EM CEEMEA CREDIT: MTN Group: update for Uganda biz, neutral take

No reaction in the USD after President Trump post the following on Truth Social: "Countries from all over the World want to make TRADE DEALS with us. IT IS A BEAUTIFUL THING TO SEE. The Good Ol’ USA will soon have tremendous growth, and be stronger than ever before!!!"

• The BBDXY had already pared most of its Asia-Pac losses, although the USD has only outperformed the traditional safe havens (JPY & CHF) since Friday’s close, losing some ground against the remainder of its G10 peers.
• Some of the bounce in the USD may be attributed to outperformance for e-minis vs. European peers since London trade got underway.
• The Antipodean and Scandi currencies still outperform on the day, given the uptick in equities/reduction in global trade tensions after U.S. President Trump delayed the imposition of 50% tariffs on the EU.
• A reminder that wider liquidity is thinned by the observance of holiday’s in both the U.S. & UK. 

ERN5 98.12/98.06 1x2 put spread paper paid 0.25 on 5K.

• Canada manufacturing sales -2% MOM in April according to StatsCan's advance estimate Monday. Factory sales -1.4% in Feb and -0.2% in Jan.
• Biggest drag in April from petroleum, coal, and autos.
• Some analysts said there was increased production in earlier months ahead of potential U.S. tariff action.