<p>UK’s Medium-Term Fiscal Plan Will Be Published On Nov 23rd As Planned – Not Bought Forward</p><p>There was plenty of chatter (and hope) that this would be brought forward, but it seems that the retracements seen in GBP and UK Govt Bond Yields has been enough to avert the panicked/rushed release of any plan (assuming they have one!)</p><p>Hold up… maybe not. – FWIW it was GB News reporting originally – FT reporting that it will be released in October</p>

This article was written by Ryan Paisey at forexlive.com.

<p>A Reuters Exclusive Reveals That -The White House has ruled out any ban or curbs on natural-gas exports this winter, in a bid to help alleviate energy shortages in Europe, according to two people directly involved in the discussions.</p><p>In March, U.S. President Joe Biden committed to deliver 15 billion cubic metres (bcm) more of liquefied natural gas (LNG) to Europe following Russia’s invasion of Ukraine and has already surpassed that goal.Further White House analysis has only cemented support for ongoing exports, the sources said, although rising energy costs and a colder-than-expected winter could test Biden’s commitment. A ban has not been seriously considered, said a U.S. official.</p><p><a target=“_blank“ href=“https://twitter.com/PriapusIQ/status/1577252747539161088?s=20&t=5bz0cgxQUxe0XQcuWaJ06w“ target=“_blank“ rel=“nofollow“>Full Story (follow the link on the Tweet to PiQ Suite)</a></p><p>Not sure a ban was EVER a serious possibility, but, as we mentioned earlier, market pundits are looking for anything and everything to get frothy over right now.</p>

This article was written by Ryan Paisey at forexlive.com.

<p>Newsquawk’s US Market Open: Broadly constructive risk tone after a RBA tightening slowdown & ahead of Fed speak</p><p><a target=“_blank“ href=“https://newsquawk.com/daily/article/?id=2667-us-market-open-broadly-constructive-risk-tone-after-a-rba-tightening-slowdown-ahead-of-fed-speak&utm_source=newsquawk&utm_medium=email&utm_campaign=newsletter&utm_content=us-open“ target=“_blank“ rel=“nofollow“>Full Note (incl Podcast)</a></p><p>European bourses have commenced the session on the front foot as broader sentiment remains constructive largely in a continuation of yesterday’s recovery.</p><p>Stateside performance is very in-fitting, ES +1.5%, ahead of Fed speak and after a constructive update from Foxconn.</p><p>USD continues to pullback to the broad benefit of peers, DXY sub-111.00 at worst while Cable reclaims 1.14</p><p>Core debt is bid across the board, though has since dipped from best levels, with Gilts back above 100.00 but still multiple points shy of pre-Kwarteng levels.</p><p>Crude benchmarks are modestly bid this morning, taking the lead from broader sentiment and associated FX action awaiting OPEC+</p><p>Looking ahead, highlights include US Factory Orders Speeches from Fed’s Williams, Logan, Daly, Mester & Jefferson, ECB’s Lagarde, UK Chancellor Kwarteng.</p>

This article was written by Ryan Paisey at forexlive.com.

<p>Kremlin comments hitting the wires:</p><p>Putin likely to sign laws incorporating annexed regions today.</p><p>We will wait for a change of Kyiv“s position (on negotiating) or a change of president.</p><p>From the very beginning, Russia has wanted to solve the conflict through negotiations.</p><p>We do not want to take part in the West’s rhetoric on nuclear weapons.</p><p>Been a definite shift over past 48hrs from the Kremlin, with regards to claiming they want to negotiate.</p>

This article was written by Ryan Paisey at forexlive.com.

<p>The OPEC+ group of oil producers is discussing potential output cuts of more than 1 million barrels per day (bpd), an OPEC source said, excluding any voluntary cuts by individual members.</p><p>“It may be as significant as the April 2020 meeting,“ the source said, referring to when OPEC+ agreed record supply cuts as the COVID-19 pandemic hit demand.</p><p>As a reminder, we heard this morning that we could see chatter of cuts north of 1.5 million bpd – So this is inline with that</p>

This article was written by Ryan Paisey at forexlive.com.

