ISRAEL: PM-'We Continue To Hit Hezbollah With Force'

"*LESCURE: G-7 ENERGY MINISTERS TO MEET AT 1:45 P.M. CET TUESDAY" - bbg

• Follows the interim decision not to release oil from IEA reserves yesterday - the decision instead being left to national leaders (rather than yesterday's meeting of finance ministers), which Macron teased would take place later this week.
• The finance ministers stated more analysis on a reserve release would be needed - presumably that's exactly what the energy ministers will be discussing today.

• Guidance: 4.25% Mar-36 gilt (GB0032452392) + 10.75/+11.25bps
• Maturity: 7 March 2037
• Size: GBP6.25bln WNG (MNI expected GBP6.0-6.5bln)
• Coupon: 4.625%, short first
• Settlement: 11 March 2026 (T+1)
• ISIN: GB00BVP99905
• Bookrunners: Barclays, BNP Paribas, Citi, HSBC (B&D/DM), J.P. Morgan and NatWest
• Timing: Books open, today's business

From market source with MNI colour

Prime Minister Sir Keir Starmer convenes a political meeting of the Cabinet (without civil servants or other officials present) at 09:30GMT (05:30ET, 10:30CET) with the war in the Middle East set to dominate, both in terms of the UK's military action (or lack thereof) in the region, as well as the impact on cost-of-living pressures domestically. While there is no guarantee of any formal statement after the meeting, in the past, there have been comments from the Downing St. spox, or leaks from Cabinet members to the press that have given indications of the PM's state of thinking. 

• Afterwards, at 11:30GMT (07:30ET, 12:30CET), Chancellor of the Exchequer Rachel Reeves is set to appear in the Commons for Treasury questions. This comes after her statement to the House on 9 March outlining an increase in defence spending in the face of the conflict (see UK FISCAL: Reeves: Additional defence spending, support for heating oil).
• Ahead of Reeves' appearance before the House of Commons Treasury Select Committee tomorrow (11 March), the Committee meets today for two sessions on the Spring Forecast Statement delivered last week.
• At 14:15GMT (10:15ET, 15:15CET), the committee will question Tom Josephs and Prof. David Miles, two members of the Budget Responsibility Committee at the Office for Budget Responsibility. An hour later, they will hear from Institute for Fiscal Studies Director Helen Miller, Senior Economist at the Institute for Government Dan Haile, Chief Economist at St. James Place Hetal Mehta, and Director of Market Intel at Energy Aspects Dr. Amrita Sen on the same topic. Livestream here.