PHILIPPINES: Senate Adjourns, Delaying Duterte's Impeachment Trial Until June
Feb-06 09:50
The Senate adjourned its meeting and went on a four-month recess without discussing the articles of impeachment against Vice President Sara Duterte, with Senate President Francis Escudero signalling that this will likely delay the whole process, as the trial is unlikely to be held during the break.
- Senate Secretary Renato Bantug Jr. said that the upper house received the documents halfway through its session and staff did not have enough time to review them and complete the necessary preparatory work.
- Contrary to suggestions from Senator Aquilino Pimentel III, Escudero said that the Senate is unable to convene for a special meeting in the midst of recess to hold the impeachment trial.
- Escudero (via Philippine Star): "Legally it cannot be done. Again, as I said, because the impeachment court was not convened, the impeachment complaint was not referred to plenary for there to be a basis to for the impeachment court to be convened."
- Duterte is the first Vice President to ever face impeachment and awaits trial at the Senate, which will act as an impeachment court. The Congress will only resume its session on June 2 after midterm elections scheduled for May.
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FOREX: FX OPTION EXPIRY
Jan-07 09:48
A Decent one in the EUR for next Monday that could build up, or not.
Of note:
EURUSD 1.2bn at 1.0420/1.0425.
EURGBP 1.4bn at 0.8300 (wed).
USDJPY 1.5bn at 157.50 (wed).
EURUSD 1.35bn at 1.0400 (fri).
EURUSD 4.56bn at 1.0475/1.0480 (mon).
- EURUSD: 1.0350 (618mln), 1.0375 (805mln), 1.0420 (388mln), 1.0425 (832mln), 1.0500 (854mln).
- USDCNY: 7.3055 (793mln).
SPAIN T-BILL AUCTION RESULTS: 6/12-month letras
Jan-07 09:41
| Type | 6-month letras | 12-month letras |
| Maturity | Jul 4, 2025 | Jan 9, 2026 |
| Amount | E2.026bln | E4.179bln |
| Target | E5.5-6.5bln | Shared |
| Previous | E1.984bln | E2.8bln |
| Avg yield | 2.535% | 2.367% |
| Previous | 2.552% | 2.207% |
| Bid-to-cover | 1.75x | 1.37x |
| Previous | 1.71x | 1.86x |
| Previous date | Dec 03, 2024 | Dec 03, 2024 |
GILTS: 30-Year Gilt Yields Hit Highest Since '98
Jan-07 09:36
30-Year gilt yields hit the highest level seen since ’98, printing 5.211%.
- 5.25% presents the next logical upside target.
- Very old (1998) broken support on the monthly chart, located at 5.255%, could also act as resistance.
- Fiscal/issuance risks a key driver here, while a tentative/cautious BoE cutting cycle and stickier inflation factor into higher yields across the curve.
- Presence of today's 30-Year supply also a factor intraday
- Higher yields increase the risks to Chancellor Reeves already limited fiscal headroom, boosting odds of further tax hikes (which would act as a growth impediment).
Fig. 1: UK 30-Year Gilt Yield
Source: MNI - Market News/Bloomberg
