RUSSIA: Kremlin: No Official Talks On 28 Point Plan, Putin To Chair NSC Today
Nov-21 11:38
Kremlin spox Dmitry Peskov, when asked if Russia had taken part in talks with the US on the mooted 28-point Ukraine peace plan, says, "No, we haven't received anything officially. We're seeing some innovations. But we haven't received anything officially. And there hasn't been any substantive discussion of these points,". Says that "Our contacts [between Russia and the United States] are not ceasing, and we have never stopped them,". Appears to be little credence to Peskov's claims, with US presidential envoy Steve Witkoff's apparently accidental reply on X implicating 'K' in the initial story on the plan, seemingly implicating Russian presidential envoy Kirill Dmitriev.
- Says the Russia and US "are not discussing the US proposals yet in detail", but that "Russia remains open to negotiations". Peskov says that Ukrainian President Volodymyr Zelenskyy's room for manoeuvre is "shrinking due to Russian battlefield progress", and that Zelenskyy must make a "responsible decision" and do it now.
- Peskov says he has no idea what rumours of a 27 November peace deal signing are based on, but that Russia wants the talks to be successful, "which is why it does not want to publicly discuss proposals".
- Confirms that President Vladimir Putin will hold a meeting with the permanent members of the National Security Council later today, with the topic to be determined by Putin. Comes as reports claim Russia will call up military reservists to guard key oil and gas infrastructure amid a spate of Ukrainian drone strikes.
- Peskov: "A meeting [of Putin and Trump] is certainly necessary and important. But it will be preceded by a great deal of homework at the expert level,"
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OUTLOOK: Price Signal Summary - Bull Cycle In Gilts Extends
Oct-22 11:29
- In the FI space, short-term resistance in Bund futures remains intact for now. The trend outlook is bullish following recent strong impulsive gains and sights are on the next key resistance at 130.80, the Jun 13 high. Clearance of this level would strengthen the bullish condition. Note that the contract is overbought, a deeper pullback would allow this condition to unwind. Initial key support is 129.30, the 20-day EMA.
- A bull cycle in Gilt futures remains intact and today’s gap higher strengthens the bullish condition. The contract is through its recent high of 93.17, the Oct 17 high. This confirms a resumption of the uptrend and signals scope for an extension towards 93.95 next, a 1.500 projection of the Sep 3 - 11 - 26 price swing. Note that the contract is overbought, a pullback would allow this condition to unwind. A key support to watch lies at 91.65, the 20-day EMA. Initial support lies at 93.17, the Oct 17 high.
CHINA-EU: EU Preparing Responses To Rare Earth Restrictions: BBG
Oct-22 11:25
Bloomberg reporting on potential EU responses to China's rare earth restrictions:
- "The European Union is working on trade options to counter China’s planned export controls on critical raw materials should the bloc fail to reach a diplomatic solution with Beijing."
- "The European Commission is preparing a list of trade measures by the end of the month that can later be deployed against China to boost its negotiating leverage, according to people familiar with the matter. The commission is also developing a plan to protect critical supplies in the short-term and secure other sources. "
- "The issue will likely be addressed at an EU leaders’ summit in Brussels this week, though the commission wants to avoid a discussion on specific measures, said the people, who spoke on the condition of anonymity. They declined to say what trade options the EU could consider, citing the sensitive nature of the matter."
OPTIONS: Larger FX Option Pipeline
Oct-22 11:17
- EUR/USD: Oct23 $1.1515-25(E1.1bln), $1.1555-65(E1.3bln), $1.1575(E1.2bln), $1.1650(E1.1bln), $1.1670-80(E1.0bln), $1.1750-70(E2.8bln); Oct24 $1.1500-20(E1.2bln), $1.1635-50(E1.1bln); Oct27 $1.1520-35(E1.2bln), $1.1670-80(E1.1bln), $1.1700-10(E1.1bln)
- USD/JPY: Oct24 Y150.00($2.0bln), Y151.00-20($1.4bln)
- AUD/USD: Oct23 $0.6585-00(A$1.1bln); Oct24 $0.6450(A$1.6bln); Oct27 $0.6490(A$1.8bln)
