EQUITIES: Are falling to new lows
Mar-17 14:34
- Estoxx future (VGM3) and Stoxx600 -1.16% are at new intraday lows.
- Banks stock are down 3.36% in stoxx600.
- Support in VGM3 is at 3951, the March low and lowest print since January.
- For SXXP, Yesterday and the March low is at 433.94 .
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STIR: BLOCK, Red Jun'23 SOFR Put Spd, 2024 Hike Hedge Picks Up
Feb-15 14:34
- Total +10,000 SFRM4 94.50/95.50 2x1 put spds, 13.5-13.0
- Note: short Jun'23 SOFR futures expire same time as front Jun'23 futures but use Jun'24 as it's underlying hedge. Seeing pick-up in 2024 sector put buying to hedge continued rate hikes into next year.
EQUITIES: US Cash opening calls
Feb-15 14:23
- SPX: 4,115.3 (-0.5%).
- DJIA: 33,939 (-0.4%/-150pts).
- NDX: 12,524.7 (-0.5%).
CANADA DATA: Housing Starts Slide As Start To Replicate Downturn In Sales
Feb-15 14:17
- We have seen two weaker than expected housing releases for January, with existing home sales falling -3.0% M/M (cons -2.5%) after +1.3% M/M.
- More notable though was housing starts sliding from 248.3k to 215.4k (cons 245k) for a -13% drop led by multi-units -20% with single-detached +3%.
- Starts have begun to follow the much heavier decline in home sales seen for some time now, although interestingly despite only a recent contraction in new construction, residential investment in the national accounts has been weighing on GDP growth for some time – see chart.
- The data remain consistent with a continued “substantial” decline in housing activity as the BoC noted in its Jan 25 rate announcement.
