EU TRANSPORTATION: Air Portugal: Privatisation Updates (x3)
Nov-20 11:10
(TAPTRA: Ba3/BB-/NR)
"The Lufthansa Group today formally expressed its interest in participating as a bidder in the privatization process of TAP Air Portugal...In addition to initially acquiring a minority stake, the aim of the process is to establish a long-term partnership between the Lufthansa Group and TAP Air Portugal in order to secure the successful future of TAP as Portugal's national airline." - Lufthansa
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JAPAN: USDJPY Briefly Rises Above 152.00 amid Takaichi Headlines
Oct-21 11:04
- "JAPANESE PRIME MINISTER TAKAICHI TO INSTRUCT COMPILING STIMULUS PACKAGE AT FIRST CABINET MEETING, KYODO SAYS" (Reuters)
- Not entirely sure if linked to the above Reuters headline, but this was out a little while ago from Kyodo:
- Takaichi “will instruct the preparation of a supplementary budget for fiscal 2025 that includes measures to combat rising prices. She will position its passage in the extraordinary Diet session as her top priority. Takaichi will hold a press conference at the Prime Minister's Office on the evening of the 21st.”
- It is worth noting that although the coalition framework has changed, the party remains a minority government, and therefore negotiations with the opposition parties are essential to realising policies.
- USDJPY briefly climbs above the 152 handle, reaching a session high of 152.05, a solid 1.05% above session lows. As a reminder, the technical bull trigger remains further out at 153.27, the Oct 10 high.
OUTLOOK: Price Signal Summary - Bear Threat In Oil Futures Remains Present
Oct-21 10:53
- On the commodity front, a bull cycle in Gold remains intact and price is holding on to its recent gains. The latest climb maintains the price sequence of higher highs and higher lows. Sights are on the $4400.00 handle next, and $4404.9, a 3.500 projection of the May 15 - Jun 16 - 30 price swing. Note that the trend is in overbought territory. A move down - a correction - would allow the overbought set-up to unwind. Support to watch lies at $4021.6, the 20-day EMA.
- A bearish theme in WTI futures remains intact and the move down last week reinforces current conditions. Note that moving average studies are in a bear-mode position, highlighting a dominant downtrend. Sights are on $54.89 next, the May 5 low, where a break would open $54.10, the Apr 9 low and a key support. Initial firm resistance is seen at $61.76, the 50-day EMA.
US TSYS: Small Gains Reversed Ahead Of A Headline Watching Session
Oct-21 10:50
- Treasuries have over the past hour reversed earlier gains to leave them modestly lower on the day across the curve.
- Recent losses have come with crude oil futures pushing higher (+0.9%) although precious metals have extended the day's losses (gold -2.2%, reversing yesterday's increase, and a particularly notable -4.3% for silver).
- Cash yields are 0.3-1bp higher across the curve, led by the front end.
- TYZ5 trades at 113-18+ (-00+) having pulled back from earlier highs of 113-24, on subdued cumulative volumes of 235k.
- The trend signal remains bullish, with resistance at 114-02 (Oct 17 high) before 114-10 (Apr 7 continuation) whilst support is seen at 113-01+ (20-day EMA).
- Today’s data is limited to the Philly Fed non-manufacturing survey and weekly Redbook retail sales, with potential spillover from Canadian CPI at 0830ET ahead of Friday’s US release.
- Political headlines are likely more in focus, both on trade and government shutdown prospects, with various potential appearances from President Trump. Trump yesterday signed a landmark pact with Australia’s Albanese to boost America’s access to rare earths and other critical minerals.
- Data: Philly Fed non-mfg Oct (0830ET), Weekly Redbook retail sales (0855ET)
- Bill issuance: US Tsy $95B 6W bill auction (1130ET)
- Politics: Trump in peace award ceremony (1100ET), Trump hosts Rose Garden Club Lunch (1200ET, WH press pool), Trump participates in Diwali celebration (1600ET, WH press pool), Trump hosts Rose Garden Club Dinner (1900ET)
