US: Trump Announcement On Federal Support For Coal Industry Underway Shortly

Yesterday’s SLOOS report, generally corresponding to conditions in 1Q26 (collected between Mar 23-Apr 3, i.e. circa one month into the Iran war), found that “survey respondents reported, on balance, tighter lending standards” while banks reported “basically unchanged” lending standards for CRE loans. The findings were generally similar or a little less restrictive on a relative basis than last quarter, slowly continuing a trend of less tightening/more easing in lending standards. 

• The net share tightening standards on C&I loans was similar to last quarter (5.3% vs 6.5% for large & medium firms, 8.9% vs 8.3% for small firms) as it continued to moderate having increased strongly in 2Q25 to 18.5% and 15.9% respectively.
• The “basically unchanged” lending standards for CRE loans is a relative easing however after mild tightening in Q4, whilst nonresidential aspects saw the first net easing in standards since 2022.
• Banks reported “basically unchanged lending standards for most categories of residential real estate (RRE) loans on balance”, with no notable categories being GSE eligible at -5.7 after -1.7 (greatest easing since 2021), QM non-jumbo loans at -2 for a third straight quarter, and subprime at 8.3 after 6.3 (highest since 1Q25).  
• Lending standards for consumer loans were a little more mixed, with no change for credit cards (after 13 quarters of net tightening) and a net 6% easing auto loan standards (joint easiest since 2022) but a very slight tightening in other categories. 

• RES 4: 187.95 High Apr 17 and the bull trigger   
• RES 3: 187.56 High Apr 30
• RES 2: 185.69 20-day EMA
• RES 1: 184.97 50-day EMA
• PRICE: 184.54 @ 15:55 BST May 5
• SUP 1: 182.64 Low May 01
• SUP 2: 182.31 Low Apr 30
• SUP 3: 181.87 Low Mar 16 and a key support
• SUP 4: 180.01/179.94 Low Feb 12 / 200-dma 

A short-term bearish theme in EURJPY remains intact and the cross continues to trade below the 20- and 50-day EMAs. A continuation lower would signal scope for an extension towards 181.87 next, the Mar 16 low. The next major support lies at 180.81, the Feb 12 low. Initial resistance to watch is 184.97, the 50-day EMA. The 20-day EMA is at 185.69. A break of both averages would be a bullish development.  

US Secretary of State Marco Rubio is shortly due to brief reporters at the White House, filling in for Press Secretary Karoline Leavitt, who is on maternity leave. Rubio’s central role in the administration means that he is more likely to divulge intel on Iran war strategy. LIVESTREAM

• Tomorrow, Rubio will travel to Rome, Italy, for two days of meetings with Italian officials, including Prime Minister Giorgia Meloni. He is also expected to hold a first meeting with Pope Leo XIV since Trump criticised the pope last month.
• The Washington Post notes that Meloni, “had cultivated one of the best relationships with Trump of any European leader but has emerged as a critic of the Iran war, and she has additionally chided Trump for attacking the pope.”