US-EU: Trump On Truth Social re EU Fining US Tech
@realDonaldTrump
Europe today “hit” another great American company, Google, with a $3.5 Billion Dollar fine, effectively taking money that would otherwise go to American Investments and Jobs. This is on top of the many other Fines and Taxes that have been issued against Google and other American Tech Companies, in particular. Very unfair, and the American Taxpayer will not stand for it! As I have said before, my Administration will NOT allow these discriminatory actions to stand. Apple, as an example, was forced to pay $17 Billion Dollars in a Fine that, in my opinion, should not have been charged — They should get their money back! We cannot let this happen to brilliant and unprecedented American Ingenuity and, if it does, I will be forced to start a Section 301 proceeding to nullify the unfair penalties being charged to these Taxpaying American Companies. Thank you for your attention to this matter!
DONALD J. TRUMP, PRESIDENT OF THE UNITED STATES OF AMERICA
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US-RUSSIA: Trump Plans To Meet Putin In Person As Soon As Next Week: NY Times
"Trump Tells European Leaders He Intends to Meet With Putin and Zelensky" -NY Times (link)
- "President Trump intends to meet in person with President Vladimir V. Putin of Russia as soon as next week, and he plans to follow up shortly afterward with a meeting between himself, Mr. Putin and President Volodymyr Zelensky of Ukraine, according to two people familiar with the plan."
EURJPY TECHS: Trend Structure Remains Bullish
- RES 4: 177.08 2.000 proj of the Feb 28 - Mar 18 - Apr 7 price swing
- RES 3: 175.43 High Jul 11 ‘24 and a key medium-term resistance
- RES 2: 174.86 1.764 proj of the Feb 28 - Mar 18 - Apr 7 price swing
- RES 1: 173.97 High Jul 28 and the bull trigger
- PRICE: 171.38 @ 16:12 BST Aug 6
- SUP 1: 169.73/45 Low Jul 31 / 23.6% of the Feb 28 - Jul 28 bull leg
- SUP 2: 169.27 50-day EMA
- SUP 3: 168.46 Low Jul 1
- SUP 4: 167.46 Low Jun 23
A bullish trend condition in EURJPY remains intact and for now the recent move down is considered corrective. Key support to watch lies at the 50-day EMA at 169.27. A clear break of the EMA is required to highlight a stronger short-term bearish threat. Moving average studies remain in a bull-mode position highlighting an uptrend. A break of the Jul 28 high of 173.97, would resume the bull cycle.
BONDS: EGBs-GILTS CASH CLOSE: Late Sell-Off Cements German Bear Steepening
European curves steepened Wednesday, with Bunds underperforming Gilts ahead of the BOE decision.
- Early trade saw modest bear steepening across the space, with German supply weighing on long-end Bunds.
- Yields began to rise in late afternoon but suddenly spiked less than 30 minutes before the European cash close on what some desks called an erroneous trade. While yields came back down, they closed well off their lows.
- German factory orders data were weaker than expected, compared with Italian industrial production which surprised to the upside and Eurozone retail sales which were largely in line. None of the data had any major market impact.
- The German curve bear steepened slightly on the day, with the UK's twist steepening. Periphery/semi-core EGB spreads closed mixed.
- Thursday's BOE decision is the calendar highlight of the week - MNI's preview is here.
- Along with the expected 25bp rate cut, focus will be
on the vote split, the tone of the press conference, any changes to assumptions in the scenarios and any signalling ahead of September’s QT decision.
Closing Yields / 10-Yr EGB Spreads To Germany
- Germany: The 2-Yr yield is up 1bps at 1.918%, 5-Yr is up 2bps at 2.235%, 10-Yr is up 2.6bps at 2.65%, and 30-Yr is up 3.5bps at 3.173%.
- UK: The 2-Yr yield is down 0.5bps at 3.821%, 5-Yr is up 0.3bps at 3.959%, 10-Yr is up 1bps at 4.526%, and 30-Yr is up 2.1bps at 5.36%.
- Italian BTP spread down 0.4bps at 79.8bps / French OAT up 0.7bps at 66.6bps
