EMISSIONS: EUAs/UKAs Drop On Germany’s Call To Soften Free Allocation Phase-out

• SFRQ5 95.87/95.81ps, traded for 1.75 in 2k.
• SFRQ5 95.81/95.75ps 1x2, traded half in 4k.
• SFRU5 96.12/96.25cs, traded 1.5 in 5k.
• SFRU5 96.00/96.12/96.25c fly, traded for half in 2k.
• SFRU5 95.87/95.81/95.75p ladder, traded half in 3k.
• SFRU5 95.81p, traded 3.75 in 15k.
• SFRU5 95.75/95.68ps 1x3, traded 0.75 in 2k.
• SFRU5 95.75/95.62ps, traded 1.75 in 2k.
• 0QZ5 98.00c, traded 2 in 12k.

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• President Donald Trump has no public events scheduled. Press Secretary Karoline Leavitt will brief at 13:00 ET 18:00 BST.
• Trump signed a 90-day extension to the tariff and export control pause with China.
• The Bureau of Labor Statistics will release its first CPI report since the firing of Commissioner Erika McEntarfer. Trump tapped E.J. Antoni, a MAGA favourite and chief economist at the Heritage Foundation, to replace McEntarfer.
• The Trump administration will “significantly escalate” criticism of Brazil and South Africa in its annual human rights reports.
• Trump announced that the federal government would assume temporary control of the DC police force and deploy 800 National Guard troops to tackle crime in the US capital.
• Trump said imports of gold will not face US tariffs.
• Trump defended a deal with Nvidia to waive export controls on some semiconductors to China in exchange for revenue sharing. Trump suggested Nvidia's most advanced AI chip could be subject to a similar deal, if capabilities were "unenhanced".
• The CBO published analysis of the ‘distributional effects’ of the ‘One Big Beautiful Bill’.
• Trump managed expectations for Friday's meeting with Russian President Vladimir Putin. Trump said it would be a “feel-out meeting” that could tee up a bilateral meeting between Putin and Ukrainian President Volodymyr Zelenskyy. He stressed, "It's not up to me to make a deal."
• Poll of the Day: US consumers are less likely to factor 'Made in USA' into buying decisions. 

Full Article: US DAILY BRIEF

• GBP1.1875bln have been on offer.
• This leaves GBP40.465bln of the gilt in issue.