SOUTH KOREA: Finance Minister Says to Respond to Market Fallout "Calmly"
Mar-04 08:26
"S.KOREA FINMIN: STOCK, FOREX MARKET TUMBLE DUE TO EXTERNAL FACTORS, NOT DOMESTIC ECONOMIC FUNDAMENTALS, GOVT TO RESPOND CALMLY" - Reuters
- Follows the largest one-day drawdown in the KOSPI on record overnight. We noted yesterday markets will begin to gauge intervention options from the BoK and South Korean government after the scale of foreign capital outflow this week - particularly after they floated market stabilisation tools overnight: https://www.mnimarkets.com/articles/markets-gauge-intervention-options-as-krw-slides-to-new-lows-1772551272664
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EURIBOR: ERU9/Z9 Steepener
Feb-02 08:18
Recent trade in ERU9/Z9 sees paper pay 4.5 on ~7.4K.
GILT TECHS: (H6) Bearish Cycle
Feb-02 08:16
- RES 4: 92.95 High Jan and a key resistance
- RES 3: 92.51 High Jan 19
- RES 2: 92.13 High Jan 22
- RES 1: 91.43 20-day EMA
- PRICE: 90.99 @ 08:05 GMT Feb 2
- SUP 1: 90.48 Low Jan 29
- SUP 2: 90.00 Round number support
- SUP 3: 89.86 Low Nov 19 2025 and a key support
- SUP 4: 89.52 1.500 proj of the Jan 14 - 20 - 22 price swing
Gilt futures remain in a bear-mode condition. Recent weakness has resulted in a break of the 20-day EMA. Note too that price is trading below 91.26, a trendline support drawn from the Nov 19 low. The breach of the trendline undermines the recent bull theme and highlights potential for a deeper retracement with sights on the 90.00 handle next. Initial resistance is at 91.43, the 20-day EMA.
MNI: SPAIN JAN MANUF PMI 49.2 (49.9 EXP, 49.6 DEC)
Feb-02 08:16
- MNI: SPAIN JAN MANUF PMI 49.2 (49.9 EXP, 49.6 DEC)
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