EU CREDIT RATING: Coty: S&P Stable
"Coty Inc. Outlook Revised To Stable on Sale of Wella Stake and Debt Reduction; 'BB+' Issuer Credit Rating Affirmed" - S&P
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
EQUITIES: EU Cash Opening Calls
Estox 50: +0.86%, Dax: +0.89%, CAC: +0.86%, FTSE +0.59%, SMI +0.58%.
STIR: Over 80% Odds Of Dec BoE Cut Still Priced
Little change in GBP STIRs, with UK weekend news flow focused on well-trodden fiscal areas ahead of Wednesday’s (see recent bullets for more colour on potential tweaks that could come at that event as well as our full preview).
- Friday’s recovery from lows in wider risk assets helped the space back from dovish session extremes.
- BoE-dated OIS shows 21bp of easing for December, 28.5bp through February, 38bp through March, 48bp through April and 53bp through June.
- The recent flow of data has increased odds of/lowered the bar for a December cut. We believe that Governor Bailey is likely to join the dovish camp in December, cementing a rate cut.
- SONIA futures essentially flat across the curve. SFIZ6 trades around the middle of its month-to-date range. SONIA strip-Implied BoE terminal rate at ~3.35%.
BoE Meeting | SONIA BoE-Dated OIS (%) | Difference vs. Current Effective SONIA (bp) |
Dec-25 | 3.759 | -21.0 |
Feb-26 | 3.683 | -28.6 |
Mar-26 | 3.591 | -37.8 |
Apr-26 | 3.489 | -48.0 |
Jun-26 | 3.441 | -52.8 |
Jul-26 | 3.385 | -58.5 |
Sep-26 | 3.368 | -60.1 |
EURJPY TECHS: Trend Needle Points North
- RES 4: 184.34 2.000 proj of the Jul 31 - Sep 29 - Oct 2 price swing
- RES 3: 183.07 1.764 proj of the Jul 31 - Sep 29 - Oct 2 price swing
- RES 2: 182.96 Bull channel top drawn from the Feb 28 low
- RES 1: 182.01 High Nov 20 and the bull trigger
- PRICE: 180.59 @ 07:37 GMT Nov 24
- SUP 1: 179.77 Low Nov 21
- SUP 2: 178.87/176.83 20- and 50-day EMA values
- SUP 3: 175.71 Low Nov 5
- SUP 4: 174.82 Bull channel support drawn from the Feb 28 low
The trend outlook in EURJPY is unchanged, a firm bull cycle remains intact and last week’s strong gains reinforce the current trend condition. The move higher confirms a resumption of the uptrend and maintains the bullish price sequence of higher highs and higher lows. Sights are 182.96, the top of a bull channel drawn from the Feb 28 low. First key support lies at 178.87, the 20-day EMA. A pullback would be considered corrective.
