EU FINANCIALS: FINANCIALS: Munich Re - Q3 Results - Hurricane affected, decent underlying
Credit neutral - Unlikely to move the credit this morning, headline figures pre-announced. Aside from the hit to P&C income, life reinsurance income was marginally below expectations, but still up significantly on 2023 so far this year.
- Net profit of €0.9bn was pre reported, below the €1.4bn consensus number, but was driven by higher than anticipated losses from hurricane Helene and also Central European flooding and hurricane Beryl.
- P&C reinsurance combined ratio up to 90.5%. Significant impact from hurricane Milton is also expected in Q4.
- There should still be room to surpass management €5bn net income target for 2024, o/w 4.7bn has now been earned. Analyst consensus sits close to €6bn
- Solvency II 292%
Call at 10am UK time - https://event.choruscall.com/mediaframe/webcast.html?webcastid=bpostBZi
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AUDUSD TECHS: Trades Through The 50-Day EMA
- RES 4: 0.6984 0.764 proj of the Aug 5 - 29 - Sep 11 price swing
- RES 3: 0.6942 High Sep 30 and the bull trigger
- RES 2: 0.6889 High Oct 3
- RES 1: 0.6810 20-day EMA
- PRICE: 0.6729 @ 07:58 BST Oct 8
- SUP 1: 0.6715 Intraday low
- SUP 2: 0.6646 38.2% retracement of the Aug 5 - Sep 30 bull leg
- SUP 3: 0.6622 Low Sep 11 and key support
- SUP 4: 0.6576 61.8% retracement of the Aug 5 - Sep 30 bull leg
The latest pullback in AUDUSD highlights a short-term corrective cycle and for now, a bearish theme remains intact. The pair has traded through both the 20- and 50-day EMAs. A clear break of the 50-day average would undermine a bullish theme and signal scope for a deeper retracement, towards 0.6622, the Sep 11 low and a key support. Key resistance and the bull trigger has been defined at 0.6942, the Sep 30 high.
GILTS: Opening calls
Gilt Calls: 96.54/96.61 range.
EQUITIES: EU Cash opening calls
Estox 50: -0.67%, Dax: -0.68%, CAC: -1.00%, FTSE -0.63%, SMI -0.67%.
