MACRO ANALYSIS: Eurozone Macro Developments Since The Last ECB Decision

"*UK MULLS OPTIONS TO RETALIATE AGAINST EUROPE OVER STEEL TARIFFS
*PEOPLE FAMILIAR DISCUSS UK PLANS FOR TARIFF RESPONSE TO EUROPE" - Bloomberg

This is in response to the EU reduction in import quotas announced on 7 October.

• Date $MM Issuer (Priced *, Launch #)
• 11/17 $6B #Morgan Stanley $2.35B 3NC2 +80, $650M 3NC2 SOFR+78, $3B 6NC5 +75
• 11/17 $Benchmark Amazon 3Y +30, 5Y +40, +7Y +47, 10Y +55, 30Y +75, 40Y +85
• 11/17 $Benchmark Enbridge 3Y +63, +5Y +80, 10Y +110
• 11/17 $Benchmark Smurfit Westrock Fin 10Y +135a
• 11/17 $900M #Consolidated Edison 30Y +103
• 11/17 $750M Molina Health 5.25NC2
• 11/17 $600M #AptarGroup +5Y +105

• RES 4: 114-02   High Oct 17 and the bull trigger 
• RES 3: 113-29   High Oct 22
• RES 2: 113-18+ High Oct 28 
• RES 1: 113-04+ High Nov 14
• PRICE:‌‌ 112-21 @ 17:15 GMT Nov 17
• SUP 1: 112-10   100-dma
• SUP 2: 112-06   Low Sep 25 and a reversal trigger
• SUP 3: 112-05   Trendline support drawn from the May 22 low 
• SUP 4: 111-23   50.0% retracement of the May 22 - Oct 17 bull leg  

Treasuries last week challenged resistance at the 113-02 level, an area of congestion since Nov 5. This hurdle remains intact, however, a clear move above it would be a bullish signal and shift focus on resistance at 113-18+, the Oct 28 high. A break would also cancel a short-term bearish theme. For bears, attention is on 112-10, the 100-DMA and 112-06, the Sep 25 low. Trendline support lies at 112-05.