RUSSIA: Kremlin Spox-Leaders' Meeting Only Possible After Talks
Reuters reports comments from Kremlin spox Dmitry Peskov. Regarding Ukrainian President Volodymyr Zelenskyy's call for tripartite leader-level talks involving Russia and the US, Peskov says "Such a meeting should take place as an outcome of talks". Says no decision on a venue for the next round of talks with Ukraine has been decided "but it should be suitable for all the parties." Regarding US President Donald Trump's Truth Social post saying Russian President Vladimir Putin is "playing with fire", Peskov says "We are grateful for Trump's peace efforts". Adds that "National interests are paramount for Putin", and "We will continue contacts with the US".
- Speaking on 27 May, Zelenskyy said that "If Putin is not comfortable with a bilateral meeting, or if everyone wants it to be a trilateral meeting, I don't mind. I am ready for any format," Zelenskyy said that he was open to bilateral talks between all three leaders, or three-way talks, as long as they all took place at the same location as part of the same set of meetings.
- Regarding the location of the next Russia-Ukraine talks, Turkey seems to be the likely location once again. Foreign Minister Sergey Lavrov seemed to dismiss the prospect of the Vatican City hosting talks, claiming the Holy See's Catholic orientation would clash with Russia's Orthodox background. Russia has previously raised Belarus as a potential location, but given Minsk's close alignment with Moscow this appears a non-starter for Kyiv.
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MNI: UK CBI APR DIST TRADE REPORTED SALES -8
- MNI: UK CBI APR DIST TRADE REPORTED SALES -8
- UK CBI APR DIST TRADE EXPECTED SALES -33
OUTLOOK: Price Signal Summary - Corrective Cycle In EUROSTOXX 50 Futures Intact
- In the equity space, the corrective bull cycle in S&P E-Minis that started on Apr 7, remains in play. The contract traded higher last week and breached a number of important short-term resistance points. Price has cleared the 20-day EMA and pierced 5528.75, the Apr 10 high. The next key resistance is 5622.38, the 50-day EMA. A clear breach of this EMA would strengthen a bull theme. Initial key support lies at 5127.25, the Apr 21 low. A break would be bearish. First support lies at 5355.25, the Apr 24 low.
- EUROSTOXX 50 futures are holding on to their recent gains. The contract has cleared the 20-day EMA and pierced resistance at the 50-day EMA, at 5101.10. A clear break of this average would strengthen the current bull cycle and signal scope for a continuation of the corrective uptrend. This would open 5165.00 next, the Apr 3 high. On the downside, support to watch lies at 4812.00, the Apr 16 low. Clearance of this level would highlight a reversal. First support lies at 4959.00, the Apr 23 low.
NOK: Danske Bank Recommend Paying Sep25-Mar26-Sep26 NOK FRA
On Friday, Danske Bank recommended paying the Sep25-Mar26-Sep26 NOK FRA butterfly spread, after taking profit on previously held short-term NOK received positions. They entered the trade at an indicative mid of -41bps, with a soft target of -15bps and a hard stop-loss of -54bps.
- “We think the short-end received case has run a little too far, which in isolation also reduces the attractiveness of NOK steepeners…markets are now close to fully pricing a cut by June and an accumulative three cuts by year-end and 105bp by March 2026”.
- “Should the global situation re-escalate NB would stand ready to cut similar to March 2020. However, with the latest Trump administration news flow and the weakening of the NOK FX we no longer like the risk/reward of our received positions”
- “The [butterfly] trade is a direct expression of our view that it is difficult to price in more cumulative NB easing into the March 2026 FRA contract unless the global situation deteriorates further”.
- “The biggest risk for the position is if the global economy keeps up but enters a global recession this autumn”
