UKRAINE: US Discussing New Peace Plan With Russia & Ukraine, No Details Yet
Nov-19 01:51
One of Trump’s goals for his second presidency was peace in Ukraine but it has remained elusive with his discussions with Russia only resulting in frustration. President Putin didn’t follow through on promises, refused to agree to a ceasefire and demanded territory Russia currently doesn’t occupy. As a result, sanctions have been extended to include Russian oil majors Rosneft and Lukoil from Friday but Axios is now reporting that the US has put together a new 28 point peace plan following its negotiated Israel-Hamas deal.
- Oil prices are lower following the report with WTI down 0.5% to $60.45 and Brent -0.5% to $64.58.
- The news is based on comments from both US and Russian officials and includes plans for peace, security guarantees for Ukraine and Europe, and the prospect for US relations with Russia & Ukraine. However, details have not been revealed including on contentious issues such as territory, international peacekeepers in Ukraine, Zelenskyy-Putin meeting and a ceasefire before negotiations begin.
- The US has been engaging in unilateral talks with Russia throughout the process this year against the belief that both Europe and Ukraine should be involved. This new plan has apparently been discussed between the US envoy Witkoff and Russia’s Dmitriev, and Witkoff and Ukraine’s Umerov, and is now being presented to the EU, according to Bloomberg.
- Dmitriev said in an interview with Axios that he felt “the Russian position is really being heard”, signalling that Ukraine will not be able to agree to this new US plan. It also apparently takes the ideas Trump & Putin discussed in Alaska in August.
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CHINA: House Price Decline a Not So Gentle Reminder ahead of 4th Plenum
Oct-20 01:43
- China's New and Used Home prices declines continued in September, picking up pace from the month prior.
- New home prices declined -0.41% (from -0.30% in August) and have declined month on month since May 2023. New home prices -2.66% YoY vs -2.95% in Aug.
- September saw Shanghai and Beijing prices up +0.30% and +0.20% respectively with falls in all all other reported markets.
- The cumulative month on month decline is nearing 10% since May yet with estimations of 40-50 million unsold properties, there could be more declines to follow.
- Used home prices fell -0.64% (from -0.58% in August). The last monthly increase in Used Home prices was April 2023 with the cumulative monthly decline now over 16%. Used home prices -5.24% YoY vs -5.51% in Aug.
CHINA: Central Bank Withdraws CNY64.8bn via OMO
Oct-20 01:29
- The PBOC issued CNY189bn of 7-day reverse repo at 1.4% during this morning's operations.
- Today's maturities CNY253.8bn.
- Net liquidity withdrawal CNY64.8bn.
- The PBOC monitors and maintains liquidity in the interbank system through the issuance of reverse repo.
- The CFETS Pledged Repo Deposit Institutions 7 Day Weighted is at 1.40%, from prior close of 1.40%.
- The China overnight interbank repo rate is at 1.30%, from the prior close of 1.35%.
- The China 7-day interbank repo rate is at 1.41%, from the prior close of 1.40%.
MNI: CHINA PBOC CONDUCTS CNY189 BLN VIA 7-DAY REVERSE REPO FRI
Oct-20 01:29
- CHINA PBOC CONDUCTS CNY189 BLN VIA 7-DAY REVERSE REPO FRI
