US-CHINA: Trump, Xi To Weigh Tariff Cuts In Managed Trade Push (RTRS)

• Secured Overnight Financing Rate (SOFR): 3.61% (+0.04), volume: $3.063T
• Broad General Collateral Rate (BGCR): 3.59% (+0.05), volume: $1.297T
• Tri-Party General Collateral Rate (TCR): 3.59% (+0.05), volume: $1.262T
• (rate, volume levels reflect prior session)

Spain has announced it will be looking to sell a combined E5.0-6.0bln of the following Oblis at its auction this Thursday, April 16:

• the 3.10% Jul-31 Obli (ISIN: ES0000012N43)
• the 3.00% Jan-33 Obli (ISIN: ES0000012P74)
• the 3.50% Jan-41 Obli (ISIN: ES0000012O75)

Additionally, Spain has announced it will be looking to sell a combined E2.5-3.5bln of the following letras at its auction tomorrow, April 14: 

• the 3-month Jul 10, 2026 letras
• the 9-month Jan 8, 2027 letras

• In the FI space, a bear cycle in Bund futures remains intact and the pullback from last week’s high reinforces this bear theme. Furthermore, moving average studies are in a bear-mode position, highlighting a dominant downtrend. The focus is on key short-term support and the bear trigger at 124.25, the Mar 27 low. A break of this level would confirm a resumption of the downtrend and open the 124.00 handle. Key resistance has been defined at 126.64, the Apr 8 high. First resistance is at 125.77, the 20-day EMA.
• Recent gains in Gilt futures appear to have been corrective. Moving average studies remain in a bear-mode position, highlighting a dominant downtrend. The initial key short-term support to watch lies at 87.59, the Apr 7 low. Clearance of this level would be a bearish development and signal the end of the corrective cycle. On the upside, a resumption of gains would instead open 90.74 next, the 50.0% retracement of the Feb 27 - Mar 23 bear leg, ahead of 91.00.