EU-UK: Sefcovic: EU Won't Renegotiate, Trade Can't Be 'Frictionless & Dynamic'
May-12 13:17
Cristina Gallardo at Politico reports comments from EU Commission VP Maros Sefcovic addressing the EU-UK Parliamentary Partnership Assembly:
- "Maros Sefcovic laments the EU-UK relationship is not as good as he would like it to be, because of Britain's position on the NI protocol. He reiterates the protocol is the only solution that "squares the circle" between Brexit and the situation of NI and Ireland. "
- "Sefcovic acknowledges that the implementation of the NI protocol hasn’t been without challenges ... he reminds lawmakers that the EU solved the problems with the supply of GB medicines to NI "in a record time" and proposed many other ways to tackle other concerns."
- "Sefcovic stresses the EU will not renegotiate the Northern Ireland protocol. "There has been no engagement at all from the U.K. in the last couple of months," he said. "Honesty about what the U.K. signed up to is needed." Trade between the EU and the UK “cannot be as frictionless and as dynamic” as before Brexit, Sefcovic said, because the TCA “is not and it can never be a replacement for EU membership.”
Livestream of session can be found here: https://multimedia.europarl.europa.eu/en/webstream...
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Historical bullets
EQUITIES: Move off the session highs
Apr-12 13:17
- Equities are off the highs, losing some momentum on the Putin headline, but very little across assets.
- Putin: "Says talks are at a dead end"
- Treasuries are seeing selling in the past few minutes,
- All cumulative, FVM2 in ~10k, TYA 9k, TUA 5.4k.
RUSSIA: Putin: Ukraine Talks 'At Dead End'-RIA
Apr-12 13:16
Russia's state-run RIA reporting comments from President Vladimir Putin stating that talks with Ukraine are 'at a dead end'.
- Says that 'Ukraine has deviated from agreements achieved at talks in Istanbul'-IFX
- Wires also carrying comments attributed to Putin warning of 'new wave of migrations into Europe'.
- Negative comments continue the theme from yesterday's poorly-recieved meeting between Putin and Austrian Chancellor Karl Nehammer, which Nehammer described as difficult.
- Widespread speculation that Russia is set to launch a new military offensive in the Donbas region in an effort to secure the entire region.
DATA REACT: US Core Services Grind Higher Underneath Core CPI Miss
Apr-12 13:07
- US core CPI missed in March, at +0.32% M/M vs the +0.5% expected.
- The miss looks mainly driven by used cars (-3.8% vs closer to -1% expected) and softer rents (+0.43% after +0.57%, some analysts thought similar again). OERs meanwhile were in line, +0.43% after +0.45% and remarkably steady for seven months now between 0.41-0.45. Core was however helped by an extremely strong rise in airfares (+10.66%).
- Core goods inflation of -0.42% M/M is the weakest since -0.64% in Apr-2020 as a result of that drop in used cars. However, whilst core goods ex used cars & trucks clearly slowed in March, it only went from +0.6% to +0.38% M/M
- Overall core service inflation meanwhile touched a new post-pandemic high of +0.60% M/M.
- Immediate pricing for May 4 FOMC unchanged at 49bps of hikes but June 16 trimmed 2bps to 93.5bps and year-end down more than 10bps to 210bps.
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