ISRAEL: Opposition Parties To Table Motion To Dissolve Knesset
The Times of Israel reports that opposition parties confirmed their intention to pull all draft legislation from parliamentary agenda and propose to dissolve the Knesset, noting that their decision was 'made unanimously and is binding on all factions.' Opposition leaders said this in a joint statement issued after a meeting today, pledging to 'concentrate all efforts on one goal: to overthrow the government.'
- The piece notes that 'the coalition is widely expected to seek to pack the agenda with its own bills in order to delay a preliminary vote on the measure.'
- Prime Minister Netanyahu's coalition currently controls 68 out of 120 seats in the Knesset, hence Haredi parties Shas and United Torah Judaism would have to dissent.
- Both parties had earlier signalled that they could vote for an early dissolution of parliament, but Shas was reported to be working behind the scenes to avoid this scenario.
- Netanyahu has clashed with the Haredi parties over stalling efforts to pass a bill that would exempt ultra-Orthodox Jews from military service.
- The initial vote on the opposition's bill would be preliminary and the whole multi-stage procedure could take a few weeks before finding its resolution.
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BOE: Lombardelli: "Dominating issue" was progress on domestic inflation
Q: How important was a Liberation Day in your own policy decision? And what do you expect to happen to trade policy uncertainty as a consequence of all these talks?
A: "Our decision, and... my vote, the dominating issue was the progress on domestic inflationary pressures, and we've said that through and actually that is the sort of main thing that we continue to sort of track, monitor, and think about which is actually, you know, for the UK economy. What are we seeing around, inflation, what are we seeing about those underlying pressures as I said, they remain too high but they are falling, that was the dominating issue and it's the dominating point in our discussion. Of course, we did spend a lot of time talking about trade, and we spend a lot of time modelling it thinking about it and we built it into our forecast this time around, and our considerations, it clearly. And for some members, including myself, obviously, added to the reasons for that 25 basis point cut."
GILT TECHS: (M5) Short-Term Bear Threat Remains Present
- RES 4: 94.50 High Apr 7 and key resistance
- RES 3: 94.00 Round number resistance
- RES 2: 93.59/93 High May 8 / 2
- RES 1: 92.76 20-day EMA
- PRICE: 91.81 @ 09:03 BST May 12
- SUP 1: 91.69 Intraday low
- SUP 2: 91.43 Low Apr 15
- SUP 3: 90.92 76.4% retracement of the Apr 9 - May 2 rally
- SUP 4: 90.47 Low Apr 11
The latest pullback in Gilt futures appears corrective. However, the contract has traded through support at the 50-day EMA, at 92.52. The breach signals scope for a deeper retracement and today’s initial move down has resulted in a print below 91.73, the Apr 17 low. An extension of the bear leg would expose 91.43, the Apr 15 low. Initial resistance is seen at 92.76, the 20-day EMA. A break of this hurdle would ease bearish pressure.
BOE: Lombardelli: "Hawkometer" doesn't work well with new scenarios
"The two scenarios are not mutually exclusive. It is possible, and indeed likely, that members may worry about both scenarios or aspects of them. It would be perfectly reasonable to be concerned that productivity growth does not return to pre-Covid levels and also that demand may be more suppressed by trade policy uncertainty. In this way they are not mutually exclusive states of the world that we can assign probabilities to. Nor does it make sense to place Committee members along a “hawkometer” scale from the downside scenario, through the central forecast, to the upside scenario. And there are other dimensions that scenarios may be useful to tease out, like for example preferences for gradualism or activism when setting policy under uncertainty."
