EGB OPTIONS: Bobl downside structure
Nov-18 10:12
OEZ2 119.00/118.75ps vs 120.50/121.00cs, bought the ps for 2 in 4k
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EUROZONE ISSUANCE: 3/6-month EU-bill auction results
Oct-19 10:11
| Type | 3-month EU-bill | 6-month EU-bill |
| Maturity | Jan 6, 2023 | Apr 7, 2023 |
| Amount | E924mln | E852mln |
| Target | E1bln | E1bln |
| Previous | E988mln | E1.45bln |
| Avg yield | 1.006% | 1.74% |
| Previous | 0.869% | 1.51% |
| Bid-to-cover | 2.32x | 2.21x |
| Previous | 2.65x | 1.77x |
| Previous date | Oct 05, 2022 | Oct 05, 2022 |
UK: Whips Escalate Labour Fracking Vote To 'Confidence Motion'
Oct-19 10:10
Deputy chief whip Craig Whittaker has issued a call to all Conservative MPs stating that a motion before the Commons later today put forward by the opposition centre-left Labour Party, "...is not a motion on fracking. This is a confidence motion in the gov't." Vote will not be an official confidence vote, but will now be watched v closely for signs of further division within governing centre-right Conservative party.
- Whittaker says that the vote, taking place this afternoon/evening, is 'a hard three-line whip with all slips withdrawn'. This is the highest level of demand issued by party whips, indicating that any MP not voting with the gov't will face severe reprimand, with no absence 'slips' to be allowed.
- Seen as big test for gov't stability. Major rebellion could be the spark that ignites pyre of Truss gov't, however if Labour motion defeated the opposition will hang the issue of fracking (often unpopular at local level) around Conservative MPs' necks.
- If Labour win the vote they take control of the order paper on 29 November, and despite being in opposition would effectively be acting as the executive.
- PM Liz Truss faces only her third session of PMQs at 1200BST (0700ET, 1300CET), likely to prove a v difficult session for Truss following collapse of her economic plans and continued speculation as to her longevity in office. Livestream: https://parliamentlive.tv/Event/Index/6781e4ba-cac...
OUTLOOK: Price Signal Summary - Bund Trend Needle Is Still Pointing South
Oct-19 10:05
- In the FI space, the broader bearish theme in Bund futures remains intact. Attention is on 135.52, the Sep 28 low and key support. This level was probed on Oct 12, a clear break would confirm a resumption of the downtrend and open the 135.00 handle. Resistance is at 138.58 the 20-day EMA.
- The primary trend direction in Gilt futures is down with moving average studies remaining in a bear mode position. Initial resistance to watch is 97.33, the 20-day EMA. The average has been pierced and the contract did close above it on Tuesday. A clear break would suggest scope for a stronger corrective bounce towards 100.92, the Oct 4 high and key resistance. 90.38, Oct 12 low, is the bear trigger.
