SECURITY: US Welcomes E3 Decision To Trigger Iran Sanctions Snapback - Rubio

Lutnick stated the US are not rushing to secure more trade deals ahead of Friday's deadline, and stressed Trump's openness to negotiating after the deadline passes. We make some tweaks to the latest list of still-outstanding key deals:

• Brazil: Communication ongoing; Alckmin & Lutnick negotiating, looking for delay
• Canada: Negotiations at an "intense phase"
• Chile: Expects copper tariff exception, officials in meetings today
• China: Stockholm talks pause for lunch; extension seems likely
• India: Preparing to face higher US tariffs of 20-25% temporarily, US delegation in mid-August. Expects deal by Sept/Oct
• Mexico: Aims for tariff agreement this week
• Norway: Tariff talks "still ongoing"
• Russian trade partners: Secondary tariffs could follow 10-12 day Ukraine ceasefire demand
• Singapore: US 'non-committal' on 10% tariff staying, rising or falling
• South Africa: Remains committed to solution, but is working on response plan
• South Korea: Proposes shipbuilding project, meeting with Bessent on July 31st
• UK: Not expecting steel deal during Trump's UK visit
• Global: Baseline RoW tariff will be 15-20%

• +3,500 UXYU5 113-04, buy through 113-03.5 post time offer, DV01 $304,000.
• The 10Y Ultra trades 113-04.5 last (+18.5) vs. 113-05 high

Gilt futures have traded in a volatile fashion today, currently extending to fresh session highs of 91.74 (+30 ticks today). This narrows the gap to resistance at 91.83 (20-day EMA), clearance of which would expose the July 22 high at 92.15.

• UK headline flow has been light today, with this afternoon’s rally seemingly UST-driven following the net dovish US JOLTS report. UST futures are currently also at fresh session highs.
• Gilts notably outperform Bunds, with the 10-year Gilt/Bund spread now 3bps tighter on the session at 192.5bps. Continued digestion of the EU-US trade agreement (which could still be subject to change) alongside last week’s hawkish ECB decision appears to have contained Bund yields throughout today’s session.
• Tomorrow’s UK data calendar is light, with Eurozone data the main regional focus. Q2 flash GDP data is due from France, Germany, Italy and the Eurozone, with flash inflation data due from Spain. MNI’s inflation preview will be released shortly.
• A reminder that the US refunding announcement, BOC and FOMC decisions are also due tomorrow.