EQUITIES: Attention turns to the US Open

• -2,000 SFRZ5 96.43 straddles, 62.0 ref 96.455
• -2,500 SFRH6 96.62 straddles, 80.0 ref 96.655
• +4,000 SFRU5 95.68/95.81/96.00 2x3x1 put flys 1.25 ref 96.15
• -2,000 SFRU5 96.00 puts, 12.0 ref 96.15
• +3,000 SFRM5 SFRM5 95.75/95.81/95.87 put flys, 0.5 ref 95.785
• -5,000 0QU5 95.50/96.00 put spds, 3.0 vs. 96.81/0.08%

SXXP (20th June) 557.5c, bought for 1.6 and 1.7 in ~15k.

Weak Italian retail sales momentum suggests sequential quarterly household consumption growth was tepid - possibly negative – in Q1. 

• March nominal retail sales fell 0.5% in March. The three analysts submitting forecasts for the print were between +0.1 and +0.3%. Real sales were also -0.5% M/M, the fifth negative sequential print in the last six months. That dragged 3m/3m growth down to -0.59% (vs -0.42% prior).
• ISTAT retailer confidence has been expansionary throughout the last 3 years, but momentum has been waning in 2025.
• Although the Q1 flash GDP report indicated that domestic demand made a positive contribution to growth, a detailed split across expenditure component was not available.