RUSSIA: Trump Says He Might Impose More Sanctions on Russia
Oct-10 07:32
- Asked by a reporter if he’s planning to impose more sanctions on Russia at this point, President Donald Trump says that he “might”, Bloomberg report. Trump was speaking to reporters in the Oval Office alongside Finland President Alexander Stubb.
- Data yesterday showed Russia had a monthly budget surplus for the second consecutive month in September, amounting to RUB 400bln rubles. This reduced the deficit for the first nine months of 2025 to RUB 3.8trln, or 1.7% of GDP. However, Kommersant write that things are expected to get far tighter in the remainder of the year, with the deficit projected to balloon to RUB 5.7trln, or 2.6% of GDP, as spending will be RUB 500bln higher and revenues RUB 1.4trln lower than initially planned.
- President Vladimir Putin takes part in CIS summit in Tajikistan. The Federal Statistics Service reports September inflation data at 17:00BST/19:00 local time (Est: +8.00% Y/Y; Prior: +8.14%).
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BUNDS: Futures Pierce Recent Highs
Sep-10 07:23
There was a technical element to the rally in Bund futures during the cross-asset vol. noted earlier, with the contract trading through the Sep 8 high (129.33), topping out at 129.44, just ahead of the Aug 5 high (129.50). A break above the latter would allow the recent bullish cycle to develop further.
- Contract eases back to 129.30 as cross-asset impetus subsides (detailed in recent bullet).
- German yields are 0.5-2.0bp lower, curve bull flattens.
EGB SYNDICATION: Luxembourg New 10-Year: Guidance
Sep-10 07:18
- EUR Benchmark of the new Sep-35 LGB (MNI pencil in a transaction size of E1.00-1.75bln)
- Guidance: MS+35bps area
- Issuer: GRAND DUCHY OF LUXEMBOURG (ticker: LGB)
- Ratings: Aaa/AAA/AAA (all stable)
- Format: RegS Bearer, Senior, Unsecured
- Coupon: Annual, ACT/ACT
- Size: EUR Benchmark
- Maturity: 17-September-2035
- Settlement: 17-September-2025 (T+5)
- ISIN: LU3182454440
- Bookrunners: BofA / BCEE / CACIB / DB / SG (B&D)
- Denoms: €1k+1k
- Target market: The target market for the Bonds is professionals, retail and eligible counterparties (all channels for distribution), each as defined in MIFID II/UK MiFIR.
- Timing: Books open, today's business
Per market source
CROSS ASSET: Move Fades
Sep-10 07:16
The knee-jerk USD bid fades from extremes as Euro Stoxx 50 futures recover back towards session highs after weakness around the cash equity open.
- Our best guess is that the USD bid stemmed from yield differentials moving in the USD’s favour on spillover from the weakness in European stocks.
- Volume was decent on the move, with ~38K Bund futures trading in a 10-minute window.
