US: Trump To Welcome Norwegian PM Store At White House Shortly

Apr-24 16:03

US President Donald Trump is shortly due to greet Norwegian Prime Minister Jonas Store at the White House ahead of a working lunch and bilateral meeting. LIVESTREAM

  • The meeting, which will also include Norwegian Finance Minister and former NATO Secretary General Jens Stoltenberg, is shaping up as a pivotal moment in the future of US support for Ukraine.
  • Trump's position on Ukraine is unclear after a series of messages on social media criticising both Ukrainian President Volodymyr Zelenskyy and Russian President Vladimir Putin - both of whom have been resistant to Trump's 'final offer' for peace in Ukraine.
  • Later this afternoon, Secretary of State Marco Rubio (who is expected to be in attendance at the Trump-Store bilat) will hold a separate meeting with NATO Secretary General Mark Rutte, US Defense Secretary Pete Hegseth, and Trump's National Security Advisor Mike Walz, with State Department spox Tammy Bruce to brief reporters shortly before the meeting.
  • Trump's comments in a press spray at the top of the Store meeting will be closely followed in light of his proclivity to engage in lengthy back-and-forths with reporters and tendency to make market-moving pronouncements, often unrelated to the scheduled meeting.
  • There will be particular focus on any comments regarding China, as there have been signs that Trump's conciliatory tone may have shifted again today. In a recent Truth Social message, Trump criticised China's position on Boeing and reiterated concerns over Fentanyl - the primary justification for the first wave of his second-term tariffs.

Historical bullets

LOOK AHEAD: Wednesday Data Calendar: Durables/Cap Goods, Fed Speak, Tsy 5Y Sale

Mar-25 16:00
  • US Data/Speaker Calendar (prior, estimate)
  • 26-Mar 0700 MBA Mortgage Applications (-6.2%, --)
  • 26-Mar 0830 Durable Goods Orders (3.2%, -1.0%)
  • 26-Mar 0830 Durables Ex Transportation (0.0%, 0.2%)
  • 26-Mar 0830 Cap Goods Orders Nondef Ex Air (0.8%, 0.2%)
  • 26-Mar 0830 Cap Goods Ship Nondef Ex Air (-0.3%, 0.2%)
  • 26-Mar 1000 MN Fed Kashkari Fed listens event (no text, Q&A)
  • 26-Mar 1130 US Tsy $28B 2Y FRN (91282CMJ7) & $60B 17W bill auctions
  • 26-Mar 1300 US $70B 5Y Note auction (91282CMU2)
  • 26-Mar 1310 StL Fed Musalem on economy/policy (text, Q&A)

UK DATA: MNI UK CPI Preview: February 2025

Mar-25 15:56

Download Full Report Here

  • The February 2025 release is a bit later in the month than usual (possibly due to the 2025B weights update).
  • Headline CPI is expected to remain around 3.0% while both core and services CPI are all expected to tick down a tenth according to the previews we have read to 3.6% (with upside risks) and 4.9% respectively. Core goods and food / tobacco prices are expected to increase, however, with the latter keeping headline unchanged.
  • We note that goods inflation, and not just services inflation is now important for the MPC - particularly if food and core goods prices continue to increase.
  • There is also uncertainty over the survey date this month.
  • We also look at the main takeaways from the 2025B weights publication.

PIPELINE: Corporate Bond Update: $1.75B Côte d'Ivoire 10y WAL Launched

Mar-25 15:51
  • Date $MM Issuer (Priced *, Launch #)
  • 03/25 $4.65B Bausch Health 7NC3 10%a
  • 03/25 $2B #LG Energy $400M 3Y +135, $600M 5Y +145, $300M 5Y SOFR+170, $700M 10Y +170
  • 03/25 $1.75B #Côte d'Ivoire 10y WAL 8.45%
  • 03/25 $1.25B #NWB 3Y SOFR+36
  • 03/25 $1.25B #NDB 3Y SOFR +65
  • 03/25 $1B #MuniFin WNG 5Y SOFR+46
  • 03/25 $1B *JFM 5Y SOFR+64
  • 03/25 $1B #IDB 5Y SOFR+49
  • 03/25 $800M Xerox $400M 5.5NC2.5, $400M 6NC3
  • 03/25 $Benchmark Kingdom of Belgium 10Y SOFR+67a