EQUITIES: Futures Extend Tuesday Weakness
S&P E-Minis are trading in a range, closer to their recent highs. The trend condition remains bullish. Recent activity has resulted in a break of resistance at 6128.75, the Jun 11 high. The breach confirmed a resumption of the uptrend. A bull cycle in Eurostoxx 50 futures remains in play and the latest pullback still appears corrective. Recent gains have exposed key resistance and the bull trigger at 5486.00, the May 20 high.
- Japan's NIKKEI closed lower by 14.62 pts or -0.04% at 39663.4 and the TOPIX ended 5.91 pts lower or -0.21% at 2819.4.
- Elsewhere, in China the SHANGHAI closed lower by 1.222 pts or -0.03% at 3503.777 and the HANG SENG ended 61.07 pts lower or -0.25% at 24529.05.
- Across Europe, Germany's DAX trades higher by 15.18 pts or +0.06% at 24074.72, FTSE 100 higher by 11.26 pts or +0.13% at 8949.56, CAC 40 down 10.57 pts or -0.14% at 7755.19 and Euro Stoxx 50 down 19.75 pts or -0.37% at 5334.6.
- Dow Jones mini down 39 pts or -0.09% at 44208, S&P 500 mini down 8.75 pts or -0.14% at 6275.25, NASDAQ mini down 65 pts or -0.28% at 22991.
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FOREX: FX OPTION EXPIRY
Of note:
EURUSD 4.3bn at 1.1540/1.1600.
USDJPY 4.85bn at 145.00 (a little far).
USDCAD 1.35bn at 1.3600 (wed).
EURUSD 1.88bn at 1.1600 (thu).
- EURUSD: 1.1500 (1.95bn), 1.1540 (407mln), 1.1550 (435mln), 1.1565 (856mln), 1.1580 (741mln), 1.1600 (1.79bn), 1.1650 (721mln), 1.1700 (4.57bn).
- USDJPY: 145.00 (4.85bn).
- AUDUSD: 0.6455 (476mln), 0.6505 (302mln).
BONDS: Off Lows On Cross-Market Cues, Curves Steeper
The weakness in core global FI markets stalls a little in recent trade, seemingly driven by cross-market inputs, with crude oil futures ticking to fresh session lows and Friday’s high in Euro Stoxx 50 futures holding.
- Core global FI curves still bear steepen on the day.
- No readthrough from comments from ECB’s Nagel & de Guindos.
- ECB pricing remains biased towards 1 further 25bp cut in the current cycle, while BoE pricing shows ~45bp of easing through year-end.
SWEDEN: New 3-year EUR SGB Benchmark
"The Kingdom of Sweden, rated Aaa/AAA/AAA (all Stable) by Moody's/S&P/Fitch, has mandated Danske Bank, Goldman Sachs Bank Europe SE, J.P. Morgan and SEB to lead manage its forthcoming 3-year (due 26 June 2028), fixed rate, EUR-denominated, RegS, syndicated benchmark transaction. The transaction will be launched in the near future, subject to market conditions."
From Market source
