EMISSIONS: UKA ICE Auction Clears at £54.4/ton CO2e

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US Treasury Scott Bessent and USTR Jamieson Greer have touted progress in talks with Chinese counterparts, following two-days of talks in Madrid, Spain - the fourth high-level trade talks between the two countries. Key comments per Reuters. 

• Bessent confirmed that President Donald Trump will speak with Chinese President Xi Jinping on Friday. Trump wrote on Truth Social a short time ago, "A deal was also reached on a “certain” company that young people in our Country very much wanted to save... I will be speaking to President Xi on Friday."
• Greer claimed that TikTok will be "switched" to 'US-controlled ownership'. Bessent said he "will not talk about commercial terms of TikTok deal."
• Greer noted that the talks covered a range of issues, including TikTok divestment but discussion of "wider issues, such as tariffs" has been deferred until the Trump-Xi call. Greer also noted the US is "open to considering further action on tariffs pause if talks are positive".
• The confirmation of a Trump-Xi call, the result of a recent flurry of diplomacy, is likely to raise expectations for a bilateral meeting between the two leaders ahead of the APEC summit in November.
• Looking ahead, The Financial Times reports, “Li Qiang is this month expected to become the first Chinese premier to attend the UN General Assembly in New York in many years, which could provide an opportunity for high-level engagement with the US, according to the people.”

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• SFRZ5 96.56/96.62/96.68/96.75c condor, traded 0.5 in 4k.
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• SFRM6 97.00/97.25cs vs 96.75/96.62ps, traded 1 in 2.5k (on Block).