.25 in 5k.
GILT AUCTION RESULTS: 4.00% Oct-63 Gilt
| 4.00% Oct-63 Gilt | Previous | |
| Amount | GBP1.25bln | GBP1.75bln |
| Avg yield | 5.281% | 5.076% |
| Bid-to-cover | 3.51x | 2.80x |
| Tail | 0.3bp | 0.3bp |
| Avg price | 79.013 | 81.845 |
| Low price | 78.967 | 81.799 |
| Pre-auction mid | 78.944 | 81.779 |
| Previous date | 18-Feb-25 |
NETHERLANDS: Cabinet To Meet @ 13:30CET To Assess Path After PVV Withdrawal
The Netherlands' Council of Ministers, now sitting as a minority gov't, will meet today at 13:30CET (07:30ET, 12:30BST) to assess its options. This comes after Geert Wilders, leader of the right-wing nationalist Party for Freedom (PVV), withdrew his party from gov't amid disagreements over proposals for stricter asylum policies. The minority gov't is now composed of the conservative pro-business People's Party for Freedom and Democracy (VVD), anti-graft New Social Contract (NSC), and agrarian populist Farmer-Citizen Movement (BBB). Together, they hold a combined 53 seats in the House of Representatives, well short of the 76 required for an overall majority.
- NSC leader Nicolien van Vroonhoven has said that there is the prospect that the minority gov't could look to continue in office, requiring support on a vote-by-vote basis in parliament. She says that "It is absolutely not undesirable. It is not the easiest way to do politics, but it is a way to ensure that the entire House is involved." However, this could be scuppered by the BBB.
- Its leader, Caroline van der Plas says that snap elections are not a given, "An option is that other parties try to work together, instead of holding elections", but that the BBB could not be part of any gov't, adding "For me, the coalition is finished."
- A number of opposition leaders have called for snap elections following the withdrawal of the PVV from gov't. King Willem-Alexander is due in the Czech Republic today for a state visit, but may have to remain in country in order to receive PM Dick Schoof and accept the resignation of the gov't.
- The likelihood of another workable coalition would appear slim at present. However, given the proportional electoral system and a plethora of parties in parliament, the Dutch political system has become adept at reaching consensus and compromise in forming gov'ts.
Chart 1. Dutch House of Representatives, Seats
Source: houseofrepresentatives.nl, MNI. N.b. Numbers in parentheses indicate change in seats in 2023 election.
