EQUITY TECHS: E-MINI S&P: (U5) Bulls Remain In The Driver’s Seat
Jul-31 13:38
* RES 4: 6523.63 1.764 proj of the May 23 - Jun 11 - 23 price swing * RES 3: 6500.00 Round number re...
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SONIA OPTIONS: Call Spread seller
Jul-01 13:35
SFIZ5 96.20/96.30cs, sold at 7 in 8k.
EURIBOR OPTIONS: Large Ratio Call Spread vs Put
Jul-01 13:33
ERU6 98.68/98.87cs x4.5 vs ERU6 98.25p x0.5, bought the cs for flat in 36k x 4k.
EUROPEAN INFLATION: M/M SA Services Inflation Still Above Q1 Average
Jul-01 13:30
Eurozone core inflation rose 0.27% M/M on a seasonally adjusted basis according to ECB data, up from -0.07% prior. Services prices rose 0.41% M/M (vs -0.14% prior), while non-energy industrial goods prices rose 0.03% M/M (vs 0.04% prior).
- The June inflation data was seen as a cleaner month to gauge underlying services inflation pressures, with April and May readings influenced by the timing of Easter and seasonal adjustment methodologies struggling to account for such calendar effects.
- In this light, the 0.41% M/M sequential reading was above the Q1 average of 0.29% and the 2024 average of 0.33%. From this perspective, there appears to still be some stickiness lurking in services prices. The final June inflation data on July 17 will shed more light on whether this is the case.
- 3m/3m annualised services inflation momentum was 4.07%, up from 4.00% in May and 4.06% in April.
- 3m/3m core inflation momentum was 2.66% Y/Y (vs 2.68% prior), but remains above March’s 2.34% Y/Y reading.
- ECB speakers continue to express confidence in the broader inflation outlook though. This morning, Bundesbank President Nagel said that “in the current situation, we are in calm waters”, with a similar rhetoric coming from Vice President de Guindos.
