TURKEY: Confidence Edges Up as Consumers Hope For Economic Improvement
Oct-21 07:23
TURKEY OCT CONSUMER CONFIDENCE 76.2; SEP 72.4
- Turkish consumer sentiment saw a 3.8-point improvement to 76.2 in October, edging back up towards October 2021 levels (76.8).
- The index remains deeply pessimistic and below the 100-point neutrality threshold. The last time the index actually crossed into optimistic territory was in 2006.
- All sub-indices pushed the index higher over the month, led by household financial condition outlooks and consumers' outlooks on the general economy over the next 12 months.
- Consumer confidence remains severely depressed. Consumers are grappling with soaring inflation above 83% and little relief in sight as the CBRT continues to implement an unorthodox approach to monetary policy.
- Yesterday saw the CBRT deliver a 150bps rate cut to 10.50%, against expectations of a 100bps cut as the President's call for single-digit rates by year-end is set to materialise.
Source: Turkish Statistical Institute
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EUROZONE ISSUANCE: DSTA funding update
Sep-21 07:18
- The DSTA funding need has been reduced to E62.7bln for 2022 from E66.3bln (E3.6bln reduction) due to "higher than expected tax revenues so far and windfalls in expenditures for COVID-19."
- E40-45bln of capital markets issuance is expected (unchanged from previous estimate).
- Two DSL auction will be scheduled in Q4-22:
- 11 October: E1.5-2.5bln of the 7-year 0% Jan-29 DSL (ISIN: NL0015000LS8 )
- 8 November: E1.5-2.5bln of the 10-year 0.50% Jul-32 DSL (ISIN: NL0015000RP1 )
- DTC auctions will be carried out on 3/17 October, 7/21 November and 5/12 December.
USDCAD TECHS: Uptrend Extends
Sep-21 07:17
- RES 4: 1.3500 Round number resistance
- RES 3: 1.3462 1.618 proj of the Aug 25 - Sep 7 - 13 price swing
- RES 2: 1.3421/31 High Sep 30 2020 / 2.0% 10-dma envelope
- RES 1: 1.3394 Intraday high
- PRICE: 1.3375 @ 08:14 BST Sep 21
- SUP 1: 1.3227 Low Sep 20
- SUP 2: 1.3132/2954 20-day EMA / Low Sep 13
- SUP 3: 1.2895 Low Aug 25 and key near-term support
- SUP 4: 1.2828 Low Aug 17
USDCAD maintains a clear bullish tone and the pair has traded higher today. The extension reinforces bullish conditions and maintains the positive price sequence of higher highs and higher lows. Moving average studies are in a bull mode position, highlighting current market sentiment. Sights are set on 1.3421 next, Sep 30 2020 high. On the downside, initial support is at 1.3227, yesterday’s low.
EGB SYNDICATION: 4-year Jul-26 RAGB
Sep-21 07:13
- Guidance: MS-58bps area
- Size: Benchmark (MNI expects E3.5-4.5bln)
- Settlement: 28 September 2022 (T+5)
- Maturity: 15 July 2026
- Coupon: Fixed, Ann ACT/ACT, short first to 15-Jul-2023
- ISIN: AT0000A308C5
- Bookrunners: BofA / Citi / DB / GSBE (DM/B&D) / JPM / UniCredit
- Timing: Books open, today's business
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