CEE: Romania Keeps Key Rate Steady at 6.50% as Expected

• President-elect Donald Trump’s Defense Secretary nominee, Pete Hegseth, encountered little Republican resistance during a Senate Armed Services Committee hearing yesterday. The hearing, seen as a litmus test for Trump’s unconventional nominees, suggests that all of Trump’s Cabinet nominees are now favoured to pass confirmation.
• Secretary of State nominee Marco Rubio, Energy Secretary nominee Chris Wright, and OMB Director nominee Russ Voight are among six Cabinet picks facing the Senate today.
• Rubio, a China hawk with broad bipartisan support, is expected to deliver a stern critique of China’s foreign and industrial policy in his statement to the Foreign Relations Committee.
• House Speaker Mike Johnson (R-LA) outlined an ambitious timeline for legislating the Republican party’s complex agenda over the coming months.
• President Biden will defend the achievements of his administration in his prime-time farewell address from the Oval Office.
• Senate Banking Committee Chair, Senator Tim Scott (R-SC), will outline his legislative priorities in an address to the Exchequer Club of Washington this afternoon.
• Treasury Secretary Janet will reflect on her tenure at the Treasury in remarks at the New York Association for Business Economics.
• Trump said he create a new agency known as the ‘External Revenue Service’ to collect tariff revenue from foreign sources.
• Biden plans to unveil more regulations restricting China's access to advanced chips.
• Chart of the Day: Trump will begin his presidency in a delicate position, with voters sceptical of his tariff plans. 

Full article: US Daily Brief

SX5E (20th June) 4700p vs (19th Dec) 4400p, sold the Dec at 17.30 in 20k vs 1.44k at 5034.00.

Yesterday’s OI data and price action in gilt futures extended on the early ’25 trend of gilt weakness and a move higher in open interest, indicating net short setting dominated from a positioning perspective.

• This has been the case in all but one session through early ’25 trade, with net long cover seen in the session that broke that theme.
• Today’s CPI-driven recovery looks set to end a run of 9 consecutive lower closes for gilt futures, with the recent increase in net shorts likely factoring into the rally.
• OI has risen by ~39K since December 31, with gilt futures falling by 316 ticks when comparing yesterday’s settlement to settlement levels at the end of last year.