ASIA: Coming Up In Asia Pac Markets On Friday
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US: Trump To Deliver Remarks At Business Roundtable Event Shortly
US President Donald Trump is shortly due to deliver remarks at a Business Roundtable event in Washington, DC. Around 100 CEOs are expected to attend the meeting, including the CEOs of JPMorgan Chase, Apple, and Walmart. Trump met with tech executives at the White House yesterday. LIVESTREAM
- The remarks come amid a rout in markets spooked by Trump's hardline tariff and government reform agenda, and hints that a short-term economic disruption is acceptable for the administration.
- The Wall Street Journal wrote this morning: “Some investors say that the Trump administration's seemingly blasé attitude toward potentially setting off a downturn is rattling market watchers, who had believed that Trump's pro-growth stance would boost the economy and markets.”
OIL: Large US Crude Stock Build But Gasoline Down Sharply
Bloomberg reported that US crude inventories rose 4.2mn barrels last week after a drawdown the previous week, according to people familiar with the API data. At Cushing they fell 1.2mn barrels though. Gasoline stocks fell 4.6mn while distillate rose 400k. The official EIA data is out later today.
BONDS: TD Takes Profit On Sell Canada / Buy US 30s, Eyes Re-Entry Later
TD Securities takes profit on a sell Canada 30s / Buy US 30s model portfolio position, exiting at -134.25bp having entered at -147.5bp on Feb 13 at 25% risk ($15k DV01). That's shy of the -100bp initial target but they write that this "quasi US duration long" could be re-entered:
- "While we still see plenty of potential for this trade long-term and continue to believe it will work well as quasi US duration long, we feel there is a relatively strong probability we can put the trade back on at similar or better levels in the future given the choppy macro regime we expect to be in for the forseeable future. Should the Canadian macro backdrop improve or show notable resilience in the face of a declining economic backdrop in the US, we would not hesitate to hone in on an opportune time to rehook. For now, we are looking in around the -145 level to add back to the trade while still leaving room to add further, as we did with this trade."
