SECURITY: Von Der Leyen Says Next Russia Sanctions To Hit Russian Finance Sector
May-16 12:43
European Commission President Ursula von der Leyen has stated at a Ukraine-focused meeting of European leaders – including Ukrainian President Volodymyr Zelenskyy - in Albania that the EU's next package of sanctions against Russia will include, “more sanctions on Russia’s financial sector”, as well as hitting its hydrocarbon sector.
- Von der Leyen’s comments came shortly before reports that Russia-Ukraine talks in Istanbul concluded after around two hours of discussions between mid-level delegations.
- VDL says that Europe will do more to bring Russia to the negotiating table and notes that EU sanctions have contributed to higher Russian inflation and interest rates.
- If the Turkey talks fail to deliver progress towards a ceasefire, US President Donald Trump is likely to come under increasing pressure from Republican lawmakers to back a new Russia sanctions package.
- Rep. Rob Wittman (R-VA), a member of the House Armed Services Committee, said: “Putin has shown, first of all, he’s not trustworthy... There has to be consequences for him not being serious about negotiating peace.”
- The Senate has a new sanctions bill, introduced by Senators Lindsay Graham (R-SC) and Richard Blumenthal (D-CT), ready to go, but is allowing time for the talks in Turkey to demonstrate progress.
- Senator Jeanne Shaheen (D-NH), the ranking Democrat on the Senate Foreign Relations Committee, said the Graham-Blumenthal bill has 70 supporters: “It’s veto proof. Let’s get that done now. Let’s let Russia know we’re really serious, and if they don’t move that, there are going to be consequences.”
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US TSY OPTIONS: TYM5 114.00 Calls Lifted
Apr-16 12:42
TYM5 114.00 calls paper paid 0-15 on 5K.
SECURITY: Rubio And Witkoff To Hold Ukraine Talks With European Counterparts
Apr-16 12:40
The US State Department confirmed that Secretary of State Marco Rubio and President Donald Trump's Middle East Envoy Steve Witkoff will travel to Paris today for Ukraine meetings with European counterparts.
- Statement: "[Rubio] and [Witkoff] will travel to Paris, France, April 16-18 for talks with European counterparts to advance President Trump’s goal to end the Russia-Ukraine war and stop the bloodshed. While in Paris, he will also discuss ways to advance shared interests in the region."
- The meeting appears to acknowledge that Trump's attempt to unilaterally negotiate ceasefire terms with Kyiv and Moscow has hit a wall. The Paris meeting, the first time Europe has been formally included in Washington's ceasefire process, comes after NATO Secretary General Mark Rutte declared "unwavering" support for Ukraine during a surprise visit to Odesa yesterday and Ukrainian, British, French and Turkish representatives met in Turkey to discuss Black Sea security - two signs that Ukraine's allies intend to maintain military and diplomatic support for Kyiv.
- Bloomberg reported today that the US "appears to have tempered its demands for the payback of aid by Ukraine", noting the administration "has reduced its estimate for the assistance the US provided to Kyiv ... from $300 billion to about $100 billion... closer to Ukraine’s own estimate of more than $90 billion."
- Sky News reports "Kyiv and Washington have made "substantial progress" in talks to sign a minerals deal, noting that Ukraine's first deputy prime minister said that the deal "was well on the way to being signed."
US TSYS: Post Retail Sales React
Apr-16 12:36
- Treasury futures see-sawing inside overnight range, two-way trade after near-in-line expected Retail Sales, prior ex-auto up-revised, lower Control Group vs. up-revised prior.
- Tsy Jun'25 10Y futures currently trades 111-00 (-2.5) -- inside technicals: resistance above 111-09+ (Intraday high), initial support at 110-15+/109-08 (Low Apr 14 / 11 and the bear trigger).
- Curves twist steeper: 2s10s currently +1.931 at 50.515, 5s30s +2.561 at 81.600.
- Cross asset: Stocks hold modestly lower (SPX eminis -40 at 5388.25), new highs for Gold trades 3316.0, Bbg US$ index falling to 1229.24 (-5.08).
- Next up at 0915ET: Industrial Production & Capacity Utilization
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