EU CONSUMER STAPLES: Barry Callebaut; Takeover Headlines
(BARY; Baa3 Neg/BBB- Neg/NR)
"*BARRY CALLEBAUT RISES 5.8%; PAST TAKE-PRIVATE TALKS BROKE DOWN" -bbg
We assume the move is linked to Bloomberg’s report this morning that the Jacobs family had explored taking Barry Callebaut private with CVC, but talks collapsed on price and commodity-risk concerns. Timing of when those discussions happened is unclear.
Asked in a recent interview about the founding family’s stake, the CEO framed it as “a family structure… long-term investors,” rather than PE-style ownership. He previously worked at Jacobs Holding.
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GILTS: Still Under Pressure
A negative open for gilts despite the recovery from worst levels in Bunds, as weakness in T-notes weighs.
- Futures break yesterday’s low (89.60). Fibonacci support is nearby (89.46), with bears remaining in technical control.
- Yields 2-3bp higher across the curve, steepening theme intact.
- 10s closed at 4.80% yesterday, seeing the first print above that level since late March. January highs (4.921%) present the next upside target there.
- 30s trade through yesterday’s fresh multi-decade high.
- That comes as ongoing fiscal worry, some questions surrounding the future of Chancellor Reeves and the potential Budget date (26 November touted) dominate locally.
- Final UK services PMI data is due today.
- Elsewhere, BoE’s Bailey, Lombardelli, Taylor & Greene will appear in front of the Treasury Select Committee. We will provide a little more on that in due course.
- Note that BoE’s Breeden will speak this morning, although the setting of the address (a “money & payments” conference) may limit scope for comments on monetary policy.
SILVER TECHS: Holding On To Its Latest Gains
- Holding On To Its Latest GainsRES 4: $40.323 - 2.000 proj of the Apr 7 - 25 - May 15 swing
- RES 3: $42.000 - Round number resistance
- RES 2: $41.064 - 1.764 proj of the Apr 7 - 25 - May 15 swing
- RES 1: $40.977 - Intraday high
- PRICE: $40.817 @ 08:16 BST Sep 3
- SUP 1: $38.804 - 20-day EMA
- SUP 2: $37.787 - 50-day EMA
- SUP 3: $36.216 - Low Jul 31 and a key support
- SUP 4: $35.285 - Low Jun 24
Trend signals in Silver remain bullish and the metal has traded sharply higher this week. Resistance at $35.930, the Jul 23 high, has been cleared. This confirms a resumption of the uptrend and maintains the price sequence of higher highs and higher lows. Moving average studies are in a bull-mode position, reinforcing current trend conditions. Sights are on $41.064 next, a Fibonacci projection. Initial support to watch is $38.804, the 20-day EMA.
MNI: SPAIN AUG SERV PMI 53.2 (54.5 FCAST, 55.1 JUL)
- MNI: SPAIN AUG SERV PMI 53.2 (54.5 FCAST, 55.1 JUL)
