FINANCIALS: NordLB | NDB - Moody's upgrade BCA

The slightly stronger-than-expected German IFO print has not moved the needle for the single currency on Monday, as broader tech concerns continue to dominate risk-off sentiment across global markets.

• This has seen EUR crosses come under significant pressure against the notorious safe havens, with EURJPY and EURCHF printing fresh session lows in recent trade, down 1.16% and 0.67% respectively on the session.
• EURCHF has now mostly eradicated its strong Friday gains, inspired by the stronger-than-expected Eurozone PMIs, and support here is at 0.9416, the 20-day EMA.
• However, note the fact that the impact of lingering reconsideration of tech capex spending necessities appears US-centred - EURUSD is well off its daily lows and has just edged back above 1.05 in recent trade. Immediate resistance stands at 1.0521 (Friday’s high), and above here the market will look to 1.0574, the 38.2% retracement of the Sep 25 - Jan 13 bear leg. Support for the pair moves up to 1.0377, the 20-day EMA.

Kremlin spokesperson Dmitry Peskov told reporters that Moscow is yet to receive signals from the White House about a meeting or call between Russian President Vladimir Putin and US President Donald Trump, noting a "certain amount of time" was needed before a meeting could take place, per Reuters. 

• Comes after Peskov said on Friday: “Putin’s ready, we’re waiting for signals. Everyone is ready.”
• Putin said in an interview on Friday: "We have always said, and I want to emphasise this again, we are ready for these talks on the Ukrainian issue."
• In the interview, Putin appeared to offer Trump a sweetener, supporting Trump’s claims that the US presidential election was “stolen” and the Ukraine war could have been avoided if Trump were president: “...if they hadn't stolen victory from him in 2020, the crisis that emerged in Ukraine in 2022 could have been avoided."
• The comments are consistent with regular Kremlin comments signposting openness to talks, but the more conciliatory language appears to signal a more genuine pivot to reopening lines of communication than during the Biden administration.
• Putin's comments came after Trump issued his first threat to Russia since taking office: “If we don’t make a “deal,” and soon, I have no other choice but to put high levels of Taxes, Tariffs, and Sanctions on [Russia]...”
• Politico notes: “Putin and his inner circle aren’t taking Trump’s recent sanction threats seriously, instead seeing it as posturing ahead of actual direct talks about the war in Ukraine.”

TYH5 108.50/110.50 RR , bought the call for 17 in 30k (ref 109.03).