FRANCE AUCTION RESULTS: E9bln+ on-the-run lines; high off-the-run bid-to-cover
* Interesting French auction with the off-the-run 2.50% May-30 OAT seeing only E1.345bln sold desp...
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GILT AUCTION RESULTS: 1.125% Sep-35 Linker
| 1.125% Sep-35 Linker | Previous | |
| Amount | GBP1.70bln | GBP1.70bln |
| Avg yield | 1.588% | 1.386% |
| Bid-to-cover | 3.35x | 3.02x |
| Avg price | 95.668 | 97.512 |
| Pre-auction mid | 95.639 | 97.353 |
| Previous date | 24-Jun-25 |
COMMODITIES: Gold's Bullish Start to the Week Marks Extension of Recent Recovery
A bearish theme in WTI futures remains intact and the recovery since Jun 24 still appears corrective. The sharp reversal from the Jun 23 high continues to highlight scope for an extension lower. Support to watch is the 50-day EMA, at $65.74. The average has been pierced, a clear break of it would expose $58.87, the May 30 low. Initial resistance to monitor is $71.20, the 50.0% retracement of the Jun 23 - 24 high-low range. A bull cycle in Gold that started Jun 30 remains intact, and Monday’s bullish start to the week marks an extension of the recovery. $3395.1, the Jun 23 high, has been pierced. A continuation would open $3451.3, the Jun 16 high. Note that moving average studies are in a bull-mode position highlighting a dominant uptrend. The bear trigger is $3248.7, the Jun 30 low. An initial firm support to watch is 3282.8, the Jul 9 low.
- WTI Crude down $0.6 or -0.89% at $66.6
- Natural Gas down $0.05 or -1.38% at $3.279
- Gold spot down $7.8 or -0.23% at $3389.31
- Copper up $0.9 or +0.16% at $564.65
- Silver down $0.08 or -0.2% at $38.851
- Platinum down $3.18 or -0.22% at $1447.88
EQUITIES: Short-Term Weakness in Eurostoxx 50 Futures Appears Corrective
A bull cycle in Eurostoxx 50 futures remains in play and - for now - short-term weakness appears corrective. Support to watch is 5281.00, the low on Jul 1 and 4. A clear break of this price point would strengthen a bearish threat. A resumption of gains would refocus attention on key resistance and the bull trigger at 5486.00, the May 20 high. It has recently been pierced, a clear breach of it would resume the bull cycle that began Apr 7 and open 5500.00. S&P E-Minis traded to a fresh cycle high Monday before pulling back. The climb confirms a resumption of the uptrend and maintains the price sequence of higher highs and higher lows. Note that moving average studies are in a bull-mode position highlighting a clear dominant uptrend. Sights are on 6381.50, a Fibonacci projection. Key support is at the 50-day EMA, at 6111.35. Support at the 20-day EMA is at 6256.07.
- Japan's NIKKEI closed lower by 44.19 pts or -0.11% at 39774.92 and the TOPIX ended 1.71 pts higher or +0.06% at 2836.19.
- Elsewhere, in China the SHANGHAI closed higher by 22.07 pts or +0.62% at 3581.861 and the HANG SENG ended 135.89 pts higher or +0.54% at 25130.03.
- Across Europe, Germany's DAX trades lower by 177.25 pts or -0.73% at 24128.87, FTSE 100 lower by 7.12 pts or -0.08% at 9006.05, CAC 40 down 32.85 pts or -0.42% at 7765.42 and Euro Stoxx 50 down 29.77 pts or -0.56% at 5313.02.
- Dow Jones mini up 7 pts or +0.02% at 44553, S&P 500 mini down 6.75 pts or -0.11% at 6337.75, NASDAQ mini down 57.75 pts or -0.25% at 23285.5.
