RUSSIA: China’s Xi Begins 4-Day Visit to Russia
May-07 07:16
- Chinese President Xi Jinping starts a four-day visit to Russia. Citing the Kremlin press service, Tass report that during the state visit, Russian President Vladimir Putin and Xi will discuss key issues concerning the development of comprehensive partnership and strategic cooperation between the two countries. A Kremlin aide said the Siberia-2 gas pipeline, Ukraine, and Russia’s relations with the United States will be on the agenda.
- Meanwhile, President Vladimir Putin will meet the leaders of Venezuela, Cuba, Mongolia and Republic of Congo.
- Russia’s services PMI was unchanged at 50.1 in April, the lowest reading since June 2024 but above the expansionary 50-threshold for the tenth consecutive month. Meanwhile, the composite index rose to 49.8 from 49.1 in March – the second consecutive month of contraction.
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SILVER TECHS: Impulsive Reversal Wave
Apr-07 07:16
- RES 4: $34.903 - High Oct 23 ‘24 and the bull trigger
- RES 3: $32.947/34.590 - 20-day EMA / High Mar 28
- RES 2: $32.491 - 50-day EMA
- RES 1: $30.815 - Low Feb 28
- PRICE: $29.826 @ 08:15 BST Apr 7
- SUP 1: $28.351 - Intraday low
- SUP 2: $27.686 - Low Sep 6 ‘24
- SUP 3: $27.180 - Low Aug 14 ‘24
- SUP 4: $26.451 - Low Aug 8 ‘24 and a key support
Silver continues to trade in a volatile manner. Last week’s sell-off confirmed a clear reversal of its recent uptrend. The metal has today traded through support at $28.748, the Dec 19 low. A clear break of this level would signal scope for a continued sell-off, towards $27.686, the Sep 6 ‘24 low. Initial resistance to watch is $30.815, the Feb 28 low. The contract is oversold, gains would allow this set-up to unwind.
EQUITIES: Some Impressive Charts in European Equities
Apr-07 07:14
- Some truly Impressive charts in Equities, looking the Cash Estoxx (SX5E) , next immediate support will be seen at the August low of 4473.94.
(Chart source: MNI/Bloomberg).
SWAPS: Front End Of German Curve Leads Spread Widening
Apr-07 07:13
Meaningful German ASW widening early today, a function of the wider risk-off move driven by trade war worries.
- Spreads vs. 3-month Euribor 3.5-9.5bp wider, front end continues to outperform.
- Bund ASW vs. 3-month Euribor back into positive territory for the first time since late December.
- The supply increase projected over the medium-term promotes the continued front end ASW outperformance on rallies.
- We would guess that short liquidation is also factoring into the moves.
