TARIFFS: Hassett-I Will Present List Of Deal Priorities To Trump Today
Apr-10 11:50
Director of the National Economic Council Kevin Hassett speaking on CNBC regarding the 90 day tariff pause. Claims "There's a big inventory of deals that are close to the finish line". Says the bond market tumult "may have contributed to the tariff decision, but did not cause a panic move." Hassett: "We have set up a process for tariff deals [that] can be orderly," and that negotiations in 90 days are "doable".
- Regarding China, Hassett says conversations have not begun yet. "China is going to have to figure something out and my guess is it will be them reaching out to us and looking to set up talks." Does not say when he thinks this might happen.
- Hassett: "I think that what's been going on all along is the President recognises that in order to get the big change that we need for America's workers... that we need to create enough pressure on our trading partners that things that American presidents have been asking for, for decades, are actually offered at the table."
Now on Fox, Hassett say that he will present a list of deal priorities to President Trump today, adding that the US currently has offers from 15 countries.
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OUTLOOK: Price Signal Summary - Trend Needle In WTI Points South
Mar-11 11:41
- On the commodity front, Gold is in consolidation mode. The trend condition remains bullish and the recent pullback appears to have been a correction. A stronger rally would refocus attention on $2962.2, a 2.00 projection of the Nov 14 - Dec 12 - 19 price swing. This would also open the $3000.0 handle. On the downside, a resumption of weakness would instead suggest scope for a deeper correction and expose support around the 50-day EMA, at $2826.3. The 50-day average marks a key support.
- In the oil space, a bearish trend condition in WTI futures remains intact and last week’s fresh short-term cycle lows reinforce current conditions. Recent weakness has resulted in a clear breach of support at $70.20, the Feb 6 low. This confirmed a resumption of the downtrend that started Jan 15 and has paved the way for an extension towards $63.61 next, the Oct 10 ‘24 low. Key short-term pivot resistance is seen at $70.36, the 50-day EMA.
BUNDS: USDJPY extends gains
Mar-11 11:38
- USDJPY is helped to session high, taking its cue from the US Tnotes (TYM5) testing session low here.
- Initial support in the contract is seen at 110.21, Yesterday's gap.
- For the USDJPY, Friday's high is situated at 148.20.
GILT SYNDICATION: 1.875% Sep-49 I/L gilt: Allocations out
Mar-11 11:36
- Spread set at 0.125% Aug-48 linker (GB00BZ13DV40) + 1.0bp (Guidance was +1.0/1.5bps)
- Size: GBP5.0bln (larger than the GBP4.0-4.5bln MNI expected) - MNI note: This is the largest ever gilt linker syndication
- Books in excess of GBP67.5bln (inc JLM interest of GBP4bln) - MNI note: That is the largest ever book for a gilt linker syndication
- HR : 90% vs 0.125% Aug-48 linker
- Maturity: 22 September 2049
- ISIN: GB00BT7J0134
- Coupon: 1.875%, long first
- Settlement: 12 March 2025 (T+1)
- JLMs: BofA Securities, J.P. Morgan, Lloyds Bank Corporate Markets (B&D/DM), and UBS Investment Bank
- Timing: Hedge deadline 11:50GMT, pricing later today
From market source / MNI colour
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