WHEAT: RIA Citing UN-Black Sea Grain Inspections Resume
Apr-19 07:52
Russia's RIA reports that according to the UN coordinator's press office that that vessel inspections under the Black Sea Grain Initiative have resumed after two days of talks.
- Comes shortly after a Reuters story reporting that the Russian Foreign Ministry is claiming that Ukraine is sabotaging the deal by demanding bribes from ship owners in order to register new vessels and carry out inspections.
- Russian FM spox Maria Zakharova stated that any issues were, "solely as a result of the actions of Ukrainian representatives, as well as UN representatives, who, apparently, do not want or cannot resist them [...] [Ukraine is] trying to exploit the 'Black Sea initiative' as much as possible, not refraining from abuses of the rules of procedure or demands for bribes from ship owners. All for the sake of maximizing commercial profits."
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CROSS ASSET: How are markets viewing contagion risks?
Mar-20 07:50
- In the Asian session the overarching view of the UBS takeover of Credit Suisse was viewed as a positive with Treasuries moving lower as the risk of further bank failures seemed to be lower - and this was where the markets focus was.
- However, the focus has changed in early European trading. Markets are now focused on the near wipeout of CS' AT1 bonds - and AT1 bonds are getting hit across the board. The big discount to the CS takeover relative to Friday's close has also spooked bank equity holders.
- So it appears as though the market is now viewing the probability of contagion bringing further bank failures as lower, but the costs to AT1 bond holders and equity holders in the event of a bailout being greater than previously perceived.
- This change in view led to a reversal in macro markets with Treasuries and Bunds seeing a sharp rally in early European trading.
- Assuming there are no more financial failures in the meantime, the focus will be on how the Fed communicates on Wednesday (and what policy action it takes).
BUNDS: BTP/Bund spread targets the 200bps handle
Mar-20 07:50
- BTP lags German futures since the cash open and the 10yr spread look to test the 200bps handle, the February peak and the initial resistance, now trading at 199.10bps.
Chart source: MNI/Bloomberg
BUNDS: German 10yr Yield edges back to 2.00%
Mar-20 07:42
- German 10yr Yield gaped to 1.937%, lowest since 15th December, with some Paying interest emerging, as the dust settles after a busy pre and post cash Bond open.
- The 10yr Yield is now back towards 2%.
Reference 139.61:
- 1.909% = 140.35 (15th Dec low).
