OIL: G7 Aims to Target Russian Oil Buyers
G7 nations finance ministers said on Wednesday they will take steps to increase pressure on Russian oil sales by targeting those who purchase the oil and circumvent sanctions.
- "We will target those who are continuing to increase their purchase of Russian oil since the invasion of Ukraine and those that are facilitating circumvention," G7's statement said.
- "We will take concrete measures to significantly reduce, with the objective of phasing out, our remaining imports from Russia, including on hydrocarbon imports," it added.
- The G7 foreign ministers also said they were "giving serious consideration" to trade measures and other restrictions on countries helping finance Russia's war efforts. No country was identified in the statement.
- The comments lack much sting at present but likely serve as an effort to try and appease Trump after he asked for other nations to ban Russian oil purchases before the U.S. gets involved in sanctions.
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Historical bullets
EURGBP TECHS: Clears Resistance
- RES 4: 0.8769 High Jul 28 and the bull trigger
- RES 3: 0.8744 High Aug 7
- RES 2: 0.8703 61.8% retracement of the Jul 28 - Aug 14 bear leg
- RES 1: 0.8685 Intraday high
- PRICE: 0.8683 @ 08:36 BST Sep 2
- SUP 1: 0.8597 Low Aug 14 and the bear trigger
- SUP 2: 0.8562 50.0% retracement May 29 - Jul 28 upleg
- SUP 3: 0.8540 Low Jun 30
- SUP 4: 0.8514 61.8% retracement May 29 - Jul 28 upleg
EURGBP is trading higher today. This has resulted in a breach of resistance at 0.8674, the Aug 25 and 29 high. The break signals a stronger reversal and suggests scope for climb towards 0.8744, the Aug 7 high. Key resistance and the bull trigger is at 0.8769, the Jul 28 high. Key support to watch lies at support at 0.8597, the Aug 14 low. Clearance of this level would instead confirm a resumption of the recent bearish threat.
GILT SYNDICATION: 4.75% Oct-35 gilt: Books Open
- Guidance: 4.50% Mar-35 Gilt +8.25/+8.75bps
- Size: GBP Benchmark
- Maturity: 22 October 2035
- Expected Settlement: 3 September 2025 (T+1)
- Coupon: 4.750% SA, ACT/ACT, long 1st to 22 April 2026
- Benchmark: 4.50% Mar-35 Gilt (ISIN: GB00BT7J0027)
- ISIN: GB00BTXS1K06
- Bookrunners: HSBC / J.P. Morgan (DM/B&D) / Lloyds / Morgan Stanley / NatWest / UBS
Details per market source
BONDS: EUREX Roll pace update
EUREX ROLL PACE: Volumes are starting to pick up now, especially in Bobl.
- Buxl: 30%.
- Bund: 23%.
- Bobl: 32%.
- Schatz: 27%.
- BTP: 15% (below pace).
- BTS: 21%.
- OAT: 26%.
