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EUROPE: Little Net Reaction In Bunds To EU Steel Quota Exclusive

EUROPE
CEEMEABulletMarketsFixed Income BulletsForeign Exchange Bullets

Little net reaction in Bund futures to the latest Reuters exclusive detailing EU plans to tighten steel import quotas by a further 15% from April. Futures are +31 ticks at 128.18 at typing, well off earlier session highs of 128.66 (following risk-off induced by Turkish political turmoil).

  • The Reuters story follows an FT article two days ago detailing plans for an EU probe into the aluminium market, which is also aimed at protecting regional manufacturers from a surge in cheap imports in response to widespread US tariffs.
  • The threat of trade diversion to the EU has been referenced as a possible disinflationary force by ECB officials in recent weeks, with China in particular focus.
  • The move highlights the EU’s activist approach in responding both directly and indirectly to US trade policies.
  • At yesterday’s MNI Connect event, Bank of Finland Governor Rehn (who was previously European Commissioner for Economic and Monetary Affairs and the Euro) said that the EU should retaliate to US measures in a “proportional manner”, consistent with previous remarks. 
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Little net reaction in Bund futures to the latest Reuters exclusive detailing EU plans to tighten steel import quotas by a further 15% from April. Futures are +31 ticks at 128.18 at typing, well off earlier session highs of 128.66 (following risk-off induced by Turkish political turmoil).

  • The Reuters story follows an FT article two days ago detailing plans for an EU probe into the aluminium market, which is also aimed at protecting regional manufacturers from a surge in cheap imports in response to widespread US tariffs.
  • The threat of trade diversion to the EU has been referenced as a possible disinflationary force by ECB officials in recent weeks, with China in particular focus.
  • The move highlights the EU’s activist approach in responding both directly and indirectly to US trade policies.
  • At yesterday’s MNI Connect event, Bank of Finland Governor Rehn (who was previously European Commissioner for Economic and Monetary Affairs and the Euro) said that the EU should retaliate to US measures in a “proportional manner”, consistent with previous remarks.