US ENERGY SECTOR: Ovintiv (OVV): Ratings Outlook Change Headline

President Donald Trump has issued a statement on Truth Social signalling support for House Speaker Mike Johnson's (R-LA) plan to attach portions of the SAVE America Act to must-pass legislation this week. Trump's message is likely aimed at House GOP hardliners who have effectively shut down the House floor for three weeks in support of Trump's priority election reform and voter ID bill. 

• Trump wrote: "Thank you to our Great Speaker, Mike Johnson, the House Budget Chairman, Jodey Arrington, and the members of the House Budget Committee,... for launching an effort to get AS MUCH of THE SAVE AMERICA ACT as possible in a Budget Bill, along with aid to our incredible Farmers, and funding for our Military. ... I am asking all House Republicans to VOTE YES this week on the Budget Resolution, which is an important first step towards getting a Budget Bill. House Republicans must UNIFY, and fight for THE SAVE AMERICA ACT!..."
• Trump's statement comes ahead of a meeting of the House Rules Committee at 14:00 ET 19:00 BST, where the panel is expected to vote on a rule for the reconciliation budget resolution, the National Defense Authorization Act, and a short-term measure to fund the government through December 4. Several GOP hardliners on the Rules Committee signalled they could vote down the rule in protest of the lack of offsets in the reconciliation budget. 

The “Made for Germany” initiative is at risk of falling short of its own targets according a report from Table Media quoting ZEW figures. "While the participating companies did increase their investments in 2025 compared to the previous year, the momentum is insufficient to reach the ambitious goal of E631bln in investments in Germany by 2028."

• "Although the participating companies increased their investments in 2025, no additional effect resulting from the initiative is yet apparent. Specifically, the companies invested €52 billion in Germany—an increase of 5.7 percent compared to 2024. This growth rate exceeded the rise in the participating firms' global investments, which grew by 3.5 percent to €122 billion."
• Recall that initial announcement headlines of the initiative crossed on July 7 of last year. It was reported "that the corporate representatives want their investment commitment to be seen as a vote of confidence in the federal government - coupled with the expectation that it will implement the promised economic reforms".
• The government indeed has aligned on a set of reforms recently, with a package on income taxes and bureaucracy reductions following earlier healthcare and pension reforms. On balance, reception of the tax / regulations reduction package has been favourable, although there remains some disagreement among analysts on the magnitude of its ultimate GDP feedthrough.

For further context on the initiative, from the Table Media report:

• "The "Made for Germany" initiative is backed by business leaders Roland Busch (CEO of Siemens) and Christian Sewing (CEO of Deutsche Bank), as well as communications consultant Alexander Geiser (of the agency FGS) and Mathias Döpfner (CEO of Axel Springer). At its launch in July 2025, 61 companies and investors participated, announcing investments totaling €631 billion through 2028; these comprise both previously planned and new investments."
• "According to the initiative, new investments account for a figure in the triple-digit billions. Since then, another 44 companies have joined, raising the announced investment volume by €104 billion to a total of €735 billion."

Flattener Block crossed at 1129:54ET:

• -7,014 FVU6 106-16, post time bid, DV01 $298,000 vs.
• +1,781 WNU6 112-23, buy through 112-22 post time offer, DV01 $303,000.