EU CREDIT RATING: Anglo American: Fitch Outlook Negative

• RES 4: 93.21 1.0% 10-dma envelope
• RES 3: 93.13 76.4% retracement of the Jul 1 - 18 bear leg     
• RES 2: 93.00 Round number resistance
• RES 1: 92.84 High Aug 5
• PRICE: 91.71 @ Close Aug 12
• SUP 1: 91.51 Low Aug 12
• SUP 2: 91.44/08 Low Aug 1 / 18 and the bear trigger
• SUP 3: 90.97 76.4% retracement of the May 22 - Jul 1 bull leg  
• SUP 4: 90.59 Low May 29       

Having traded higher mid-last week, Gilt futures are fading alongside global bonds. Having pulled back to 91.51, markets have reversed any bullish reversal signal stemming from the August 1st daily candle, exposing key support and the bear trigger at 91.08, the Jul 18 low. With S/T momentum pointed lower, markets need to build a base at 92.17 to establish any recovery. 

The Swedish seasonally adjusted unemployment claims rate from the Public Employment Service (PES) was steady at 7.1% in July. This is the highest level since December 2021, and combined with another Y/Y fall in vacancies, continues to indicate slack is building in the labour market. 

• Vacancies fell 22% Y/Y in July (vs -13% in June, -24% in May), bringing the vacancies to unemployment claims ratio down to 0.20, the lowest since early 2021.
• 6.2k people were impacted by redundancy notices, up from 5.0k in June. The 3mma of redundancies has started trending higher again, though this is in part due to the spike to 8.2k redundancies in May (which some analysts have ascribed to the Northvolt collapse).
• The Riksbank is set to meet next Wednesday. Although labour market and activity have been weak, an uptick in inflationary pressures may keep the Executive Board on hold for now. Focus will be on the guidance ahead of the September meeting. Final July CPI is due tomorrow, with inflation expectations due on Friday. 

USV5 117c, sold at 40 in 5k.