US LNG: Daily Flows By Facility – Jul 02nd

In his speech today on "Monetary policy in the overall interest of the country", SNB Chairman Schlegel gives little guidance for the upcoming June 18 meeting, firmly priced for an on-hold decision at 0%. Slideset here, key highlights below:

• "Ensuring price stability: The SNB ensures appropriate monetary conditions by setting the SNB policy rate and, if necessary, using other measures such as interventions in the foreign exchange market – however, the SNB does not pursue an exchange rate target."
• "Differing price developments in Switzerland and abroad are important for assessing the exchange rate situation."
• "Real appreciation is significantly lower than nominal appreciation; upward pressure on the currency, with escalation in the Middle East, increases the willingness to intervene in the foreign exchange market."

Speaking to Bloomberg News, Turkish Foreign Minister Hakan Fidan has said he expects US President Donald Trump to be in attendance at the next NATO summit, taking place in Ankara 7-8 July. Between last year's summit at The Hague in the Netherlands, and this year's, relations between the US and its NATO allies have soured significantly amid the US' demand that Denmark cede sovereignty of Greenland, accusations from Trump that non-US NATO troops "stayed a little back" off the front lines in the War in Afghanistan, and remarks from Trump questioning whether NATO would "be there" for the US in the case of attack. 

• Fidan said the US remains committed to NATO, stating, “The US has consistently pressed allies to increase defence spending and take greater responsibility for their own security. Europeans have heard that message and have already taken steps within NATO to raise defence budgets.”
• The minister's comments chime with Middle East Eye reporting that Trump told President Recep Tayyip Erdogan in a 20 May call that he is likely to attend. MEE notes “If he comes, there may be mayhem and shouting matches,” one European official told MEE, “However, if he doesn’t come, it would be detrimental to the future of the alliance.” The report claims there is something of a divergence within NATO between those who will look to maintain a US presence at all costs, and those that view the direction of travel as inexorably towards a US pullback, and that this must be realised and managed to ensure long-term security. 

"The REPUBLIC OF LATVIA, rated A3/A-/A (sta/sta/sta - Moody’s/Fitch/S&P) has mandated BNP PARIBAS and Credit Agricole CIB as Joint Lead Managers for an upcoming 7-YEAR EUR Sustainability Bond Benchmark due 10th June 2033"... "The transaction will be launched in the near future, subject to market conditions"...."The proceeds of the Sustainability Bond will be used in accordance with the Republic of Latvia’s Sustainability Bond Framework, dated May 2026"...."BNP PARIBAS and Credit Agricole CIB acted as Joint ESG Structurers for the update of the Framework"

Details as per Bloomberg