EU CREDIT SUPPLY: Elenia Verkko: Tender Results

Ireland has announced it will be looking to sell a combined E1.0-1.5bln of the following at its auction this Thursday, September 11:

• the 2.60% Oct-34 IGB (ISIN: IE000LQ7YWY4)
• the 3.00% Oct-43 Green IGB (ISIN: IE000GVLBXU6)

A bear cycle in WTI futures remains intact and the latest bull phase appears to have been a correction. The pullback from last Tuesday’s high highlights a possible reversal and the end of the corrective phase. Initial resistance to watch is $66.56, the Aug 4 high. Key short-term resistance has been defined at $69.36, the Jul 30 high. A stronger resumption of weakness would pave the way for a move towards $57.71, the May 30 low. Gold remains in a clear bull cycle and last week’s gains reinforce current conditions. The yellow metal has breached a key resistance at $3500.1, the Apr 22 high, delivering a fresh all-time high. The break also confirms a resumption of the primary uptrend and an extension of the sequence of higher highs and higher lows. The next objective is $3623.1, a Fibonacci projection. Initial firm support lies at $3440.0, the 20-day EMA.

• WTI Crude up $1.05 or +1.7% at $62.9
• Natural Gas up $0.1 or +3.15% at $3.142
• Gold spot up $24.34 or +0.68% at $3611.69
• Copper up $1.1 or +0.24% at $456.05
• Silver up $0.16 or +0.4% at $41.1771
• Platinum up $19.42 or +1.41% at $1398.84

A corrective bear cycle in Eurostoxx 50 futures remains in play. Recent weakness resulted in a breach of 5368.74, the 50-day EMA. The clear break of this average strengthens a short-term bearish threat and signals scope for a deeper retracement towards 5166.00, the Aug 1 low and a key support. On the upside, initial resistance to watch is 5378.06, the 20-day EMA. A clear break of it would be a bullish development. A bull cycle in S&P E-Minis remains intact and the latest pullback has once again proved to be a shallow correction. The contract traded to a fresh cycle high last week, breaching the Aug 28 high of 6523.00. This confirms a resumption of the uptrend and maintains the price sequence of higher highs and higher lows. Sights are on 6543.75 next, a Fibonacci projection. Initial support to watch is 6447.06, the 20-day EMA.

• Japan's NIKKEI closed higher by 625.06 pts or +1.45% at 43643.81 and the TOPIX ended 32.89 pts higher or +1.06% at 3138.2.
• Elsewhere, in China the SHANGHAI closed higher by 14.327 pts or +0.38% at 3826.841 and the HANG SENG ended 215.93 pts higher or +0.85% at 25633.91.
• Across Europe, Germany's DAX trades higher by 146.27 pts or +0.62% at 23747.65, FTSE 100 higher by 13.83 pts or +0.15% at 9223.21, CAC 40 up 13.66 pts or +0.18% at 7690.56 and Euro Stoxx 50 up 20.81 pts or +0.39% at 5339.49.
• Dow Jones mini up 88 pts or +0.19% at 45541, S&P 500 mini up 14.75 pts or +0.23% at 6504.25, NASDAQ mini up 83.25 pts or +0.35% at 23765.5.