EM LATAM CREDIT: Minerva/Marfrig/JBS: Brazil Meat Banned – Negative
May-13 13:33
"European Union Bars Brazilian Meat Imports" - Valor Brazil has been exporting protein products to ...
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GILTS: Long Cover In Futures On Friday
Apr-13 13:32
OI data points to modest net long cover (~3K lots or 0.26% of OI) during Friday’s downtick in gilt futures as participants remained hesitant to deploy fresh exposure ahead of the (now broken down) weekend talks between the U.S. & Iran.
- Today’s OI change could be more interesting given the continuation of the move lower in light of the break down of the talks, although bears have been unable to force a test of key support in the contract (87.59) as of yet.
EURIBOR OPTIONS: Large Call seller
Apr-13 13:31
ERM6 97.75c, sold at 3.25 in 25k vs 5k at 97.545.
US: Republicans Expected To Release Framework For 2nd 'Megabill' This Week
Apr-13 13:31
Senate Republican leadership is expected to unveil a tentative plan this week to fund ICE and Border Protection for multiple years via Budget Reconciliation, the special parliamentary process - utilised to pass last year's One Big Beautiful Bill - that skirts the Senate’s 60-vote filibuster.
- In the next day or so, Senate Majority Leader John Thune (R-SD) is expected to wrap up debate on the SAVE America Act. President Donald Trump says the electoral reform bill is his ‘number 1 priority’, but there appears to be no route to flipping enough Democrats to pass the measure. There is also little prospect that Thune endorses terminating the filibuster to jam the measure through the Senate.
- Punchbowl reports, “The Senate’s progress on reconciliation will dictate how quickly [House Speaker Mike] Johnson can move to re-open DHS. If Senate Republicans can advance their reconciliation bill, Johnson will be able to make the case that the ICE-and-CBP only reconciliation plan is proceeding as envisioned and it’s time to end the shutdown.”
- House Republicans are planning a Wednesday all-member news conference to promote tax cuts from last year’s ‘One Big Beautiful Bill’. President Trump is set to take the message to Nevada and Arizona this week, per Politico.
- OMB Director Russ Vought will testify on Trump’s FY2027 budget request to the House Budget Committee on Wednesday and the Senate Budget Committee on Thursday. Democrats will grill Vought on the economy, spending proposals, and rescissions.
