UK: PM-'All Options On The Table' When It Comes To US Tariffs

Mar-27 15:02

Prime Minister Sir Keir Starmer has said that "We will keep all options on the table" when it comes to US tariffs, calling the measures "very concerning". Starmer says he wants the UK to be "pragmatic and clear-eyed" on the issue. In line with Mexico and diverging from the EU and Canada, the UK has steered away from retaliatory tariffs to date and has not indicated that it will do so either in regard to the auto tariffs announced on 26 March, or on the broader reciprocal tariffs pencilled in for 2 April. 

  • The UK is pursuing a trade deal with the US and as such is keen to avoid the ire of the Trump administration. US Commerce Secretary Howard Lutnick has praised the UK approach, saying it showed London "thoughtfully examine how they do business with us,”
  • Earlier, Chancellor of the Exchequer Rachel Reeves said “We are not at the moment at a position where we want to do anything to escalate these trade wars.[...] We are looking to secure a better trading relationship with the United States. I recognize that the week ahead is important. There are further talks going on today, so let’s see where we get to in the next few days.”

Historical bullets

MNI: US CONF BOARD CONSUMER CONFIDENCE 98.3 IN FEB V JAN 91.3

Feb-25 15:00
  • MNI: US CONF BOARD CONSUMER CONFIDENCE 98.3 IN FEB V JAN 91.3

EQUITY TECHS: E-MINI S&P: (H5) Corrective Pullback Extends

Feb-25 14:58
  • RES 4: 6205.38 0.764 proj of the Jan 13 - 24 - Feb 3 price swing     
  • RES 3: 6200.00 Round number resistance 
  • RES 2: 6178.75 High Dec 6 and key resistance
  • RES 1: 6079.87/6166.50 20-day EMA / High Jan 24                 
  • PRICE: 5976.00 @ 14:55 GMT Feb 25 
  • SUP 1: 5971.00 Intraday low            
  • SUP 2: 5935.50 Low Feb 3
  • SUP 3: 5892.37 76.4% retracement of the Aug 5 - Dec 6 bull leg
  • SUP 4: 5842.50 Low Jan 14

S&P E-Minis are trading lower this week. The move down appears corrective, however, price has breached support at 6014.00, the Feb 10 low. This signals scope for a deeper retracement and has exposed a key support at 5935.50, the Feb 3 low. Moving average studies remain in a bull-mode condition that suggests the trend direction remains up. A resumption of gains would refocus attention on key resistance at 6178.75, the Dec 6 ‘24 high.

EURIBOR OPTIONS: Call spread vs Put

Feb-25 14:51

ERZ5 98.25/98.625cs vs 97.75p, bought the cs for -0.75 in 8k (ref 98.05).