AMERICAS OIL: Greer Says Trump Admin Is Open To Negotiating With Willing Partner
Greer Says Trump Admin Is "Open To Negotiating With Willing Partners":
United States Trade Representative Greer has stated, in testimony to the House Ways and Means Committee, that President Donald Trump is "open to negotiate with countries that actually want to pursue reciprocal trade." LIVESTREAM: https://waysandmeans.house.gov/event/full-committee-hearing-on-the-trump-admini strations-2025-trade-policy-agenda-with-united-states-trade-representative-jami eson-greer/
- Greer notes that he spoke with counterparts from the EU, Canada, and Mexico yesterday. Says there is an "opportunity" for countries to "bring down their tariffs."
- Greer adds later: "The President has directed that we're negotiating with willing partners, and that's where I get my guidance from."
- Greer notes, "there are no exceptions or exclusions" to the tariff programme, suggesting that the Trump administration sees bilateral trade deals as the primary route to tariff relief.
- Greer says he has had frequent meetings and conversations with his UK counterparts on "how to move the economic relationship forward". He says that he has expressed his concerns with UK barriers to US agricultural imports, noting that is "very important to us."
- The hearing is ongoing and could last around four hours, if yesterday's corresponding Senate hearing is a guide.
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EQUITIES: Nomura Warn Of Downside Flow Risks
Nomura’s Charlie McElligott writes “it seems clear that the market will continue to test for a “clearing price” in equities, with big “negative gamma” strikes 5650 and 5565 in the S&P as downward acceleration points from here and as we see another escalation in market-neutral unwind per ugly risk-premia factor behaviour”.
- “Meanwhile the synthetic negative gamma of leveraged ETFs and vol control strategies currently imply another ~ -$21Bbn of U.S. equities selling later in the day on rebalancing”.
EQUITY TECHS: E-MINI S&P: (H5) Bear Cycle Extension
- RES 4: 6178.75 High Dec 6 ‘24 and key resistance
- RES 3: 6166.50 High Jan 19
- RES 2: 5993.68 50-day EMA
- RES 1: 5791.00/5942.67 High Mar 7 / 20-day EMA
- PRICE: 5657.75 @ 14:52 GMT Mar 10
- SUP 1: 5656.50 Intraday low
- SUP 2: 5584.85 61.8% retracement of the Aug 5 - Dec 6 ‘24 bull leg
- SUP 3: 5523.00 Low Sep 11 2024
- SUP 4: 5499.25 Low Sep 9 2024
A bear threat in S&P E-Minis remains present and today’s extension strengthens bearish conditions. The move down also reinforces the significance of the breach of 5809.00, the Jan 13 low. This level marked the mid-point of a double top on the daily chart and the break confirms the pattern and an important short-term reversal. Sights are on 5584.85, a Fibonacci retracement. Firm resistance to watch is 5993.68, the 50-day EMA.
US TSYS: TY Through Friday's High, Nears Next Resistance
TYM5 threatens a clean break through Friday’s high (111-11+) on the back of the wider risk-off flow flagged elsewhere. More meaningful resistance located just above at the March 5 high (111-15). Yields now 8.0-11.5bp lower on the day, 5s still outperform.
