PIPELINE: Corporate Bond Roundup: HSBC Leads W/ $8B Pt Issuance

• Treasuries have climbed out of a narrow/lower channel in the last few minutes does not appear to be headline driven, but more risk-off as stocks continue to extend lows in second half trade (SPX eminis -108.5 at 6894.0).
• TYH6 taps 111-21.5 high (+2.5), important resistance to watch is 112-07+, the 50-day EMA. A clear break of the 50-day average is required to signal scope for a stronger recovery.
• Curves mildly flatter: 2s10s -.376 at 69.999, 5s30s -.550 at 106.959. 

• RES 4: 0.8797 High Dec 17   
• RES 3: 0.8746 High Jan 21 and a key resistance  
• RES 2: 0.8705 50-day EMA
• RES 1: 0.8608 20-day EMA
• PRICE: 0.8622 @ 16:12 GMT Feb 3
• SUP 1: 0.8620 38.2% retracement of the Dec ‘24 - Nov ‘25 bull cycle & Low Feb 03
• SUP 2: 0.8597 Low Aug 14
• SUP 3: 0.8578 Low Jul 2 ‘25 
• SUP 4: 0.8544 50.0% retracement of the Dec ‘24 - Nov ‘25 bull cycle

A downtrend in EURGBP remains intact and yesterday’s break lower reinforces current conditions. The breach of 0.8466, the Jan 6 low and a bear trigger, confirms a resumption of the downtrend and maintains the price sequence of lower lows and lower highs. The next support to watch is 0.8620, a Fibonacci retracement. Key resistance has been defined at 0.8746, the Jan 21 high.    

• Our tracking estimate for Eurozone HICP sees risks fairly well centered on the rounded consensus of 1.7% Y/Y in January, although with a slight upside skew on an unrounded basis, after 1.94% Y/Y in December.
• Firmer prints around Germany's 2.1% Y/Y on Friday (2.0% cons) helped counter surprisingly soft France at 0.38% Y/Y today (0.6% cons).
• This is based on a little less than 2/3 of the country reports with flash HICP having come from Germany, France, Spain, Portugal, and Ireland.
• Belgium has released CPI data but the HICP measure will only be published with its final figures this time, adding some uncertainty here after a large moderation in its CPI measure from 2.06% in December to 1.10% Y/Y in January .
• Tomorrow sees Dutch and Austrian HICP ahead of the pan-Eurozone print, with Italian figures to be released alongside the bloc-wide reading.