HYBRIDS: Veolia: PerpNC7.33 Final 4.325%

Benchmark European & U.S. equity index futures hold lower on the day, (S&P 500 e-minis -0.12%, Stoxx 50 futures -0.70%) with a lack of definitive progress at the Trump-Putin meeting (particularly when it comes to a palatable proposal for Ukraine) noted ahead of today’s U.S.-Ukraine-EU meetings in Washington DC.

• The initial downside target in the S&P 500 e-mini lies at the 20-day EMA (6,392.29), while Stoxx 50 bears also target the 20-day EMA (5,363.22).
• Note that technical setups in both contracts remain bullish.
• The financial sector is under the most pressure in Europe, with bond yields lower.

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• European leaders will arrive at the White House at midday today ahead of a hastily arranged multilateral meeting with President Donald Trump and Ukrainian President Volodymyr Zelenskyy.
• While the details of the Alaska summit between Trump and Russian President Vladimir Putin on Friday are vague, Trump has pivoted away from a ceasefire in favour of a comprehensive peace deal. Trump also appeared to endorse the Russian conditions that Kyiv cede territory and commit to ending its NATO membership aspirations.
• A Russian proposal for ending the war appears to centre on Kyiv ceding the Donbas region, in return for Russia freezing the frontline across the southeast of the country. One glimmer of hope for Zelenskyy, Trump administration officials claim Putin agreed to accept 'Article 5-like' security guarantees for Kyiv, backed by the US.
• Three Republican-led states will deploy National Guard troops to Washington, D.C., escalating the presence of federal troops in the nation’s capital.
• Trump said he will sign an executive order aimed at reducing alleged ‘voter fraud’ at the 2026 midterm elections.
• A federal appeals court ruled that the Trump administration can resume mass layoffs at the CFPB.
• Americans are moving between cities at historically low rates.
• California Democrats are expected to formally introduce their proposal to gerrymander the state’s congressional map today.
• Poll of the Day: Americans are increasingly likely to support Ukraine.

Full Article: US DAILY BRIEF

Our commodities team notes that crude prices have recovered some ground amid disruption to Druzhba pipeline flows after a Ukrainian attack. Focus remains on a meeting of European leaders, Ukraine’s President Zelenskyy and US President Trump later today as efforts to secure a peace agreement in Ukraine ramp up.