ISRAEL: Trump Envoy Witkoff Heads To Israel Amid Gaza Ceasefire Stalemate
Jul-30 12:54
Axios reports that White House Middle East envoy Steve Witkoff is expected to travel to Israel today to discuss the humanitarian crisis in Gaza. A US official said that Trump, "wants to know more about what the humanitarian situation in Gaza is in order to know how to get more assistance to civilians in Gaza," per Axios.
- The trip comes amid a stalemate in Gaza ceasefire talks and growing international pressure on Israel to bring the war to a close. There have been recent reports that cracks are emerging between Trump and Israeli Prime Minister Benjamin Netanyahu, but State Department spokesperson Tammy Bruce and US Ambassador to Israel Mike Huckabee both pushed back on reports that the rift goes deeper than humanitarian concerns.
- Bruce said Trump and Netanyahu have a "very good relationship" adding, “without getting ahead of the President […] we’ll learn more about what his plans are coming up”.
- Huckabee told Fox News: “Let me assure you that there is no break between the Prime Minister of Israel and the president. Their relationship I think to be stronger than it’s ever been. And I think the relationship between the U.S. and Israel is as strong as it has ever been.”
- Israel's Strategic Affairs Minister Ron Dermer and National Security Adviser Tzachi Hanegbi reportedly arrived in Washington earlier this week for meetings with Witkoff and Secretary of State Marco Rubio on a Gaza strategy that could include annexing parts of the territory.
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EQUITIES: EU Bank Put Spread
Jun-30 12:54
SX7E (18th July) 185/165ps, bought for 0.50 in 6k.
BONDS: Off Highs, Tight Ranges Intact
Jun-30 12:52
Generally sideways trade across major bond futures over the past couple of hours, with headline flow light and London morning ranges intact.
- The recently covered TY block sale applies some modest pressure, although contracts were already away from session highs.
- Lack of meaningful macro developments since London trade got underway, outside of the softer-than-expected German CPI data.
- Core global DM yields flat to 2bp lower on the day, early gilt outperformance vs. Tsys and Bunds more than reversed.
- EGB spreads to Bunds within ~0.5bp of Friday’s closing levels.
- Similarly, major global central bank pricing little changed vs. late Friday levels.
EGB OPTIONS: Bobl Put Spread seller
Jun-30 12:46
OEU5 117.50/116.50ps, sold at 29.5 in 2k.
