EQUITIES: Cash opening calls

Aug-11 06:53

Estoxx (VGU2) finds resistance at the 3779.00 area, failed three times this month.
Early cash opening calls: Estox 50: +0.68%, Dax: +0.53%, CAC: +0.50%, FTSE +0.20%, SMI +0.29%.

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Jul-12 06:49

On offer today: E1.5-2.5bln of the 0.50% Jul-32 DSL (ISIN: NL0015000RP1)
10-year DSL yields rose close to 100bp from the beginning of May to the June 16 high of 2.263%, and have since fallen back to 1.558% at the time of writing.
Spread to the 10-year Bund widened around 11bp from the beginning of May to the high of approx. 39.4bp on July 6. Spreads have since narrowed around 2.5bp off this high.
Timing: Results will be available shortly after the auction closes at 900 BST / 1000 CEST.

Auction history:

Jul-12 06:37

The DMO is due to come to the market this morning to offer GBP2.75bln of the 10-year 1.00% Jan-32 gilt via auction.
This will be the fifth auction of the gilt, and the largest nominal auction size yet after auctions of GBP2.25bln were held in December and February and GBP2.5bln auctions were held in April and June (although note that for the latter two auctions, the full PAOF proceeds were taken up).
Outside of the launch, auctions have been smooth with bid-to-cover ratios healthy and growing, ranging 2.51x-.2.85x and tails of 0.2bp seen at the last two auctions.
Of course, much of this will depend on market conditions on the day, which have been a little unpredictable lately.
Timing: Results will be available shortly after the auction closes at 10:00BST with a further GBP687.5mln available to successful bidders via the PAOF.

Jul-12 06:21

A light overnight session for Bund in terms of volumes, as liquidity disappear at the start of the week, with Pension Fund and Lifers likely on the sidelines, as investors focus on the US CPI release tomorrow.
Equities did bounce yesterday afternoon, but Estoxx future is testing yesterday's low on the Bund cash open.
Most on the action is in FX, with most pair getting crushed against the Dollar, trading at multi year/decades low, as recession fears takes hold
There's very little in term of tier 1 data release for today, German ZEW is unlikely to be a driver and shouldn't move the needle.
OPEC release Oil monthly report.
SUPPLY: Early focus in Europe will be on supply, German Schatz EU5.5bn (equates to 50k Schatz), should weigh into the bidding deadline.
Netherland 10yr (equates to 16k Bund), UK £2.75bn 2032 (equates to 23k Gilt), and US $33bn 10yr Notes.
SYNDICATION: EU NGEU EU8b WNG.
SPEAKERS: ECB Villeroy, Fed Barkin, and BoE Bailey.
EARNINGS: Pepsi.

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