OIL: Brent Above Bull Trigger As US-Iran Strikes Continue, EIA Data Out Later
Oil benchmarks broke above bull trigger levels earlier in Wednesday's Thursday session but have give...
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LOOK AHEAD: Eurozone Timeline of Key Events (Times BST)
| Date | Time | Country | Event |
| 03-Aug | 0700 | DE | Retail Sales |
| 03-Aug | 0815 | ES | S&P Global Manufacturing PMI |
| 03-Aug | 0845 | IT | S&P Global Manufacturing PMI |
| 03-Aug | 0850 | FR | S&P Global Manufacturing PMI (f) |
| 03-Aug | 0855 | DE | S&P Global Manufacturing PMI (f) |
| 03-Aug | 0900 | EU | S&P Global Manufacturing PMI (f) |
| 04-Aug | 0745 | FR | Budget Balance |
| 04-Aug | 0900 | IT | Retail Sales |
| 05-Aug | 0745 | FR | Industrial Production |
| 05-Aug | 0815 | ES | S&P Global Services & Composite PMI |
| 05-Aug | 0845 | IT | S&P Global Composite & Services PMI |
| 05-Aug | 0850 | FR | S&P Global Composite & Services PMI (f) |
| 05-Aug | 0855 | DE | S&P Global Composite & Services PMI (f) |
| 05-Aug | 0900 | EU | S&P Global Composite & Services PMI (f) |
| 05-Aug | 1000 | EU | EZ PPI |
BUND TECHS: (U6) Trading Below Resistance
- RES 4: 127.06 High Jul 2
- RES 3: 126.54 High Jul 7
- RES 2: 125.52 50-day EMA
- RES 1: 125.06 20-day EMA
- PRICE: 124.59 @ 05:59 BST Aug 03
- SUP 1: 124.03 Low Jul 23 and the bear trigger
- SUP 2: 123.93 Low May 20
- SUP 3: 123.77 Low May 18 and the M/T bear trigger
- SUP 4: 123.09 1.000 proj of the Jun 30 - Jul 8 - 10 price swing
Bund futures remain below the Jul 28 high. The current trend theme is bearish and recent short-term gains are considered corrective. Note that the latest recovery allowed an oversold trend condition to unwind. Price recently breached support at 124.88, the Jun 10 and 11 low and a key level. This opens 123.77, the May 18 low. Initial firm resistance to watch is 125.06, the 20-day EMA. Resistance at the 50-day EMA is at 125.52.
EQUITIES: US Futures Positive On Lower Crude But Asia Mixed
APAC equity markets are mixed on Monday seemingly ignoring the fall in oil prices due to the pause in the planned US offensive against Iran to allow negotiations at the request of Gulf countries. President Trump said that talks are due to begin Monday afternoon. US equity futures have benefited with the S&P e-mini up 0.6% and Nasdaq +0.9% but most Asian indices are little changed to down with earnings season adding to uncertainty.
- China’s indices are lower with the CSI 300 -0.7% following July RatingDog data showing the manufacturing PMI falling to 50.9 from 51.7, lower than expected, and new orders also weaker. The Hang Seng is close to flat.
- Korea’s KOSPI continues to be volatile as leveraged ETF rules changed on Friday. The KOSPI is down 5.2% while TAIEX, which is also impacted by the reforms, is up 0.8%.
- Japan stocks are down around 1% for the Topix and NKY 225. The yen has continued to rally with USD/JPY getting close to key support near 155.00, amid Japan-US joint FX intervention efforts. Export sensitive plays in Japan are likely feeling the pressure from the stronger yen.
- The ASX has been pressured by the impact of lower iron ore prices on certain mining stocks and is slightly higher today. Iron ore prices are down to $94.00 after reaching $100.95 on 15 July. The downtrend accelerated last week and continued today.
- ASEAN indices are close to unchanged with the Straits Times down 0.3% but SE Thai & JCI flat.
- Later US July ISM/PMI manufacturing, European July manufacturing PMIs, June German retail sales and July Swiss CPI are released.
