NATO: Rutte Denies US Drifting From Ukraine Despite Hegseth Snub
Jun-04 10:26
Speaking ahead of today's meeting of the Ukraine Defence Contact Group (UDCG) in Brussels, NATO Secretary General Mark Rutte says that "There are not plans for the moment for the US to withdraw troops from Europe", adding that the US is "completely committed" to NATO's Art. 5 mutual defence pact. Rutte says that the US' commitment "comes with the expectation that Europe and Canada will spend much more on defence".
- Rutte, asked by reporters whether Ukrainian President Volodymyr Zelenskyy is invited to the 24-25 June NATO Summit, is not drawn and replies that the programme will be published in due course.
- Regarding Rutte's assertion that US troops would not withdraw from Europe, Teri Schultz at DW notes on X: "Rutte wasn't at [the International Centre for Defence and Security]'s recent Lennart Meri Conference where [US NATO ambassador Matthew] Whitaker said publicly such conversations would begin after the NATO summit."
- The Secretary General also tries to minimise the blow of not having US Secretary of Defense Pete Hegseth present, claiming the US is "completely committed to our joint endeavours when it comes to Ukraine." This is the first time a US Secretary of Defense has fully missed a UDCG meeting. In his first, he handed hosting duties to UK Secretary of State for Defence John Healey. At his second, he only attended virtually.
- Schedule for UDCG on 4 June. Livestream here:
- Defence minister doorstep interviews and statement from Rutte and Ukrainian Defence Minister Rustem Umerov - 14:00CET (08:00ET, 13:00BST).
- Opening remarks from UDCG - 15:00CET (09:00ET, 14:00BST).
- Joint presser between Umerov, Healey, and German Defence Minister Boris Pistorius - 17:30CET (11:30ET, 16:30BST).
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
LOOK AHEAD: Monday Data Calendar: S&P Services/Comp PMIs, ISM Services, 3Y Note
May-05 10:20
- US Data/Speaker Calendar (prior, estimate)
- 5-May 0945 S&P Global US Services PMI final (51.4, 51.2), Comp (51.2, 51.2)
- 5-May 1000 ISM Services Index (50.8, 50.3), ISM Prices Paid (60.9, 61.4)
- 5-May 1000 ISM Services New Orders (50.4, 50.0), Employ (46.2, 46.0)
- 5-May 1130 US Tsy $76B 13W & $68B 26W bill auctions
- 5-May 1300 US Tsy $58B 3Y Note auction (91282CND9)
OUTLOOK: Price Signal Summary - USDJPY Resistance Remains Intact
May-05 10:14
- In FX, a corrective cycle in EURUSD remains in play. The trend structure is unchanged, it remains bullish. MA studies are in a bull-mode position signalling a dominant uptrend, and the latest move down is allowing an overbought condition to unwind. A resumption of gains would open 1.1608, the Nov 9 2021 high. Initial key support to watch is the 20-day EMA, at 1.1264. A break of this average would signal scope for a deeper pullback.
- The latest pullback in GBPUSD is considered corrective. A bearish tweezer top formation on the daily candle chart last Monday/Tuesday, highlights a short-term top. Support to watch lies at 1.3225, the 20-day EMA. A break of this level would signal scope for a deeper retracement. Note that moving average studies remain in a bull-mode position, signalling a dominant underlying uptrend. Sights are on 1.3510, a 1.236 projection of the Feb 28 - Apr 3 - 7 price swing.
- Recent gains in USDJPY resulted in a move through the 20-day EMA, undermining the bear trend. However, price action remains below resistance at the 50-day EMA, at 146.60. A clear break of this average would highlight a possible reversal. For now, gains are considered corrective. Moving average studies remain in a bear-mode position highlighting a dominant downtrend. A resumption of the trend would open 139.79 next, a 1.382 projection of the Feb 12 - Mar 11 - 28 price swing.
OUTLOOK: Price Signal Summary - EUROSTOXX 50 Bull Cycle Remains In Play
May-05 09:56
- In the equity space, the latest recovery in S&P E-Minis reinforces current bullish conditions. The contract has traded through the 50-day EMA, at 5620.87. A continuation of the bull phase would expose 5837.25 next, the Mar 25 high and a bull trigger. It is still possible that the entire rally since Apr 7 is a correction. A reversal lower would signal the end of this corrective phase and expose initially, support at 5127.25, the Apr 21 low. First support lies at 5511.99, the 20-day EMA.
- EUROSTOXX 50 futures maintain a positive tone and Friday’s rally strengthens the current bull cycle. The contract has cleared both the 20- and 50-day EMAs, and attention is on 5263.01, the 76.4% retracement of the Mar 3 - Apr 7 bear leg. Clearance of this level would pave the way for a climb towards 5341.00, the Mar 27 high. Initial support to watch lies at 5047.80, the 20-day EMA. A breach of this level would signal a possible reversal.
Related bullets
Related by topic
Geo-Political
Ukraine
US
Gasoil
Marine Oil
Oil Positioning
OPEC
Freight
Jet Fuel
Gasoline
Fuel Oil
Diesel
Oil Options
Energy Data
US Natgas
TTF ICE
Asia LNG
Gas Positioning
