EM LATAM CREDIT: YPF: Tap 8.75% 2031

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• President Donald Trump departs the White House at 08:00 ET 13:00 BST for Quantico, Virginia, where he will deliver remarks at an unusual assembly of senior US military officials at 09:00 ET 14:00 BST. Trump will return to the White House to deliver an announcement at 11:00 ET 16:00 BST and then sign Executive Orders at 15:00 ET 20:00 BST.
• A meeting between Trump and Congressional leaders did little to slow the government from barrelling towards a shutdown at midnight tonight. Democrats have dug in, framing the standoff as a struggle over healthcare. We have a rundown of the consquences of a shutdown and the routes out of a shutdown, inside.
• Trump announced he will impose a 100% tariff on films made outside the US and a separate “substantial” tariff on furniture.
• Trump announced yesterday at a joint White House press conference alongside Israeli Prime Minister Benjamin Netanyahu that Israel has accepted a 20-point plan to end the war in Gaza. While the plan has the backing of Israel, including hardline members of Netanyahu’s coalition, and a broad cross-section of Arab and regional powers, Hamas’ response is uncertain.
• The US is considering Ukrainian President Volodymyr Zelensky’s request for Tomahawk cruise missiles.
• Venezuelan President Nicolás Maduro has given himself additional security powers in light of Washington's military presence in the region.
• Poll of the Day: American support for Israel has undergone a 'seismic reversal'.

Full Article: US DAILY BRIEF

• Portugal has confirmed that it has completed its 2025 funding needs and that there is no further bond issuance planned for the year. However, "IGCP may still consider outright or exchange/buyback auctions in order to ensure the efficient functioning of the market, sustain investor engagement along the different segments of the curve, and promote liquidity across the PGB curve."
• MNI would be surprised if we don't see at least one exchange auction in the quarter.
• "Net issuance of Treasury Bills will decrease from the 3rd quarter estimate of EUR 4.6 billion to a projected amount of net issuance of EUR 2.7 billion in 2025."
• There will be just one bill auction date (19 November) with E1.00-1.25bln (combined) of the 6-month May 22, 2026 BT on offer alongside the new 12-month Nov 20, 2026 BT.

Weakness in crude oil futures, after a delegate told BBG that OPEC+ is set to discuss fast tracking a ~500K bpd/month increase in crude production across 3 months (totaling ~1.66mln bpd), provides support to wider core global FI markets in recent trade. With Bunds unreactive to the German national CPI data, which delivered the upside surprises that we flagged on the back of the regional level data.