EU AUTOMOTIVE: BMW: 2Q Deliveries
(BMW; A2/A/NR) {BMW GY Equity} * BMW reported 0.4% unit volume growth YoY. Consensus saw flat. * Th...
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FINLAND AUCTION RESULTS: 1.50% Sep-32 RFGB / 0.50% Apr-43 RFGB
| 1.50% Sep-32 RFGB | 0.50% Apr-43 RFGB | |
| ISIN | FI4000523238 | FI4000517677 |
| Amount | E733mln | E758mln |
| Previous | E722mln | E666mln |
| Avg yield | 2.677% | 3.365% |
| Previous | 2.702% | 2.510% |
| Bid-to-cover | 1.53x | 1.63x |
| Previous | 1.59x | 1.38x |
| Avg Price | 92.320 | 62.030 |
| Pre-auction mid | 92.075 | 61.686 |
| Prev avg price | 92.110 | 67.700 |
| Prev mid-price | 91.901 | 67.660 |
| Previous date | 20-May-25 | 15-Jun-22 |
US TSY FUTURES: Short Cover Seemed To Dominate On Monday
OI data points to a mix of net long setting (TU, UXY & WN) and short cover (FV, TY & US) in Tsy futures as the contracts ticked higher on Monday.
- Net short cover provided the more meaningful impulse in curve-wide terms.
| 09-Jun-25 | 06-Jun-25 | Daily OI Change | OI DV01 Equivalent Change ($) |
TU | 3,956,555 | 3,919,482 | +37,073 | +1,463,769 |
FV | 6,782,892 | 6,828,544 | -45,652 | -1,989,750 |
TY | 4,773,364 | 4,812,773 | -39,409 | -2,604,935 |
UXY | 2,300,994 | 2,293,709 | +7,285 | +634,159 |
US | 1,722,226 | 1,731,668 | -9,442 | -1,295,726 |
WN | 1,889,366 | 1,887,856 | +1,510 | +274,246 |
|
| Total | -48,635 | -3,518,237 |
US 10YR FUTURE TECHS: (U5) Bearish Threat Remains Present
- RES 4: 111-30 76.4% retracement of the May 1 - 22 downleg
- RES 3: 111-19+ 1.0% 10-dma envelope
- RES 2: 111-14+ High Jun 5 & 61.8% of the May 1 - 22 downleg
- RES 1: 110-20 50-day EMA
- PRICE: 110-10 @ 11:13 BST Jun 10
- SUP 1: 109-26 Low May 29
- SUP 2: 109-12+ Low May 22 and the bear trigger
- SUP 3: 109-09+ Low Apr 11 and key support
- SUP 4: 108-25+ 0.764 proj of the Apr 7 - 11 - May 1 price swing
The recent reversal lower in Treasury futures, undermines the current bullish theme. An extension down would expose support at 109-26, the May 29 low, where a break would open key support and the bear trigger, at 109-12+, the May 22 low. Key short-term resistance has been defined at 111-14+, a Fibonacci retracement and the Jun 5 high. Clearance of this hurdle would be bullish.
