POWER: EU Court of Justice Rules Against Hungarian State Aid for Paks II
Sep-11 08:02
The EU's Court of Justice has ruled against the European Commission's decision to approve state aid ...
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SONIA OPTIONS: Call spread buyer
Aug-12 07:59
SFIU5 96.10/96.25cs, bought for 1 in 1.5k.
GILTS: Initial Support Untested Following UK Labour Market Report
Aug-12 07:45
Gilt futures are -25 ticks at 92.01, underperforming Bunds following this morning’s UK labour market report. As noted in earlier bullets, elements of the report were a little stronger-than-expected. However, there are still signs that the labour market is continuing to ease, with pay growth and vacancies falling and most other employment metrics/surveys point to decelerating employment growth in contrast to the LFS series.
- Gilts reached a session low of 91.92 just after the open, leaving initial support at 91.87 (August 8 low) untested.
- This level shields the August 1 low at 91.44, with key support and the bear trigger seen much further out at 91.08 (July 18 low).
- Gilt yields are 2-3bps higher, with the curve lightly bear steepening. The 10-year yield was unable to push through the 4.60% handle at the open. The 10-year Gilt/Bund spread is 3bps wider at 189.5bps.
- The DMO will sell GBP4.75bln of the 4.375% Mar-30 Gilt this morning.
- Otherwise, the domestic calendar is light today. Broader focus remains on this afternoon’s US CPI report.
EQUITIES: Option Expiry on Friday
Aug-12 07:44
We have Equity Option expiry this Friday, in Notional terms:
US:
- SPX: $1.29T vs $1.23T (last Friday).
- NDX: $54.97bn vs $52.42bn.
- Amazon: $18.40bn vs $17.48bn.
- Apple: $19.56bn vs $16.75bn.
EU:
- SX5E: €150.77bn vs €148.31bn.
- SX7E: €3.26bn vs €3.15bn.
- DAX: €22.38bn vs €22.13bn.
- UKX: £9.47bn vs £9.56bn.
- Lloyd's: £9.08bn.
