AUSTRALIA: Albanese Lines Up Budget for May Election
The Australian reports that Albanese's government is preparing for an early budget in March as a precursor to a federal election in May. This means the vote would be about as late as possible inside the gov's term, only just before the deadline next year.
- This contrasts with some expectations just a few months ago that easing inflation and interest rates could mean Albanese calls a vote as soon as December to capitalise on the better economy - but that appears to not be playing out.
"Senior Labor figures are already planning for the March budget, which has been brought forward from the usual May timeframe because a budget cannot be delivered after parliament has been dissolved in the election lead-up."
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EU: Next Commission Continues To Take Shape As Austria Nominates Fin Min
The Austrian governing coalition has put forward Finance Minister Magnus Brunner from the conservative Austrian People's Party (ÖVP) to be the country's next European Commissioner. The selection of Brunner is seen by observers as an effort to secure one of the prestigious finance/economy portfolios. Several other members have also put forward candidates with economic experience with an eye on securing these influential posts.
- The candidates for President Ursula von der Leyen's second Commission are stacking up. Those set to return to the Commission are: France's Commissioner for Internal Market Thierry Breton (RE), Latvia's Exec VP for An Economy that Works for People and Trade Commissioner Valdis Dombrovskis (EPP), Dutch Commissioner for Climate Action Wopke Hoekstra (EPP), Slovakia's Exec VP for the European Green Deal and for Interinstitutional Relations Maroš Šefčovič (S&D, suspended), and Hungary's Commissioner for Neighbourhood and Enlargement Olivér Várhelyi (PfE).
- New candidates are: Czechia's Industry and Trade Minister Jozef Síkela (EPP), Austrian Finance Minister Magnus Brunner (EPP), Estonian former PM Kaja Kallas (RE), Finnish MEP Henna Virkkunen (EPP), Ireland's former Finance Minister Michael McGrath (RE), former President of Slovenia's Court of Audit Tomaž Vesel (Ind.), Spain's Third Deputy PM Teresa Ribera (S&D), and Sweden's Minister for EU Affairs Jessika Roswall (EPP). and former Chief of Staff to the Maltese PM Glen Micallef (S&D).
- Each Commissioner candidate, whether new or returning, will hold hearings with the relevant European Parliament committee in September before a vote on the entire College of Commissioners, which then requires approval by a QMV in Council.
SONIA: Put spread
SFIH5 95.00/94.75ps, bought for 2.25 in 2.5k.
USDJPY TECHS: Bear Cycle Extends
- RES 4: 157.86 High Jul 19
- RES 3: 156.51/157.01 20- and 50-day EMA values
- RES 2: 155.25 High Jul 30
- RES 1: 151.94 Low Jul 25
- PRICE: 150.37 @ 11:35 BST Jul 31
- SUP 1: 150.00 Psychological round number
- SUP 2: 149.03 Low Mar 19
- SUP 3: 148.54 61.8% retracement of the Dec 28 ‘23 - Jul 3 upleg
- SUP 4: 148.04 Low Mar 15
The current trend condition in USDJPY remains bearish and today’s sharp sell-off reinforces current conditions. The move down confirms a resumption of the downtrend price is approaching the next key chart point at the 150.00 handle. A break of this level would pave the way for weakness towards 148.54, a Fibonacci retracement point. On the upside, key short-term resistance has been defined at 155.22, the Jul 30 high.
