EU CREDIT SUPPLY: CREDIT SUPPLY: EUR/GBP Supply
Feb-22 10:50
EUR/GBP Supply
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OUTLOOK: Price Signal Summary - S&P E-Minis Bulls Remains In The Driver’s Seat
Jan-23 10:48
- In the equity space, the uptrend in S&P E-Minis remains intact and last week’s gains confirmed a resumption of the trend. Resistance at 4841.50, the Dec 28 high has been cleared, marking an extension of the price sequence of higher highs and higher lows. Moving average studies remain in a bull-mode condition, reinforcing the current bullish condition. Sights are on 4900.00 next. Key support lies at 4706.46, the 50-day EMA.
- EUROSTOXX 50 futures have recovered from last week’s low of 4402.00 (the Jan 17 low). This level represents a key short-term support. A break of it would resume recent bearish pressure and open 4370.00, the Nov 28 low. On the upside, initial resistance to watch is 4536.00, the Jan 11 high. Clearance of this level would highlight a potential reversal and a resumption of the primary uptrend.
RIKSBANK: SEB See First Riksbank Cut In May vs June Prior
Jan-23 10:44
SEB have updated their call for the first Riksbank rate cut, now expecting easing to begin at the May meeting versus June prior. This comes alongside the latest Nordic Outlook forecast update.
- "We believe that the Riksbank wants to avoid renewed krona depreciation and that they are happy to let the ECB cut its key rate first, at least as long as the krona does not appreciate much further".
- "Economic growth and the labour market are weaker in Sweden, where high rate sensitivity makes the price of postponing rate cuts high".
- "We expect the first rate cut to be in May, but January’s hard-to-assess inflation figures are creating uncertainty".
- "We expect the policy rate to be cut by a total of 100 basis points this year and by a further 75 bps, to 2.25 per cent, in 2025".
GERMAN AUCTION RESULTS: 1.30% Oct-27 Green Bobl / 1.80% Aug-53 Green Bund
Jan-23 10:38
| 1.30% Oct-27 Green Bobl | 1.80% Aug-53 Green Bund | |
| ISIN | DE0001030740 | DE0001030757 |
| Allotted | E954mln | E957mln |
| Previous | E1.431bln | E994mln |
| Avg yield | 2.21% | 2.47% |
| Previous | 2.61% | 3.04% |
| Bid-to-offer | 2.14x | 1.93x |
| Previous | 1.43x | 2.11x |
| Bid-to-cover | 2.24x | 2.01x |
| Previous | 1.50x | 2.12x |
| Avg price | 96.77 | 85.98 |
| Low price | 96.76 | 85.97 |
| Pre-auction mid | 96.748 | 85.892 |
| Prev avg price | 94.96 | 75.91 |
| Prev low price | 94.94 | 75.90 |
| Prev mid-price | 94.941 | 75.845 |
| Previous date | 30-Aug-23 | 31-Oct-23 |
| Total sold | E1bln | E1bln |
