UKRAINE: Macron Says Trump To 'Fight' For Trilateral US-Russia-Ukraine Talks
Comments beginning to come through from European leaders following the video call with US President Donald Trump ahead of the Russia-US leaders' summit in Alaska on 15 August. Ukrainian President Volodymyr Zelenskyy, in Berlin alongside host, German Chancellor Friedrich Merz, says that there are "No talks without Ukraine", and that "There should be a meeting of three leaders." Zelenskyy calls for more sanctions on Russia, and says he hopes a ceasefire will be the primary topic in Putin-Trump talks. French President Emmanuel Macron claims Trump would "fight" for a trilateral meeting, possible in Europe.
- Comments from Merz: "We want Trump to be successful in Anchorage on Friday...European and Ukrainian security interests must be upheld in Alaska...We made clear to Trump, a ceasefire must come first in any agreement." Merz: "There is no question of legally recognising Russian territorial holdings, Trump largely shares our view on this."
- Macron: "Trump said he wants to obtain a ceasefire in Ukraine during his meeting with Trump...Trump also said that any territorial issues can only be negotiated with Ukraine." Macron: "Nothing is off the table concerning a new sanctions package against Russia...There haven't been serious talks about a Ukraine-Russia territory swap."
- NATO Secretary General Mark Rutte says NATO "appreciates Trump's leadership and close coordination with allies," and that "the ball is now in Putin's court."
- European Commission President Ursula von der Leyen says, "Today Europe, the US and NATO have strengthened the common ground for Ukraine...We will remain in close coordination."
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PIPELINE: Corporate Bond Roundup: Macy's, Boots, Kioxia on Tap
- Date $MM Issuer (Priced *, Launch #)
- 07/14 $1.5B Kioxia Holdings 5NC2, 8NC3
- 07/14 $500M Macy's 8NC3
- 07/14 $500M Boots Group 7NC3 (in addition to GBP & EUR issuance)
- 07/14 $Benchmark Athene Global 5Y +125a
- 07/14 $Benchmark Aircastle 5Y +150a
- 07/14 $Benchmark Conagra investor calls
- 07/11 No new US$ Corporate bond issuance Friday, $45.7B total on the week
OPTIONS: Larger FX Option Pipeline
- EUR/USD: Jul16 $1.1600-05(E1.0bln), $1.1750(E1.0bln), $1.1795-00(E998mln); Jul17 $1.1500(E1.6bln), $1.1585-00(E1.2bln), $1.1700(E1.4bln), $1.1750-70(E1.4bln); Jul18 $1.1600(E1.4bln), $1.1700(E1.3bln), $1.1850(E1.2bln)
- USD/JPY: Jul16 Y146.50($1.4bln); Jul17 Y148.95-00($1.5bln)
- GBP/USD: Jul17 $1.3445-60(Gbp900mln)
EQUITIES: Indices Open Flat-to-Lower, Trump Russia Statement Next Focus
US indices start mixed-to-flat, with an early fade in tech names swiftly reversed in the opening minutes (E-mini S&P, NASDAQ, DJIA futures lower by 0.1-0.2%). The quiet calendar and smooth absorption of EU, Mexico tariff threats may suggest markets see a decent chance of a modification or moderation in Trump's tariff pledge over the weekend. Recall last week's reports that EU ministers had been scrambled for a possible announcement on US trade, suggesting negotiating teams are well advanced in talks.
Technically, the trend condition in S&P E-Minis remains bullish. The recent rally resulted in a break of key resistance and the bull trigger at 6277.50, the Feb 21 high. Sights are on 6356.12, a Fibonacci projection.
With the data schedule light Monday, near-term focus shifts to Trump's 'Major statement' on Russia, the US CPI print tomorrow (which may finally rule out a Fed rate cut at the July meeting) and the beginning of earnings season. 9.4% of the S&P 500's market cap is set to report this week, with the usual early focus on big banks and financials. Highlights are:
- TUES: JP Morgan, Citigroup, BNY Mellon, Wells Fargo, Blackrock
- WEDS: Johnson & Johnson, Bank of America, Morgan Stanley, Goldman Sachs
- THURS: General Electric, Netflix, PepsiCo
- FRI: American Express, 3M, Charles Schwab
Our full quarterly earnings schedule found here, including EPS, revenue expectations and full timings: https://mni.marketnews.com/44tWRA8
