EUROZONE ISSUANCE: EGB Supply
Italy has held a syndication on Wednesday, while Slovakia, the EU, Germany, Austria, Spain and France have held auctions. We pencil in estimated gross issuance for the week of E47.1bln, down from E50.0bln last week.
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EUROSTOXX50 TECHS: (M5) Trading AT Its Recent Highs
- RES 4: 5516.00 High Mar 3 and the key bull trigger
- RES 3: 5471.00 High Mar 19 / 20
- RES 2: 5341.00 High Mar 27
- RES 1: 5263.01/66.00 76.4% of Mar 3 - Apr 7 bear leg / High May 5
- PRICE: 5233.00 @ 06:32 BST May 7
- SUP 1: 5082.47 20-day EMA
- SUP 2: 4959.00/4812.00 Low Apr 23 / 16 and a key support
- SUP 3: 4664.00 Low Apr 10
- SUP 4: 4444.00 Low Apr 7 and the bear trigger
Eurostoxx 50 futures maintain a positive tone and the contract is trading at its recent highs. Price has recently cleared both the 20- and 50-day EMAs, and attention is on 5263.01, 76.4% of the Mar 3 - Apr 7 bear leg. This hurdle has been pierced, a clear break of it would pave the way for a climb towards 5341.00, the Mar 27 high. Initial support to watch lies at 5082.47, the 20-day EMA. Clearance of this level would signal a possible reversal.
SCHATZ TECHS: (M5) Corrective Cycle
- RES 4: 107.812 0.618 proj of the Mar 6 - Apr 7 - 9 price swing
- RES 3: 107.800 Round number resistance
- RES 2: 107.775 High Apr 7 and the bull trigger
- RES 1: 107.600/735 High Apr 30 / 22
- PRICE: 107.440 @ 06:28 BST May 7
- SUP 1: 107.370 Low Apr 17
- SUP 2: 107.252 38.2% retracement of the Mar 6 - Apr 7 bull cycle
- SUP 3: 107.125 Low Apr 10
- SUP 4: 106.965 Low Apr 9 and a key support
A bull cycle in Schatz futures remains in play and recent weakness appears corrective. Attention is on resistance at 107.775, the Apr 7 high and bull trigger. Clearance of this level would confirm a resumption of the uptrend and open 107.812, a Fibonacci projection. Moving average studies remain in a bull-mode position, highlighting a dominant uptrend. Initial support to watch lies at 107.370, the Apr 17 low.
EUROZONE T-BILL ISSUANCE: W/C 5 May, 2025
The EU and Italy are all still due to sell bills this week while Germany, France, Spain, Belgium, the Netherlands and the ESM have already come to the market. We expect issuance to be E34.0bln in first round operations, up from E17.0bln last week.
- Today, the EU will look to sell up to E1.0bln of the 3-month Aug 8, 2025 EU-bill, up to E1.5bln of the new 6-month Nov 7, 2025 EU-bill and up to E1.5bln of the new 12-month May 8, 2026 EU-bill.
To conclude issuance for the week on Friday morning, Italy will come to the market with E8.5bln of the new 12-month May 14, 2026 BOT.
