NORWAY: Earnings Growth Eases In Q2, 2027 Oil Investment Expectations Revised Up
Average monthly basic earnings growth eased to 3.9% Y/Y in Q2, after 4.3% in Q1. On a 4Q/4Q basis, b...
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BTP TECHS: (U6) Approaching Key Support
- RES 4: 121.01 1.382 proj of the May 18 - 29 - Jun 10 price swing
- RES 3: 120.55 1.236 proj of the May 18 - 29 - Jun 10 price swing
- RES 2: 119.78 High Jun 30 and the bull trigger
- RES 1: 118.27 20-day EMA
- PRICE: 116.75 @ 07:55 BST Jul 14
- SUP 1: 116.66 Low Jun 10 and a key support
- SUP 2: 116.09 Low May 20
- SUP 3: 115.68 Low May 18 and a key short-term support
- SUP 4: 115.19 Low Apr 7
A bull cycle in BTP futures remains in play, however, the recent bearish extension highlights a continuation of a corrective cycle. The move down has exposed the next important support at 116.66, the Jun 10 low. Clearance of this level would strengthen a bear threat. On the upside, initial resistance to watch is 118.27, the 20-day EMA. Clearance of this hurdle would signal a reversal. The bull trigger is 119.78, the Jun 30 high.
EURIBOR OPTIONS: ERU6 97.37/97.50/97.62 Call Fly Bought
ERU6 97.37/97.50/97.62 call fly paper paid 1.75 on 6K.
GILTS: Bear Flattening Extends
Yesterday’s sell off extends on the cash open, with higher oil prices and spillover from hawkish comments made by Fed Governor Waller providing much of the pressure.
- Gilt yields 2.5-8.5bp higher, curve bear flattens.
- 10s above 5.00% for the first time since May 21. Next area of interest is the May 20 high (5.083%). Cycle highs are located at 5.189%.
- Similar picture in 2s, 4.50% presents the next major bearish target, with the benchmark last trading just below 4.45%.
- 2s10s registers the lowest level of the month, support comes in at the June 24 low (54.87bp).
- 5s30s also registers the lowest level of the month, initial downside target at the June low (109.54bp) just over 1bp below prevailing levels.
