EQUITIES: EU Cash Opening Calls
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EGB OPTIONS: Bobl Call Spread
OEU6 114.75/115.25cs, bought for 8 in 1.5k.
SWEDEN: Lending Growth Picks Up In June
Household loan growth ticked up to 3.2% Y/Y in June (vs 3.1% in May, 3.0% April), now at its fastest annual rate since 2023. The average interest rate on new floating rate mortgages was 2.75% in June, after 2.78% in May, 2.81% in April and 2.65% in March.
The growth rate of loans to non-financial corporations was a solid 3.9% Y/Y (vs 3.3% in May, 3.1% in April), the fastest since August 2023.
In both series, loan growth doesn’t look to have been meaningfully disturbed by the US-Iran war. The chart below highlights that mortgage rates remain comfortably below 2022-2024 rates.
EQUITY TECHS: E-MINI S&P: (U6) Trend Needle Continues To Point North
- RES 4: 7713.75 1.00 proj of the Jun 11 - 15 - 26 price swing
- RES 3: 7693.75 High Jun 2 and the bull trigger
- RES 2: 7652.75 High Jun 5
- RES 1: 7563.50/7648.75 High Jul 22 / High Jun 15
- PRICE: 7514.75 @ 07:23 BST Jul 27
- SUP 1: 7411.75 Low Jul 23
- SUP 2: 7357.25/7292.25 Low Jun 26 / 11 and key support
- SUP 3: 7200.00 Round number support
- SUP 4: 7135.00 Low Apr 23
The trend condition in S&P E-Minis is bullish - moving average studies are in a bull-mode position and continue to highlight a dominant uptrend. For now, short-term pullbacks are considered corrective. However, the contract has breached support at 7472.90, the 50-day EMA. This signals potential for a deeper retracement and exposes 7357.25 and 7292.25, the Jun 26 / 11 low and a key medium-term support. The bull trigger is 7693.75, the Jun 2 high.
