EM CEEMEA CREDIT: MTNSJ: wins appeal on seized assets in Cameroon

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• President Donald Trump will make an “investment announcement” at the White House at 13:30 ET 18:30 GMT. Trump has previously appeared alongside representatives of SoftBank, OpenAI, Apple, and DAMAC to announce private investment projects, touting them as wins for his administration’s business-friendly policies.
• Trump said on Truth Social this morning ahead of tomorrow's address to Congress: “TOMORROW NIGHT WILL BE BIG. I WILL TELL IT LIKE IT IS!”
• Speaker Johnson (R-LA) intends to pursue a ‘clean’ Continuing Resolution to extend government funding through September 30.
• US Commerce Secretary Howard Lutnick said yesterday the US intends to impose tariffs on Canada and Mexico on Tuesday, but the situation is “fluid”.
• Cryptocurrencies rallied after Trump announced that Bitcoin, Ether, and several lesser-known tokens will be included in the administration’s strategic crypto reserve.
• Elon Musk reissued his instruction to federal workers to justify their work or face dismissal.
• Agriculture Secretary Brooke Rollins said farmers will receive the first tranche of USD$30 billion authorised by Congress “soon”.
• Europe has moved to replace the US as Ukraine’s primary security guarantor. Further European action will be coordinated at a special EU summit on Thursday. Zelenskyy indicated he is willing to re-engage with Trump.
• Secretary of State Marco Rubio invoked “emergency authorities” to send a USD$4 billion weapons package to Israel amid concerns over the Gaza ceasefire agreement.
• Chart of the Day: "Very few" Americans support cuts to government services.

Full article: US DAILY BRIEF

Natixis believe that “as long as the market does not anticipate the Fed’s next move is a hike or anticipate a recession, the long end of the U.S. curve should hover around our year-end forecast at 4.50% (with some volatility). Contradicting forces around the supply and demand dynamics should maintain decent support for term premium while preventing the eruption predicted by bond vigilantes”.

• They also note that “at the same time, the short end of the curve has room to rally more. Market repricing for the Fed outlook might only be starting. We expect 2-Year Tsy yields will reach 3.85% at the end of the year”.

Euribor strip takes another leg lower as Bund look to close the 131.84 gap, printed a 131.85 low.

• ERU5, ERZ5 and ERH6 are all sold outright in over 5k, through new lows.