EU CREDIT SUPPLY: Julius Baer €500m Sr Pref - Final Terms

• US Treasuries are still under pressure, and as mentioned on the Bund Cash Open, Investors will be keeping a close eye on the US Yield levels.
• The 10yr Yield is now testing 4.45%, and further breakout lower in futures would target the 4.50% level next, Today equates to 109.26+ in TYM5.
• A new high for the USDJPY, and getting close to a 300 pips range in the cross.
• This is all a function of the Dollar, at a new intraday high against the EUR, GBP, CAD, AUD, NOK, SEK, CHF, and the NZD.

SX5E (18th July) 5125p, sold at 69.20 and 69.00 in ~10k.

"I think on net, tariffs will probably be disinflationary for the UK economy, and that was a factor in determining my most recent decision to cut bank rate by 25 basis points. So there are some inflationary factors. I think on net, there are more disinflationary ones. They'll all hit the economy at different times. But that's certainly a risk that I'm looking at."