EU BASIC INDUSTRIES: Anglo American: Fitch Revised Outlook to Neg. From Sta.
Credit Neutral - We expect the negative outlook will be stabilized upon financial policy clarity from the company.
• Fitch affirmed Anglo American Rating at 'BBB+' and revised the outlook to Negative from Stable to reflect high pro-forma leverage and execution risks from the planned Teck merger.
• Fitch expects Anglo Teck's net leverage to be at the revised wider negative leverage sensitivity of 1.7x in 2026-2028, after factoring in proceeds from planned disposals.
• Formalization of Anglo Teck's financial policy and its commitment to the conservative financial framework will resolve the Negative Outlook.
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OPTIONS: US Options Roundup - Aug 12 2025
Tuesday's US rates/bond options flow included:
- SFRQ5 95.87/95.81ps, traded for 1.75 in 2k.
- SFRQ5 95.81/95.75ps 1x2, traded half in 4k.
- SFRU5 96.12/96.25cs, traded 1.5 in 5k.
- SFRU5 96.00/96.12/96.25c fly, traded for half in 2k.
- SFRU5 95.87/95.81/95.75p ladder, traded half in 3k.
- SFRU5 95.8125 put, bought for 3.75 in 12.5k
- SFRU5 95.75/95.68ps 1x3, traded 0.75 in 2k.
- SFRU5 96.125/96.25 call spread bought for 1.375 in 45k
SFRU5 95.75/95.62ps, traded 1.75 in 2k. - SFRU5 96.12c, bought for 2 in 4k
- SFRZ5 96.25/96.37/96.50/96.62c condor, bought for 3.5 in 5k.
- SFRM6 96.50p, bought for 21.5 in ~5k.
- SFRV5 96.1875/96.4375 call spread sold at 10s in 45.5k (block)
- 0QZ5 98.00c, bought for 2 in 11k
- TYX5 110.5 puts sold at 34 in ~9.8k (block)
AUDUSD TECHS: Consolidation Mode
- RES 4: 0.6700 76.4% retracement of the Sep 30 ‘24 - Apr 9 bear leg
- RES 3: 0.6688 High Nov 7 ‘24
- RES 2: 0.6677 0.764 proj of the Jun 23 - Jul 11 - 17 price swing
- RES 1: 0.6541/6625 High Aug 7 / 24 and the bull trigger
- PRICE: 0.6521 @ 16:04 BST Aug 12
- SUP 1: 0.6419 Low Aug 1
- SUP 2: 0.6373 Low Jun 23 and a bear trigger
- SUP 3: 0.6354 38.2% retracement of the Apr 9 - Jul 24 upleg
- SUP 4: 0.6323 Low Apr 16
AUDUSD rallied well off the week’s lowest levels last week on broad USD weakness - erasing any signs of a bearish breakout on the show through the 20- and 50-day EMAs. While support at 0.6455 the Jul 17 low, has been cleared, the recovery in prices keeps key resistance in focus at 0.6625 the Jul 24 high. It also represents the bull trigger. Any return lower would signal a bearish threat into 0.6373, the Jun 23 low.
EURJPY TECHS: Trend Structure Remains Bullish
- RES 4: 177.08 2.000 proj of the Feb 28 - Mar 18 - Apr 7 price swing
- RES 3: 175.43 High Jul 11 ‘24 and a key medium-term resistance
- RES 2: 174.86 1.764 proj of the Feb 28 - Mar 18 - Apr 7 price swing
- RES 1: 173.97 High Jul 28 and the bull trigger
- PRICE: 172.76 @ 16:03 BST Aug 12
- SUP 1: 169.73/45 Low Jul 31 / 23.6% of the Feb 28 - Jul 28 bull leg
- SUP 2: 169.71 50-day EMA
- SUP 3: 168.46 Low Jul 1
- SUP 4: 167.46 Low Jun 23
A bullish trend condition in EURJPY remains intact and for now the recent move down is considered corrective. Key support to watch lies at the 50-day EMA at 169.62. A clear break of the EMA is required to highlight a stronger short-term bearish threat. Moving average studies remain in a bull-mode position highlighting an uptrend. A break of the Jul 28 high of 173.97, would resume the bull cycle.
