BASIC INDUSTRIES: DSM-Firmenich (DSFIR A3/A-/NR): 1Q25 Results Headlines

• RES 4: $3200.00 - Round number resistance    
• RES 3: $3196.2 - 3.236 proj of the Nov 14 - Dec 12 - 19 price swing
• RES 2: $3151.5 - 3.000 proj of the Nov 14 - Dec 12 - 19 price swing
• RES 1: $3127.9 - Intraday high    
• PRICE: $3118.5 @ 07:26 BST Mar 31 
• SUP 1: $3053.5 - Low Mar 28 
• SUP 2: $2992.4 - 20-day EMA 
• SUP 3: $2956.2 - High Feb 24 
• SUP 4: $2908.4 - 50-day EMA

The trend condition in Gold is unchanged, it remains bullish. Today’s strong gains highlight a bullish start to this week’s session and confirm a continuation of the primary uptrend. The rally also once again, highlights fresh all-time highs for the yellow metal. Sights are on the $3151.5, a Fibonacci projection. Support to watch lies at $2992.4, the 20-day EMA. A pullback would be considered corrective.

Bunds rally, futures trade as high as 129.47, through key resistance at 129.41. Extension higher would target 130.00.

• Yields 3.5-5.5bp lower,10s outperform.
• Tariff worry continues to support wider core global FI markets, as growth fears intensify and equities sell off.
• Source reports pointing to the potential for deeper U.S. tariffs and some hardline rhetoric from President Trump surrounding trade levies (albeit leaving options open re: cutting deals in the future) drive early Monday trade.
• German regional and national CPI data are due today, ahead of tomorrow’s Eurozone reading. Friday’s French & Spanish CPI data skewed risks to the Eurozone reading lower, with markets now discounting nearly 90% odds of a cut at the ECB’s April meeting on a combination of lower inflation and tariff concern.
• Italian CPI will also cross.
• ECBspeak from Panetta (dove) & Villeroy (centrist, dovish leanings recently) is due today.
• On the supply front, the EFSF is scheduled to hold a syndication. We expect that to take place today or tomorrow, with no conviction surrounding the bond/bonds on offer. There is also the potential for Austrian and Italian syndications in upcoming weeks.
• Elsewhere today, France’s RN leader, Marine Le Pen, will appear in front of a judge as part of an RN embezzlement trial. A decision is expected between 10:00-12:00 CET (09:00-11:00 BST). Le Pen could be suspended from elections for 5 years if found guilty.

• The step lower in US Treasury yields at the open has not been mimicked across dollar markets - while the USD Index is lower, markets are still above the mid-March lows, meaning the 200-dma resistance holds firm for now; just above last week's 104.683 highs at 104.925.
• Tariff risk remains the key risk event of the week, despite the NFP release coming up on Friday. The shape and form of Wednesday's reciprocal tariffs continue to take shape: Trump clarified late yesterday that tariffs are to start with "all countries" - but stopped short of describing the magnitude of levies, or any specific sector targeting.
• This has boosted the JPY in early trade, confirming the risk-off picture. US equity futures are markedly lower, and growth sensitive tech names are the hardest hit - keeping the NASDAQ future off 1.2% at typing. This leaves risk-correlated currencies (namely AUD, NZD) lower - pressing AUD/JPY toward support of Y93.32 - the 61.8% retracement of the upleg posted off the March 11th low.
• Markets remain highly cognizant of the perceived ease of passage of Trump's tariffs this Wednesday, but the high frequency of comments from world leaders (UK, Canada, Mexico, EU, Brazil, Japan and others) that they're in negotiations with the White House suggests that tariffs can be rolled off just as quickly as they're rolled on - although this will almost certainly be after Wednesday's first phase of levies.