SONIA: Call spread buyer
Dec-20 09:41
SFIG5 95.65/95.85cs, bought for 2.5 in 5k.
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CROSS ASSET: Higher Yields push USDJPY through session high.
Nov-20 09:31
- Like clock work, the continuation lower in Tnotes, now through the intraday low is in turn helping USDJPY session high, and towards 156.00.
- Next support in TYZ4 is seen towards 109.10.
- Small resistance in the USDJPY falls to 156.24, followed by 156.75 High Nov 15
ECB: Volatile Environment Keeps Financial Stability Vulnerable
Nov-20 09:22
The ECB's November Financial Stability Review is here. From our Policy Team: The European Central Bank sees elevated financial stability vulnerabilities from the “volatile environment” with growth risks to the downside, geopolitical uncertainty, high valuation and risk concentration and debt sustainability concerns in some countries.
- The economy remains fragile and credit risk vulnerabilities in euro area households “could lead to weaker asset quality for banks and non-bank financial intermediaries if downside risks to growth materialize”. Meanwhile, high valuations and risk concentration “make markets more susceptible to sudden corrections”.
- Structural weaknesses and persistently weak productivity can also undermine financial stability in the future. The review warns that in recent years the supply of bank credit has tilted more towards less-productive firms as the real estate has received “received a disproportionate share of bank credit despite its limited contribution to TFP growth”
GILT AUCTION PREVIEW: Auction / Syndication Rescheduling
Nov-20 09:10
The DMO has announced the following rescheduling:
- "The auction of a new conventional gilt in the 10-year maturity area expected to be launched by syndication in February 2025 that was previously scheduled for Tuesday 11 March 2025 is being moved to Wednesday 12 March 2025."
- "The auction of 4⅜% Treasury Gilt 2028 that was previously scheduled for Thursday 20 March 2025 is being moved to Tuesday 18 March 2025."
- "These changes take into account the planned syndication of a new index-linked gilt maturing in the 20- to 25-year area that is due to take place in March 2025, subject to demand and market conditions."
