EU REAL ESTATE: CTP NV (CTPNV: Baa3/BBB-); Q1 25
Solid results. Stable for credit.
• Gross Rental Income €182.5m +15.9% yoy and +4.2% like-for-like
• 24% more leases signed in Q1 yoy with 3% average monthly rental increase
• 95k sqm new development at 10% yield on cost; 100% let
• EPRA Earnings +12.9% to €98.7m
• Guidance confirmed at 8-10% growth in EPS
• Projects under construction 1.9m sqm; potential rent €148m YOC 10.3%
• LTV 45.3% stable; GAV €16.3bn +2.3%
• Issued dual 6yr & 10yr in March
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Historical bullets
GOLD TECHS: Monitoring Support At The 50-Day EMA
- RES 4: $3223.8 - 3.382 proj of the Nov 14 - Dec 12 - 19 price swing
- RES 3: $3200.00 - Round number resistance
- RES 2: $3196.2 - 3.236 proj of the Nov 14 - Dec 12 - 19 price swing
- RES 1: $3055.6/3167.8 - High Apr 7 / 3 and bull trigger
- PRICE: $3005.0 @ 06:59 BST Apr 8
- SUP 1: $2956.7 - Low Apr 7
- SUP 2: $2945.3 - 50-day EMA
- SUP 3: $2880.3 - Low Mar 10
- SUP 4: $2832.7 - Low Feb 28
The trend condition in Gold remains bullish and the latest pull back appears corrective. Moving average studies are in a bull-mode position highlighting a dominant uptrend and positive market sentiment. Price has traded through the 20-day EMA. The next key support to watch lies at 2945.3, the 50-day EMA. A resumption of gains would refocus attention on $3196.2, a Fibonacci projection. The bull trigger is 3167.8, the Apr 3 high.
JAPAN: Akazawa Notes Flexible Policy Response To Tariffs; Nikkei Up ~6%
Latest headlines from Japan's Economic Revitalisation Minister Akazawa (per BBG):
- "*JAPAN'S AKAZAWA: ANALYZING STATS TO ASSESS TARIFF IMPACT"
- "*AKAZAWA: TO CONTINUE FLEXIBLE POLICY RESPONSE TO DEVELOPMENTS"
The Nikkei has rallied ~6% during today's Asia-Pac session, linked to hopes of tariff negotiation between PM Ishiba and the Trump administration after a call yesterday. A reminder that US Tsy secretary Bessent noted after the call that he would "expect that Japan is going to get priority". Tariff-related headline flow, including progress around negotiations, will be a key focus in today's EU/US session too, with the data calendar reasonably light.
USDJPY TECHS: Gains Considered Corrective
- RES 4: 151.30 High Mar 3
- RES 3: 150.33/151.21 50-day EMA / High Mar 28 and reversal trigger
- RES 2: 149.00 20-day EMA
- RES 1: 148.18 Low Mar 20
- PRICE: 147.63 @ 06:53 BST Apr 8
- SUP 1: 144.56 Low Apr 4
- SUP 2: 144.13 76.4% retracement of the Sep 16 ‘24 - Jan 10 bull leg
- SUP 3: 143.43 Low Oct 2 ‘24
- SUP 4: 142.95 1.00 proj of the Feb 12 - Mar 11 - 28 price swing
USDJPY maintains a bearish tone following last week’s sharp sell-off and the latest recovery is - for now - considered corrective. A resumption of the downtrend and a break of Friday’s 144.56 low would signal scope for an extension towards 144.13, a Fibonacci retracement point. Initial firm resistance to watch is 149.00, the 20-day EMA. Resistance at the 50-day EMA, is at 150.33.
