"Please, Please, Please": Denmark's Energy Minister Begs Citizens To Stop Driving As Global Energy Shock Spreads

5Y Auction Tails Despite Jump In Foreign Demand, Yields Hit Session High After a mediocre 2Y auction to start the week's coupon issuance this morning, moments ago the Treasury sold 5Y notes in another average auction. The sale of $70BN in 5 Year paper stopped at a high yield of 3.955%, down fractionally from 3.980% last month, and tailing the When Issued 3.950% by 0.5bps. This was an improvement from last month's 1.4bps tail, but more concerningly this was the 11th tail in a row for 5Y issues. The bid to cover...

War Zones Converging? Zelensky Says Ukraine Hit Ship "Transporting Military Cargo" From Iran Ukraine has rapidly expanded its one-way attack-drone campaign from the Sea of Azov into the Black Sea, claiming strikes against more than 180 vessels and maritime targets around the Crimean region over the past three weeks, according to Reuters. The widening maritime offensive follows a summer campaign in which Ukrainian drones struck dozens of Russian energy assets, warehouses and logistics hubs. The risk of the Russia-Ukraine conflict merging with the US-Iran conflict seems plausible, but remains low at...

Trump Claims Iran Deal 'Pretty Much All Wrapped Up' - FARS Says Nothing Approved Summary TACO SEASONING: Trump tells NY Post that Iran deal "pretty much all wrapped up," but FARS news agency says no deal has been approved.  TACO: Trump Cancels Strikes After All Day Bluster About 'Bigger' Strikes on Iran Tonight Iran Parliament Speaker Ghalibaf says "Wrong strategies and impulsive decisions will reset the entire board for the worse, explode energy infrastructure and markets & create an endless quagmire that you will be stuck in for years." Trump follows with mention of "bigger, more powerful"...