EU HEALTHCARE: Eurofins (ERFFP: Baa3/ /BBB-) Q1 25

• RES 4: 130.40 Low Feb 19               
• RES 3: 129.96 High Mar 5     
• RES 2: 129.41 Low Jan 14 and a key short-term resistance  
• RES 1: 128.83 20-day EMA                   
• PRICE: 128.27 @ 05:39 GMT Mar 24
• SUP 1: 126.53 Low Mar 11 and the bear trigger       
• SUP 2: 126.28 2.618 proj of the Feb 5 - 19 - 28 price swing            
• SUP 3: 126.00 Round number support
• SUP 4: 123.36 3.00 proj of the Feb 5 - 19 - 28 price swing 

Bund futures are holding on to their recent gains. Resistance remains intact and - for now - gains are considered corrective. The move higher has allowed an oversold trend condition to unwind. Initial firm resistance to watch is seen at 129.41, the Jan 14 low. A recent impulsive sell-off reinforced a bear theme and has signalled scope for an extension towards 126.28 next, a Fibonacci projection. Further out, 126.00 is also within range.

• Sinopec’s full-year profit tumbled 16% amid sluggish demand, with China’s oil consumption likely nearing a peak.  The country’s biggest refiner’s net income fell to 49 billion yuan ($6.8 billion) in 2024 from 58.3 billion yuan a year earlier, the company said in a filing on Sunday, citing international financial reporting standards. That compared with analysts’ estimate for profit of 56.4 billion yuan.  (source: BBG)
• Over 580 major industrial projects, involving a total investment of more than CNY1.1 trillion (USD152 billion), have already been inked in the lead-up period to the Global Investment Promotion Conference, which officially kicks off on March 25 in Shanghai, the director of the Shanghai Global Investment Promotion Office said at a press briefing yesterday. (source: Yicai)
• China’s Hang Seng is down -0.10% in a slow start to the week whilst he CSI 300 is up +0.30%.  Shanghai Comp is lower by -0.15% yet the Shenzhen Comp is the big underperformer, falling -1% today.
• CNY: Yuan Reference Rate at 7.1780 Per USD; Estimate 7.2510
• Bonds:  A quite start to the week with futures doing very little (despite a liquidity withdrawal) and cash bonds virtually unchanged CGB 10YR 1.84%

A mixed start to the week for Asian bourses with despite hopes that the next round of tariffs will be more measured. 

• China’s Hang Seng is down -0.10% in a slow start to the week whilst he CSI 300 is up +0.30%.  Shanghai Comp is lower by -0.15% yet the Shenzhen Comp is the big underperformer, falling -1% today.
• In Korea, the KOSPI had a very strong week last week but has opened Monday marginally weaker as politics take front and centre in the country.  The KOSPI is down -0.15%.
• Indonesia’s woes continue as heightened concerns about political power and central bank independence drive fear in investors.  After a torrid last week, the Jakarta Composite is starting the week poorly again down -2.30%.
• Malaysia’s FTSE Bursa KLCI is up moderately today by +0.20% after last week’s losses of just -0.4%.
• Other key bourses are mixed with Singapore’s Straits Times up +0.15% whilst the Philippines is down -0.90%.
• India’s NIFTY 50 is having a very strong start to the week following the PMI’s, rising +0.90% at the open.