<p>US Market Open: Pound and Gilts buoyed by a UK U-turn; ISM & Central Bank speak due</p><p><a target=“_blank“ href=“https://newsquawk.com/daily/article/?id=2665-us-market-open-pound-and-gilts-buoyed-by-a-uk-uturn-ism-central-bank-speak-due&utm_source=newsquawk&utm_medium=email&utm_campaign=newsletter&utm_content=us-open“ target=“_blank“ rel=“nofollow“>Full Note incl Podcast</a></p><p>European equities have kicked the week off on the backfoot following the selling pressure seen on Wall Street on Friday whilst the APAC session saw holiday-thinned conditions</p><p>US futures are more of a mixed bag with the tech-laden NQ incrementally lagging peers.</p><p>Cable lifted to a 1.1279 best sending DXY below 112.00; however, this action has since eased with peers heavily mixed vs. USD</p><p>Core benchmarks lifted markedly alongside the commencement of Gilt trade following the gov’t u-turn, upside which has since eased</p><p>Crude benchmarks bid on weekend/early-morning reporting around the potential OPEC+ cut magnitude</p><p>Looking ahead, highlights include US Final Manufacturing PMI, US ISM Manufacturing, Speeches from Fed’s Bostic, Barkin, George & Williams, BoE’s Mann & UK Chancellor Kwarteng.</p>

This article was written by Ryan Paisey at forexlive.com.

<p>According to a draft statement from Eurozone Finance Ministers, they will say..</p><p>Focus Of Support Schemes Will Be On Protecting The Vulnerable</p><p>Fiscal Policies Should Aim At Preserving Debt Sustainability, Raising Potential Growth To Make European Central Bank’s Job Of Fighting Inflation Easier </p><p>They Will Focus On Income Measures That Are Exceptional, Temporary And Targeted</p><p>Broad-Based Support To Aggregate Demand Through Fiscal Policy In 2023 Is Not Warranted </p><p>Governments Cannot Fully Shield Economies From Energy Price Spike</p>

This article was written by Ryan Paisey at forexlive.com.

<p>Polish Diplomat: The EU is very close to a deal on Russia sanctions, would include price cap on Russian oil.</p><p>As always, don’t count you chickens until they’ve hatched, and eyes up for more on this story.</p><p>Crude is unmoved on the latest headlines</p>

This article was written by Ryan Paisey at forexlive.com.

<p>UK manufacturing PMI shows falling output, weak foreign demand</p><p>Actual 48.4 (Forecast 48.5, Previous 48.5)</p><p>British manufacturing output fell for a third month in a row in September and orders declined for a fourth consecutive month, hurt by falling foreign demand, according to a closely watched survey released on Monday.</p><p>“September saw new export business contract at the quickest pace since May 2020, with reports of lower demand from the U.S., the EU and China,“ S&P Global said.</p><p><a target=“_blank“ href=“https://twitter.com/PriapusIQ/status/1576852351746334720?s=20&t=udQlXFb-fOtLNnuEiT6SvQ“ target=“_blank“ rel=“nofollow“>Full Reuters Note</a></p>

This article was written by Ryan Paisey at forexlive.com.

<p>ABC Australia is reporting that a major investment bank is on the brink, citing ‚a credible source‘.</p><p>Most are pointing towards Credit Suisse. It was caught out in the Archegos disaster and since then (Feb 2021) its share price has spiralled to $3.90 from $14.90. Moreover, the credit default swaps are at distressed levels.</p><p>A memo from the CEO to staff circulated late on Friday:</p><p>“I know it’s not easy to remain focused amid the many stories you read in the media – in particular, given the many factually inaccurate statements being made. That said, I trust that you are not confusing our day-to-day stock price performance with the strong capital base and liquidity position of the bank,“ he wrote.</p><p>Today, Fox Business‘ Charlie Gasparino reported that:</p><blockquote>“CEO Ulrich Koerner has been meeting w major institutional investors worried the firm is on shaky financial footing and assuring them the bank has strong capital, liquidity etc. One large investor tells me „the bank and wealth management platform are very valuable, but the investment bank is a disaster.“ The CDS’s of the bank have been trading as if a Lehman Moment was about to hit.“</blockquote><p>This could lead to an ugly open tomorrow and something far worse if it proves to be true. </p><p>The bank will have to effective refute this in the strongest possible fashion, otherwise they’ll have clients pulling money and couter-parties cutting credit lines. Rumours like these can be self-fulfilling.</p><p>We’ve already got an inflation crisis and an energy crisis. How about a banking crisis too?</p>

This article was written by Adam Button at forexlive.com.