EM CEEMEA CREDIT: Binghatti: FV for $ 5Y Sukuk

Bailey asked whether he's concerned with yields rising:

• Says that the short-end and 5-year hasn't moved much.
• Says that the long-end has moved globally but notes that the UK's debt is double that of some other countries so debt matters more but WAM is much higher in the UK.
• When asked on QT - says will look at implications of the steepening of the curve when thinking about the year ahead. Says it is a "live decision" re QT.
• On the steepening on the curve he says there's been a high level of uncertainty in the world economy and a change in liquidity.

• MNI: SPAIN JUNE MANUFACTURING PMI 51.4 (50.5 CONS; 50.5 PRIOR)

• RES 4: $39.026 - 1.382 proj of the Apr 7 - 25 - May 15 swing
• RES 3: $38.246 - 1.236 proj of the Apr 7 - 25 - May 15 swing
• RES 2: $38.000 - Round number resistance 
• RES 1: $37.317 - High Jun 18 and the bull trigger   
• PRICE: $36.431 @ 08:11 BST Jul1  
• SUP 1: $35.799 - 20-day EMA
• SUP 2: $34.657/31.651 - 50-day EMA / Low May 15
• SUP 3: $30.915/28.351 - Low Apr 11 / 7 and the bear trigger  
• SUP 4: $27.686 - Low Sep 6 ‘24  

A bull cycle in Silver remains in play and recent weakness appears corrective. The metal has recently traded through resistance at $34.903, the Oct 23 ‘24 high and a key bull trigger. The break of it marks an important medium-term bullish development. Sights are on the $38.00 handle next. On the downside, initial support to watch lies at $35.799, the 20-day EMA. It has been pierced, a clear break of it would open $34.657, the 50-day EMA.