UK: US-Starmer/Trump Presser Underway
The joint presser between UK PM Sir Keir Starmer and US President Donald Trump is underway. Livestream here. Opening the presser, Starmer says, "While we shape this bond for a new era, the fundamentals have not changed. Security remains the cornerstone of this special relationship. We have the deepest, most advanced defence relationship in the world."
- Starmer says that he discussed with Trump ways to increase defence support for Ukraine. Notable that the PM only says "discussed", rather than any commitments, although it remains to be seen. Gaining some form of US commitment to increased, or at least sustained, support for Ukraine has been one of the main aims for the UK gov't from the state visit.
- Trump: "The bond between our two nations is unlike any other in the world." Says the UK-US deal agreed over the summer will be finalised "very shortly". Trump says that he "looks forward to extending the security alliance with the UK".
- Trump congratulates the UK on making the commitment to 5% of GDP being spent on defence (as part of the 3.5%+1.5% NATO plan).
- Trump says of Russian President Vladimir Putin, "He's let me down. He's really let me down," on ending the war in Ukraine. Said he thought it would be the easiest, "but it has been complex".
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SECURITY: EU's Costa Vows Support For Kyiv As Slovak PM Dissents
European Council President Antonio Costa posts on X following the conclusion of an extraordinary European Council videoconference and a call with Ukrainian President Volodymyr Zelenskyy. Costa: "I underlined the EU’s unity and unwavering support for Ukraine, as well as our commitment to maintaining pressure on Russia. [...]. We will work together with the United States on concrete and essential security guarantees. Together with President Zelenskyy and the U.S., we will prepare the next steps to achieve a just and lasting peace. We must continue to support the Ukrainian people and move forward with the enlargement process..."
- Speaking to reporters, Costa said the "main security guarantee has to be for Ukraine to have armed forces capable of defending [its] sovereignty".
- There are notable voices of dissent within the EU on the topic of support for Ukraine. Following the call, Slovakian PM Robert Fico said that "To end the war, we must understand that Ukraine can't join NATO," and that "We will not make progress on ending the war without discussing territorial changes in Ukraine."
Separately, another high-profile virtual call will take place on 20 August, this time involving NATO military leaders. US Chairman of the Joint Chiefs of Staff Gen. Dan Caine is expected to join.
- It is at the military leaders' level that details of the nature of security guarantees could be decided in terms of feasibility. To date, only vague suggestions ranging from boots on the ground to logistical support have been speculated upon.
MNI EXCLUSIVE: Italy is Looking at Ways of Maximising its Fiscal Room
- Italy is looking at ways of maximising its fiscal room -- On MNI Policy MainWire now, for more details please contact sales@marketnews.com
PIPELINE: Corporate Bond Update: $5B WorldBank 10Y SOFR Launched
- Date $MM Issuer (Priced *, Launch #)
- 08/19 $5B #IBRD (World Bank) 10Y SOFR+60
- 08/19 $4B #EIB 5Y SOFR+39
- 08/19 $1B #DBJ 3Y SOFR+50
- 08/19 $Benchmark Pricoa Global Funding 7Y +100a
- 08/19 $Benchmark National Rural Utilities 3Y +70a
- 08/19 $Benchmark British Colombia 5Y SOFR+56
- 08/19 $Benchmark Hanover Insurance 10Y +150a
- 08/19 $Benchmark Allianz Perp-NC8.7 6.875%a
- 08/19 $Benchmark MetLife 3Y +70a, 3Y SOFR
- 08/19 $Benchmark MassMutual 10Y +105a
- 08/19 $Benchmark CCDJ 5Y +100a
