OIL: North Sea BFOET Loadings to Fall to 542kb/d in August

Peter Navarro, White House Senior Counselor for Trade and Manufacturing, pushes back against the market’s view on fiscal policy under the Trump administration in an op-ed published in The Hill.

• Navarro believe that “it is clear that financial markets do not have complete information about either the historical inaccuracy of CBO forecasts or the substantial positive revenue impact of the new Trump tariffs”.
• He goes on to suggest that “the current rise in yields reflects fear - not facts. Bond traders are pricing in a future where the government borrows trillions more with no offsetting revenues. They believe the tax cuts are not paid for”… “To the contrary, Trumpnomics and the Trump tariffs will put America on a sounder fiscal footing than any policy proposal in decades.  That’s the complete information our financial markets should be working from – and bond investors should yield to that wisdom.”

NVIDIA earnings due after the close today at 2120BST/1620ET. Firm is expected to report EPS of $0.934, having beaten EPS expectations in all but 2 of the 13 quarterly reports seen since the beginning of 2022.

• NVIDIA remains the second largest stock in the S&P 500 after Microsoft, equating to just under 6% of the index. The effects of the report will likely be far further reaching, however, as NVIDIA performance tracks closely with AI demand, tech sector growth and it's increasing role in international relations.
• Outside of the headline financial metrics, focus will be on any updates on the supply of Blackwell chips as well as the future of their $5.5bln H20 chip stockpile - created to comply with US export sanctions, but retroactively banned for sale to China.

SX7E (19th Sep) 150/235RR, bought the Call for 0.20 in 6k vs ~1k at 203.00.