EM LATAM CREDIT: President Lula: Brazil Authorized to Export Meat to Vietnam
Federative Republic of Brazil (BRAZIL; Ba1pos / BB/ BB)
Minerva (BEEFBZ; NR / BB / BB)
Marfrig (MRFGBZ; Ba2 /BB+ /BB+)
JBS (JBSSBZ; Baa3/BBB-/BBB-)
“After years of trying, Brazil will finally export meat to Vietnam” – President Lula - X
Neutral for spreads
- Brazil President Lula is visiting Vietnam this week with a delegation that included executives from Brazil based plane manufacturer Embraer and Brazil based meat processor JBS.
- JBS is considering building a meat processing center in northern Vietnam, its first plant in Asia. The Brazil delegation is seeking stronger ties in defense, agriculture and energy as well.
- The announcement was made with Vietnamese Prime Minister Pham Minh Chinh. Vietnam was invited to become a BRICS partner last year but has yet to agree to join the group.
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US-EU: Euronews: Kallas-Rubio Meeting On Ukraine Cancelled At Short Notice
Jorge Liboreiro at Euronews posts on X: "The expected meeting between [European Commission] High Representative [for Foreign Affairs and Security Policy] Kaja Kallas and [US] Secretary of State Marco Rubio has been cancelled, Euronews has learned. Kallas is already in Washington. She will meet with representatives from Congress and Senate and speak at two different events."
- The missed meeting will come as a further concern for the EU as it fears being shut out of talks involving the US and Russia on ending the war in Ukraine.
- Rubio missed a meeting of EU foreign ministers in late January shortly after his confirmation. Kallas spoke publicly of the invite, with the lack of any response from the State Department viewed as a notable snub.
- The reason for the meeting's cancellation is unclear at present. It may relate to Kallas' comments earlier in the week regarding the alleged 'strength' of the representation of Russia's war narrative in Washington, D.C.
- Kyiv Independent reported "Kallas stressed that no agreement regarding Ukraine or Europe can work without their participation. The EU's top diplomat said she plans to discuss "these and other issues" with Rubio and other officials in the U.S. [...]. Kallas also suggested that "the messages coming out of the U.S." regarding the elections in Ukraine suggest that "the Russian narrative is very strongly represented there."
EUR: EUR Nears Tried-and-Tested Trendline on 15m Candle Chart
- EUR/GBP edges to new daily lows, breaking out of the relatively tight daily range and now tests yesterday's lows at 0.8285, which are holding for now. In similar price action, EUR/USD slipping on a modest pickup in volumes: EUR futures see comfortably the best activity of the day so far on the latest sell-off, with over 2,500 contracts changing hands at 1253GMT/0753ET.
- Importantly, the 15min candle chart shows the pair testing support at the uptrendline drawn off the Feb 3rd AM low of 1.0223. This uptrendline has been tested and has held well on several occasions in the past few weeks - so slippage through here today (last at 1.0474) could well draw focus.
BONDS: EGBs & Gilts Remain Underpinned
Bonds remain underpinned, no new headlines of note as Bund futures trade to fresh session highs. Next resistance in that contract located at 132.97.
- EGB spreads remain tighter to Bunds, aided by the rally in European equities.
- Gilt futures don’t manage to break session highs as of yet, resistance through today’s peak located at 93.83.
