US STOCKS: Midday Equities Roundup: Clean Energy Shares Pressed on Tax Bill Pass

• Treasuries retreated from recent highs after headlines that Tsy Sec Bessent (speaking at a JP Morgan event in DC - closed to public and media) sees the China tariff standoff as unsustainable and expects a de-escalation to occur.
• Jun'25 10Y futures had climbed to 110-30 high then retreated to 110-23.5 before bouncing back to 110-27.5 last (+1.5).
• Stocks like the possibility of de-escalation, the DJIA, SPX eminis and Nasdaq all rising to highs for the week:
  • DJIA up 995.81 points (2.61%) at 39165.74
  • S&P E-Mini Future up 134.5 points (2.59%) at 5319.5
  • Nasdaq up 459.1 points (2.9%) at 16329.69

The future governing coalition in Germany is " preparing a policy shift" on €210 billion in Russian foreign currency reserves in the EU, Swiss newspaper Finanz und Wirtschaft reports. While passing of the potential plans remains uncertain, they could be seen as a signal of incoming tightening of the German stance re Russia.

• "In response to an inquiry from «Finanz und Wirtschaft,» it appears the coalition plans go far beyond the current use of the frozen funds. When asked whether the new government might consider confiscation of Russian state assets permissible, a CDU spokesperson said: 'The question of handling Russian state assets belongs at the EU level. The new federal government will engage there and, together with our partners, explore possibilities more openly and actively than before to use these financial resources to strengthen Ukraine.'"
• This would be a more aggressive approach than previous headlines filtering through from France suggested: "At the end of March, French President Emmanuel Macron said that the frozen assets belong to Russia and could be part of a reconstruction fund. They should be used as part of a peace agreement – thus with the Kremlin’s consent. The funds could then serve as security, for example, if Russia violates the agreement and fails to fully pay compensation for war damages"
• Link to the article here.

MEF has announced it will be looking to sell E2.5-3.0bln of the 2.55% Feb-27 BTP Short Term (ISIN: IT0005633794) at its auction this Thursday, April 24.