US: SecState Rubio To Testify To Senate Foreign Relations Cmte Shortly
May-20 14:01
US Secretary of State Marco Rubio is shortly due to deliver testimony to the Senate Foreign Relations Committee on President Donald Trump's FY26 budget request. LIVESTREAM Later this afternoon, Rubio will appear again before the Senate Appropriations Committee.
- Rubio, testifying for the first time since his 99-0 Senate confirmation in January, will be grilled by Democrats over budget cuts to USAID and other government programmes under his purview. He will also be asked for updates on foreign policy issues which the administration has struggled to make headway, including the Ukraine war, Gaza, and Iran nuclear talks.
- Ukraine is likely to be a particular focus after Trump appeared to distance the US from future talks, following a two-hour call with Russian President Vladimir Putin yesterday: "I think something's going to happen. And if it doesn't, I just back away and they're going to have to keep going. Again, this was a European situation, and should have remained a European situation," Trump said.
- Ranking Democrat, Senator Jeanne Shaheen (D-NH), intends to tell Rubio, “this Administration has eviscerated six decades of American foreign policy investments, undercutting our ability to compete with adversaries like China.”
- Shaheen will add: “As Elon Musk took a chainsaw to USAID and you proposed cutting 83% of foreign programs, China has proposed increasing its diplomatic budget by 8.4%. As we move to reduce our diplomatic workforce and discuss closing U.S. embassies, China has more diplomatic missions than any other nation on Earth.”
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CARNEY ELECTION PLATFORM HAS CAD225B OF DEFICITS OVER FOUR YRS
Apr-19 13:51
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- CARNEY SEES 2025-26 BUDGET DEFICIT OF CAD62.3B OR 2% OF GDP
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LOOK AHEAD: Eurozone Timeline of Key Events (Times BST)
Apr-18 05:18
| Date | Time | Country | Event |
| 25-Apr | 0745 | FR | Manufacturing Sentiment |
| 29-Apr | 0700 | DE | GFK Consumer Climate |
| 29-Apr | 0800 | ES | HICP (p) / GDP |
| 29-Apr | 0900 | EU | M3 / Consumer Expectations Survey |
| 29-Apr | 0900 | IT | ISTAT Confidence Indices |
| 29-Apr | 1000 | EU | Consumer Confidence, Industrial Sentiment |
| 30-Apr | 0630 | FR | GDP (p) / Consumer Spending |
| 30-Apr | 0700 | DE | Import/Export Prices / Retail Sales |
| 30-Apr | 0745 | FR | HICP (p) / PPI |
| 30-Apr | 0855 | DE | Unemployment |
| 30-Apr | 0900 | DE | GDP (p) / State level CPI |
| 30-Apr | 0900 | IT | GDP (p) |
| 30-Apr | 1000 | EU | GDP preliminary flash est. |
| 30-Apr | 1000 | IT | HICP (p) |
| 30-Apr | 1100 | IT | PPI |
| 30-Apr | 1300 | DE | HICP (p) |
JGBS: Twist-Steepener Holds Going Into W/E, BoJ Gov Ueda Reiterates Caution
Apr-18 05:16
JGB futures are stronger, +18 compared to settlement levels, sitting near the middle of the range after a choppy session.
- “Governor Kazuo Ueda reiterates his stance that the central bank will carefully monitor if its economic outlook will be realized, accounting for the effects of US tariff measures, without preconception. The BoJ will raise the benchmark rate if the outlook is realized, Ueda says in response to questions in parliament.” (per BBG)
- “Fukoku Mutual Life Insurance Co. plans to invest in Japan's super-long government bonds this fiscal year after their yields skyrocketed. The company aims to increase domestic government bond holdings by ¥30 billion, with gross purchases potentially reaching ¥300-400 billion.” (per BBG)
- Earlier today, Headline CPI for March showed +3.6% y/y versus +3.7% estimate. Core and Core-Core printed +3.2% y/y and +2.9% y/y, respectively, versus estimates of +3.2% and +2.9% and priors +3.0% and +2.6%.
- Cash US tsys are closed today for the Good Friday holiday.
- Cash JGBs have twist-steepened, pivoting at the 20-year, with yields 2bps lower to 5bps higher.
- Swap rates are 2bps lower to 2bps higher, with a steepening bias.
- On Monday, the local calendar will see Tokyo Condominiums for Sale data.
