EM CEEMEA CREDIT: Saudi Awwal Bank: FV for $ bench 10NC5 Green Tier2 deal

Some attention on the Equity Cash Open, the VGU5 hasn't managed to even test the July high, and for the SX5E, that level seems some way away still.

Nonetheless, initial resistance in SX5E is at 5404.32.

• Calls: Estox 50: +1.39%, Dax: +1.28%, CAC: +1.34%, FTSE +0.55%, SMI +0.73%.

DUU5 107.10/107.20/107.30/107.40c condor, bought for 2.5 in 3k.

Core global FI futures have pared the initial downtick that followed weekend confirmation of the U.S.-EU trade deal, with ongoing uncertainty surrounding Sino-U.S. relations, lower expected inflation outcomes stemming from the weekend deal and continued headline uncertainty limiting the initial weakness, even with equities rallying.

• SONIA futures are essentially flat.
• BoE-dated OIS is also steady, showing 22.5bp of easing for August, 25.5bp through September, 40.5bp through November and 45.5bp through year-end, at the hawkish end of the multi-week range and compared to ~58bp of cuts through year-end that was priced just a couple of weeks ago.
• There is little of note on the UK calendar today, which will leave focus on macro matters (any ongoing adjustment the U.S.-EU trade deal and Sino-U.S. discussions in Stockholm).
• Slightly further out, final UK manufacturing PMI data is due Friday, with nothing in the way of BoEspeak scheduled until next week’s monetary policy decision. The overwhelming consensus looks for a cut at that meeting.