TARIFFS: Trump to Impose Additional 25% Tariff on India
Aug-06 14:00
President Donald Trump has signed an Executive Order imposing an additional 25% tariff on India in response to its continued purchase of Russian oil. Full White House statement here.
- USDINR 1-month NDFs spike higher on the headlines, but remain below the overnight highs for now.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
BONDS: MNI Europe Pi: As Mixed As It Gets
Jul-07 13:56
We have just published our latest Europe Pi positioning update - Download Full Document Here
- European bond futures positioning is about as mixed as we have seen it all year: three contracts are structurally short/very short, two are flat, and two are long/very long.
- Indeed BTPs are as "long" and Gilts as "short" as they've been in 2025 so far, while the German curve is extremely mixed.
- There was a mix of indicative trading last week as well, with longs set in Germany, but shorts set/short cover elsewhere.
BOE APF SALES RESULTS: Decent operation, boosted by 4.25% Jun-32 migration
Jul-07 13:54
- Over half of the sales allocated to the shortest-dated gilt on offer, the 1.625% Oct-28 gilt with GBP417.9mln of the GBP750mln sold.
- There were also decent sales of the 0.50% Jan-29 gilt and the 4.25% Jun-32 gilt with over GBP130mln of each sold.
- The 4.25% Jun-32 gilt was previously in the medium bucket, so its introduction helped boost the bid-to-cover (without that the bid-to-cover would have been below 2x.
BOE APF SALES RESULTS: Detailed results
Jul-07 13:50
| Short Gilts | Bids received | BOE sells | WAAP | Prev bids | Prev sales |
| 1.625% Oct-28 | GBP511.3m | GBP417.9m | 93.558 | GBP869.7m | GBP697.0m |
| 6.00% Dec-28 | GBP150.7m | GBP32.3m | 107.220 | GBP22.0m | GBP0.0m |
| 0.50% Jan-29 | GBP713.9m | GBP134.0m | 89.099 | GBP554.7m | GBP0.0m |
| 0.875% Oct-29 | GBP0.0m | GBP44.1m | GBP0.0m | ||
| 0.375% Oct-30 | GBP0.0m | GBP11.6m | GBP0.0m | ||
| 4.75% Dec-30 | GBP26.1m | GBP26.1m | 103.900 | GBP74.2m | GBP53.0m |
| 0.25% Jul-31 | GBP0.0m | GBP59.7m | GBP0.0m | ||
| 4.25% Jun-32 | GBP468.6m | GBP139.7m | 100.496 | N/A | N/A |
