US-EU: EU Trade Mins To Hold Emergency Meeting To Discuss Trump Metals Tariffs
Feb-12 08:52
The Polish presidency of the Council of the European Union has called an emergency meeting of EU trade ministers for this afternoon following the announcement of the imposition of tariffs on EU steel and aluminium exports to the US. Ministers will meet virtually from 1600CET (1000ET, 1500GMT).
- As Politico reports, there remain divisions between EU members on whether the Union should respond forcefully with its own tariffs or other measures, or attempt to placate US President Donald Trump in order to avoid more potentially damaging tariffs on sectors like the autos industry.
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EGBS: /SWAPS: Commerzbank Maintain Short Recommendation In Long End ASWs
Jan-13 08:51
German ASWs stabilise this morning, despite fresh weakness in core global FI markets
- However, Commerzbank warn that “fiscal fears still linger as the underlying political frictions are very difficult to resolve. At the same time, DMOs think in terms of absolute yields and need ultra-long issuance for their funding mix. Hence, ultra-long issuance run-rates should remain on record highs.”
- They also suggest that “a 'white knight' in the form of increased ALM buying is also unlikely to emerge.” As a result, they “don’t see a quick fix and remain short long-end Bunds ASW and OATs.”
BUNDS: German 10yr Yield Targets the July high
Jan-13 08:45
- The German 10yr got close to that July high, noted at 2.642%, so far printed a 2.634%.
- This level is slightly lower Today, was at 130.56 on Friday, but at 130.50 Today.
- Further out, and a clear break through that area would open risk towards the 2024 high printed in June at 2.706%.
- 2.706% = 129.83 today.
GERMAN AUCTION PREVIEW: On offer tomorrow
Jan-13 08:42
DFA has announced the coupon of the new Apr-30 Bobl (ISIN: DE000BU25042) at 2.40%. E5bln of that Bobl will be on auction tomorrow, January 14.
