UK T-BILL AUCTION RESULTS: 1/3/6-month UKTBs

• In the equity space, bullish conditions in S&P E-Minis remain intact. The contract has breached the 50-day EMA, at 5622.98. A continuation of the bull phase would expose 5837.25 next, the Mar 25 high and a bull trigger. It is still possible that the entire rally since Apr 7 is a correction. A reversal lower would signal the end of this corrective phase and expose initially, support at 5127.25, the Apr 21 low. First support to watch is 5536.59, the 20-day EMA.
• EUROSTOXX 50 futures maintain a positive tone and the contract is trading at its recent highs. Price has recently cleared both the 20- and 50-day EMAs, and attention is on 5263.01, 76.4% of the Mar 3 - Apr 7 bear leg. This hurdle has been pierced, a clear break of it would pave the way for a climb towards 5341.00, the Mar 27 high. Initial support to watch lies at 5082.47, the 20-day EMA. Clearance of this level would signal a possible reversal.

The latest opinion polling shows the right-wing populist Reform UK recording its highest-ever level in support in a survey carried out by YouGov, with the party's strong performance in the 1 May local elections contributing to the anti-immigration party's growing momentum. YouGov: Reform 29 (+3), Lab 22 (-1), Con 17 (-3), Lib Dem 16 (+1), Green 10 (+1). 

• In a sign of increasing jitters within the governing centre-left Labour party, the 'Red Wall Group' of MPs representing working-class constituencies in the north of England have published a statement. It repudiates the government's cut to universal winter fuel payments for pensioners and broader "Treasury orthodoxy" in an indirect attack on Chancellor of the Exchequer Rachel Reeves' Budget and Spring Statement.  These MPs more inclined to back a left-wing shift in economic policy rather than a shift to the right on immigration to counter Reform.
• The Times has also reported on internal power struggles within Cabinet, with rumours surrounding a reshuffle being denied by No. 10. The possible replacement of Education Secretary Bridget Phillipson would be a notable change. Phillipson is one of the most left-leaning members of Cabinet, seen as being close to trade unions and very popular with the grassroots party membership.
• As Sam Coates at Sky News notes, the 17% for the main opposition centre-right Conservatives is the party's lowest national vote share with YouGov since June 2019 as PM Theresa May's tenure came to an end. For Reform UK, the 29% recorded here beats the 26% recorded at the same time as its previous incarnation as the Brexit Party. 

ERH6 98.87/99.37/99.87c fly, Bought for 3 in 4k.