RUSSIA: Kremlin Spox Refuses To Confirm Witkoff Trip But 'Welcomes' US Mediation
Kremlin spox Dmitry Peskov speaking to state media. On the speculation that White House Middle East envoy Steven Witkoff could visit Moscow and hold talks with President Vladimir Putin for a third time, Peskov says he has "nothing concrete" to add on the matter, but that the 'situation is quite fluid and everything is changing fast.' There has been notable international focus on US President Donald Trump's 'peace plan'. Peskov says that Russia welcomes US efforts to mediate, and that there are many 'nuances' around a possible sentiment that need to be 'worked out and positions that need to be narrowed'. However, when asked on the reported Trump plan, Peskov says 'there is a lot of fake news around'.
- Peskov: '[Gov't] will not comment publicly on any Ukraine settlement scenarios....[settlement scenarios] cannot be public and work on them must be conducted in silence...[Russia] is continuing its contacts with the US on a possible Ukraine deal [but] has no contacts with Europeans or Ukraine." Claims that Putin 'remains open to contacts with Europeans and Ukraine in the interests of finding a settlement'.
- Peskov claimed that the planned meeting of foreign ministers in London (see 'UKRAINE: London Talks Downgraded; Trump Peace Plan Gives Russia Notable 'Wins', 0909BST) did not take place due to the lack of consensus between the US on one side and Ukraine and its European allies on the other.
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US: SOFR FIX - 24/03/25
SOFR FIX - Source BBG/CME
- 1M 4.32166 0.00155
- 3M 4.29584 -0.00199
- 6M 4.19449 -0.01017
- 12M 4.00379 -0.01959
EURIBOR OPTIONS: Outright put buyer
ERJ5 97.6875p, bought for half and 0.75 in 13.5k total.
GILTS: Stronger-Than-Expected Serv PMI Limit Recovery Rally, Outperforming Bunds
Gilts move away from session highs after the firmer-than-expected flash services UK PMI data, limiting a recovery from early session lows.
- Futures last +11 at 91.74 (91.23-91 range)
- Initial support and resistance located at 91.07/93.01, with the bearish technical theme in the contract intact.
- Yields 2-3bp lower across the curve, front end outperforms.
- 2s10s and 5s30s continue to respect psychological resistance levels at 50bp & 100bp, respectively.
- 10s ~2bp tighter to Bunds on the day. Little to explain the outperformance ahead of a raft of UK risk events, with gilts outperforming
- Comments from BoE’s Bailey are due this evening (18:00 GMT).
- A little further out, Wednesday will bring the release of the latest round of CPI data, the Spring Statement, gilt remit and OBR projections, while Friday will see the release of retail sales and final Q4 GDP.
- Local headline flow has focused on continued spending cuts in Whitehall and Chancellor Reeves stressing adherence to the fiscal rules, leaving spending cuts front and centre ahead of Wednesday.
- GBP STIRs have followed swings in the long end.
- BoE-dated OIS now shows 15bp of cuts for May, 19bp through June, 30bp through August and 46bp through year-end. Contracts are little changed to a couple of bp more dovish on the day.
- SONIA futures flat to +2.0.
