OPTIONS: Expiries for Aug11 NY cut 1000ET (Source DTCC)
Aug-08 14:29
- EUR/USD: $1.1550(E1.2bln), $1.1600-05(E1.1bln), $1.1650-60(E940mln), $1.1690-00(E1.5bln), $1.1750(E1.0bln)
- USD/JPY: Y147.00($571mln)
- GBP/USD: $1.3331-45(Gbp552mln)
- NZD/USD: $0.5920-30(N$1.2bln)
- USD/CAD: C$1.3605($591mln)
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STIR FUTURES: BLOCK: Dec'25/'26 SOFR Flattener
Jul-09 14:27
- SOFR Flattener posted at 1016:46ET:
- -5,000 SFRZ5 96.18, post time bid vs. +SFRZ6 96.81, post time offer
BONDS: Gilt/Bund Spread Steady After Recent Move Higher
Jul-09 14:26
Little to move the needle for the 10-Year gilt/Bund spread today, with the differential little changed at ~194bp.
- The medium-term fiscal and issuance outlooks for both Germany and the UK present plenty of uncertainty, with a want for fiscal easing in the former and ongoing fragility evident in the latter.
- We covered the spread in more detail yesterday.
EU-RUSSIA: Slovakia Maintains Veto On Latest Sanctions Package
Jul-09 14:23
Slovakia continues to act as a brake on EU efforts to impose an 18th round of sanctions on Russia, with diplomatic sources telling Euronews that at the 9 July Coreper II meeting of EU permanent representatives, the Slovakian ambassador once again vetoed the package. Euronews reports the latest sanctions "target Russia's financial and energy sectors, including the Nord Stream pipelines. A move to lower the price cap on Russian crude oil is uncertain to succeed due to the White House's reluctance."
- The article notes that "Slovakia has no objection to the economic restrictions per se; its opposition relates to an entirely different matter: the proposed phase-out of all Russian fossil fuels by the end of 2027". As the phase out is subject to a qualified majority vote, Slovakia can not stop it alone. Instead, it is holding the next round of sanctions - requiring unanimity - hostage until the EU relents on the phase out.
- During the June EUCO summit, Slovakian PM Robert Fico said that "This will harm us, unless an agreement is reached with the European Commission that would compensate us for all the damage this proposal might cause," and highlighted the risk of a lawsuit from Russia's Gazprom for EUR16-20bln for breach of its gas supply contract that runs to 2034.
- There will be significant pressure on Slovakia and the EU to come to an agreement that would allow ambassadors to vote through the package at the next Coreper II meeting on 11 July, which would allow the final sign off at next Tuesday's foreign ministers' meeting.
