BONDS: EUREX ROLL update
Aug-29 09:59
EUREX ROLLS pace should start to pick up, Schatz normally tends to lead, and it is the case so far today, spread has traded ~64k outright but more have also likely been done on legs.
MS Eurex spread views:
- Buxl: Neutral.
- Bund: Neutral.
- Bobl: Neutral.
- Schatz: Bearish.
- BTP: Slightly bearish.
- OAT: Slightly bearish.
Soc Gen Views:
- Buxl: Slightly Bullish.
- Bund: Bullish.
- Bobl: Bullish.
- Schatz: Bullish.
- BTP: Neutral.
- OAT: Slightly Bullish.
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EQUITIES: Estoxx rolling call
Jul-30 09:53
SX5E (16 Aug) 4900c vs (20th Sep) 5000c, bought the Sep for 7.30 in 3k.
SWEDEN: July Tendency Survey Generally Supportive Of August Riksbank Cut
Jul-30 09:45
The July Economic Tendency Indicator fell slightly to 95.0 (vs a one tenth upwardly revised 96.4 prior), led by declines in services and manufacturing sentiment. Combined with a slight fall in price plans and expected employees, the results support consensus expectations for a 25bp Riksbank rate cut on August 20.
- This was a quarterly survey, featuring an expanded set of questions for businesses and consumers.
- Overall expected prices fell slightly to 12 (vs 14 prior, in line with the long-run average), while expected employment nudged down to 5 (vs 6 prior, albeit still above the 2023 average).
- Consumer confidence rose for the tenth consecutive month to 96.6 (vs 93.7 prior). The press release notes that “The share of households planning a car purchase in the next year increased relatively strongly” (which was one of the quarterly “special” questions).
- Services confidence fell to 94.0 (vs 96.8 prior), on the back of demand weakness, though retail confidence rose back into the “expansionary” region at 101.8 (vs 99.0 prior).
- Firm’s one-year ahead inflation expectations were steady at 1.5%, while firm’s assessments of profitability fell compared to Q1.
OPTIONS: Larger FX Option Pipeline
Jul-30 09:43
- EUR/USD: Aug01 $1.0750-70(E1.7bln), $1.0785-00(E1.2bln), $1.0850(E1.6bln), $1.0875-80(E1.5bln)
- USD/JPY: Jul31 Y154.00($1.4bln), Y155.00($1.8bln), Y156.50-65($1.2bln); Aug01 Y154.00-05($1.3bln), Y158.00($1.9bln); Aug02 Y151.41($2.0bln), Y155.00($1.7bln)
- AUD/USD: Jul31 $0.6630-50(A$1.1bln)
- USD/CNY: Aug01 Cny7.2500($1.1bln)
