EUROSTOXX50 TECHS: EUROSTOXX50 Futures Bull Cycle Extends
Nov-12 15:22
- A medium-term bull trend in EUROSTOXX 50 futures remains intact.
- The contract has traded through resistance at 5742.00, the Oct 29 high to confirm a resumption of the uptrend.
- This paves the way for an extension within the bull channel.
- On the downside, initial firm support is seen at levels around the 20-day EMA.
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OPTIONS: Larger FX Option Pipeline
Oct-13 15:20
- EUR/USD: Oct15 $1.1600(E1.8bln); Oct16 $1.1500-20(E1.5bln), $1.1580-00(E3.5bln); Oct17 $1.1510-15(E1.7bln), $1.1670-80(E1.0bln)
- USD/JPY: Oct15 Y143.00($1.8bln)
US TSY OPTIONS: Dec'25 2Y Put Condor
Oct-13 15:04
- 2,000 TUZ5 103.87/104.37/104.5/104.87 put condors ref 104-10.88
FRANCE: PM Concludes Cabinet Meeting Ahead Of Budget Presentation On 14 Oct
Oct-13 14:57
Prime Minister Sebastien Lecornu, reappointed to the Matignon (the prime ministerial residence and metonym for the PM's office) by President Emmanuel Macron over the weekend, has concluded the first meeting of the Council of Ministers of his second gov't. During televised comments at the cabinet meeting, Lecornu said their "sole mission" is to "overcome the political crisis."
- The more important cabinet meeting takes place tomorrow (14 Oct) at 10:00CET (04:00ET, 09:00BST), when the draft State Budget (PLF) and Social Security Budget (PLFSS) will be put before the cabinet for its approval. If approved, these will then be sent on to parliament. Given that the gov't is short of a majority, major concessions are likely to be required in order to get the measures through. The centre-left Socialist Party (PS) has demanded that Lecornu suspend the 2023 pension reforms to avoid them voting against the legislation.
- Already there are signs of tension, with PS Secretary General Pierre Jouvet saying the selection of Maud Bregenon as gov't spox "did not send very good signals." Bregnon, viewed as a combative Macronist figure, said three days before her appointment that suspending the reforms "would be absolutely tragic."
- Once the PLF is submitted, Parliament has 70 days to vote on it (40 for the National Assembly, 15 for the Senate, and an additional 15 if a second reading is needed). After this period, Article 47 of the Constitution authorises the government to implement the PLF by ordinance (without a vote).
