FINLAND AUCTION PREVIEW: ORI Operation Tomorrow
Finland has announced it will be looking to sell up to a combined E400mln of the following at its OR...
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US: Trump Firms Up On Movie Tariffs, Netflix Indicated Lower
President Trump posts the following to Truth Social: "Our movie making business has been stolen from the United States of America, by other Countries, just like stealing “candy from a baby.” California, with its weak and incompetent Governor, has been particularly hard hit! Therefore, in order to solve this long time, never ending problem, I will be imposing a 100% Tariff on any and all movies that are made outside of the United States. Thank you for your attention to this matter. MAKE AMERICA GREAT AGAIN! President DJT
- Note that isn't a new idea, Trump has previously touted it, but this tariff now seems certain to be implemented. Netflix lower pre-market as a result, indicated -1.7% last.
FRANCE T-BILL AUCTION RESULTS: 14/15/27/49-week BTFs
| Type | 14-week BTF | 15-week BTF | 27-week BTF | 49-week BTF |
| Maturity | Jan 7, 2026 | Jan 14, 2026 | Apr 9, 2026 | Sep 9, 2026 |
| Amount | E3bln | E499mln | E1.999bln | E2.4bln |
| Target | E2.6-3.0bln | E0.1-0.5bln | E1.6-2.0bln | E2.0-2.4bln |
| Previous | E2.8bln | E3.191bln | E2.2bln | E1.992bln |
| Avg yield | 2.002% | 1.979% | 2.042% | 2.058% |
| Previous | 2.007% | 2.007% | 2.027% | 2.048% |
| Bid-to-cover | 3.17x | 6.39x | 2.9x | 2.29x |
| Previous | 2.86x | 2.9x | 2.82x | 2.82x |
| Previous date | Sep 22, 2025 | Sep 15, 2025 | Sep 22, 2025 | Sep 22, 2025 |
OIL: Lower As Fundamentals Outweigh Cross-Market Factors
WTI & Brent futures have more than reversed their respective Friday gains and trade towards Thursday’s lows, losing over $1.00 apiece.
- Traders focus on excess supply concerns with flows from Kurdistan restarting over the weekend and newswire source reports signalling that OPEC+ is set to implement another production increase.
- Fundamental headwinds outweigh sources of cross-market support, namely another uptick in U.S. e-mini futures and a weaker USD.
- Bullish technical set ups remain intact, with both WTI & Brent trading $4-5 above our technical analyst’s key support levels.
