US-RUSSIA: Rubio-Lavrov Meeting Underway In New York
Sep-24 16:31
A meeting between US Secretary of State Marco Rubio and Russian Foreign Minister Sergei Lavrov is underway on the margins of the United Nations General Assembly in New York City.
- The pair's first meeting since the August 15 Alaska Summit comes after US President Donald Trump signaled frustration with Russian President Vladimir Putin in a Truth Social post describing Russia as a 'paper tiger' and suggesting Ukraine could recover all occupied territory.
- Rubio, a Russia hawk, offered a similarly pointed message to Russia at a United Nations Security Council Ministerial Meeting on Ukraine yesrterday. Rubio said Trump is "a very patient man, he’s very committed to peace, but his patience is not infinite," noting that Trump has "the opportunity and the options of imposing additional economic costs on the Russian Federation."
- Neither Trump nor Rubio has previewed any potential steps that could be taken to penalise Russia. The prevailing view amongst analysts is that the Trump administration is likely to leave most of the heavy lifting to Europe, but the US may be positioning to change tack if Russia continues to obfuscate the ceasefire process and escalates incursions into NATO airspace.
- A previous meeting between Rubio and Lavrov at the ASEAN Foreign Ministers' meeting in Malaysia in July helped lay the groundwork for the August 15 summit in Alaska.
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US TSYS: September'25-December'25 Roll Update - Accelerating
Aug-25 16:22
Latest Tsy quarterly futures roll volumes from September'25 to December'25 below. Percentage complete currently at or near 50%. "First Notice" date next week Friday, August 29. Current roll details:
- TUU5/TUZ5 appr 902,100 from -8.88 to -8.5, -8.62 last; 49% complete
- FVU5/FVZ5 appr 962,400 from -5.25 to -5.0, -5.25 last; 45% complete
- TYU5/TYZ5 appr 760,100 from -1.25 to -0.75, -1.0 last; 43% complete
- UXYU5/UXYZ5 app 997,700 from -0.5 to +0.25, -0.25 last; 47% complete
- USU5/USZ5 appr 477,900 from 12.25 to 13.0, 12.25 last; 50% complete
- WNU5/WNZ5 appr 550,600 from 7.25 to 8.0, 7.25 last; 50% complete
- Reminder, Sep futures don't expire until next month: 10s, 30s and Ultras on September 22, 2s and 5s on September 30. Meanwhile, Sep'25 Tsy options will expire LAST Friday, August 22.
US STOCKS: Midday Equities Roundup: Scaling Off Friday's Record highs
Aug-25 15:58
- Stocks are holding near steady (SPX eminis) to mixed ahead midday Monday, the DJIA underperforming as markets (rates, currency and equities) gradually unwound a portion of Friday's post-Chair Powell related rally.
- After climbing to new record high last Friday (45,757.84), the DJIA trades currently down down 236.08 points (-0.52%) at 45394.98, S&P E-Minis Future down 4.75 points (-0.07%) at 6478.75, Nasdaq up 64.6 points (0.3%) at 21561.27.
- Consumer Staples and Health Care sectors underperformed in the first half, highlight laggers in staples included: Keurig Dr Pepper -7.93%, Constellation Brands -3.47%, Estee Lauder -2.47%, Conagra Brands -2.19% and McCormick & Co -2.16%. Pharmaceutical stocks weighed on the Health Care sector: Dexcom -5.70%, Moderna -4.72%, Pfizer -2.16% and Align Technology -2.10%.
- On the positive side, tech stocks led gainers in the first half: Seagate Technology Holdings +3.49%, Western Digital +3.14%, Super Micro Computer +1.98% and NVIDIA +1.79% (Nvidia reports after Wednesday's close). Interactive media and entertainment shares were buoyed: Netflix +1.96%, Alphabet +1.44%, Electronic Arts +1.08%.
ITALY AUCTION PREVIEW: On offer Thursday
Aug-25 15:56
The MEF will sell the following at it's 5/10-year BTP / CCTeu auction on Thursday 28 August:
- E2.00-2.75bln of the 2.70% Oct-30 BTP (ISIN: IT0005654642)
- E1.00-1.25bln of the 3.65% Aug-35 BTP (ISIN: IT0005631590)
- E1.75-2.00bln of the 3.60% Oct-35 BTP (ISIN: IT0005648149)
- E1.50-2.00bln of the 1.05% Apr-34 CCTeu (ISIN: IT0005652828)
