EU HEALTHCARE: Bayer (BAYNGR: Baa2 neg/ BBB/ BBB): Missouri Law
- Following on from yesterday's note on Iowa.
- Bayer won a first-round approval in the Missouri House on Tuesday to have a bill passed that would give them protection against legal claims at the State level.
- They are pushing to have Federal Labelling certified as sufficient and thus over-riding State laws concerning consumer protection.
- ModernAgAlliance is a lobby group representing Bayer and certain Agricultural producers.
- Clearly, there can be unintended consequences for consumers further down the line and the US has a long tradition of States defending their rights vs Federal Government. So passage of such laws will be complicated.
- Currently, the Republicans seem to be largely in the Bayer camp but this is not an easy win for Bayer.
With thanks to the reporters at the Missouri Independent
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EQUITY TECHS: E-MINI S&P: (H5) Approaching Resistance
- RES 4: 6178.75 High Dec 6 and key resistance
- RES 3: 6163.75 High Dec 16
- RES 2: 6107.50 High Dec 26
- RES 1: 6105.00 Intraday high
- PRICE: 6100.00 @ 07:20 GMT Jan 22
- SUP 1: 5961.75 Low Jan 16
- SUP 2: 5879.50/5809.00 Low Jan 15 / 13 and key S/T support
- SUP 3: 5784.00 Low Nov 4
- SUP 4: 5698.25 50.0% retracement of the Aug 5 - Dec 6 bull leg
S&P E-Minis are trading higher this week, marking an extension of last week’s bull phase. Gains undermine a recent bearish theme. The contract has traded through the 50-day EMA and attention is on resistance at 6107.50, the Dec 26 high. Clearance of this level would strengthen a bullish theme. Key support has been defined at 5809.00, the Jan 13 low. A reversal lower and a breach of this level would reinstate a bear theme.
GOLD TECHS: Bullish Extension
- RES 4: $2800.0 - Round number resistance
- RES 3: $2790.1 - Oct 31 ‘24 all-time high
- RES 2: $2762.3 - High Nov 1
- RES 1: $2758.60 - Intraday high
- PRICE: $2750.1 @ 07:23 GMT Jan 22
- SUP 1: $2676.1/2653.4 - 20- and 50-day EMA values
- SUP 2: $2614.8/2583.6 - Low Jan 6 / Low Dec 19
- SUP 3: $2564.4 - Low Nov 18
- SUP 4: $2536.9 - Low Nov 14 and a key support
Gold is trading higher this week. The yellow metal has breached resistance at 2726.2, the Dec 12 high and a key short-term resistance. The clear break of this hurdle strengthens a bullish theme and signals scope for an extension higher near-term. Sights are on $2790.1, the Oct 31 all-time high. On the downside, the first key support to watch is $2675.0, the 50-day EMA. A reversal lower and a breach of this average would reinstate a bearish threat.
BUNDS: Has closed the opening gap
- A very tight overnight range for Bund, and a calmer session going into the European Cash Open.
- Last night's report that Trump was weighing a 10% tariff on China Import had very little impact across most assets, besides the Dollar of course and the Yuan.
- The German Bund saw a small gap lower on the Overnight open, which has now been closed, this was at 131.95, and the contract printed a 131.96 high, and 10 ticks off that high now.
- Initial resistance was seen at 132.14 Yesterday, and the contract printed a 132.15 high, this remains.
- Above that area, it opens to 132.41, but better is seen at 132.57.
- The first support is still at 131.50 (Friday's and Monday's low).
- There's no Tier 1 data for the session, the main focus for this Week is still the PMIs Friday.
- SUPPLY: Germany 2041, 2044 (equates combined 10.15k Buxl) should have a limited impact. US Sells $13bn of 20yr reopening.
- SYNDICATION: Finland 20yr, Spain 10yr.
- SPEAKERS: Reeves, ECB Lagarde, Villeroy, Knot, Rehn, Nagel.
