EU HEALTHCARE: Galderma Group (GALDSW): S&P Rating
(GALDSW; NR/BBBpos/BBB)
Good news.
• First time rating from S&P: BBB with Positive Outlook
• Was previously only rated BBB Stable by Fitch.
• S&P expect margins to grow to ~25% by 2027 from 22.7%
• Adj Debt/EBITDA to fall to 1.5x-2.0x over 2025/26 from 2.5x in 2024.
• Nemluvio ramp-up expected to be positive.
• May see an upgrade over 12-24 months.
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GILT TECHS: (Z5) Trading Above Support
- RES 4: 94.60 1.764proj of the Sep 3 - 11 - 26 price swing
- RES 3: 94.24 1.618 proj of the Sep 3 - 11 - 26 price swing
- RES 2: 94.00 Round number resistance
- RES 1: 93.96 High Oct 28
- PRICE: 93.37 @ Close Nov 3
- SUP 1: 93.15 Low Oct 27
- SUP 2: 92.81 20-day EMA
- SUP 3: 92.38 Low Oct 20
- SUP 4: 92.07 50-day EMA
The trend structure in Gilt futures remains bullish. Moving average studies are in a bull-mode position, highlighting a dominant uptrend. The next upside objective is 94.00. Clearance of this level would open 94.24, a Fibonacci projection. Note that the contract is overbought, a short-term pullback would allow this trend condition to unwind. Initial firm support to watch 92.81, the 20-day EMA.
USDJPY TECHS: Trend Structure Remains Bullish
- RES 4: 155.89 High Feb 3
- RES 3: 155.53 2.00% retracement of the Jan 10 - Apr 22 bear leg
- RES 2: 154.80 High Feb 12
- RES 1: 154.48 Intraday high
- PRICE: 153.64 @ 06:58 GMT Nov 4
- SUP 1: 153.27 High Oct 10
- SUP 2: 152.06 20-day EMA
- SUP 3: 150.28 50-day EMA
- SUP 4: 149.38 Low Oct 17
The trend condition in USDJPY remains bullish and the pair is trading closer to its recent trend highs. The break higher last week confirmed a resumption of the uptrend and note too that moving average studies are in a bull-mode position, highlighting a dominant uptrend.Sights are on 154.80, the Feb 12 high. First important support to watch lies at 152.06, the 20-day EMA. A pullback would be considered corrective.
EQUITY TECHS: E-MINI S&P: (Z5) Approaching Support
- RES 4: 7000.00 Psychological round number
- RES 3: 6993.12 3.500 proj of the Aug 20 - 28 - Sep 2 price swing
- RES 2: 6974.04 3.382 proj of the Aug 20 - 28 - Sep 2 price swing
- RES 1: 6953.75 High Oct 30 and the bull trigger
- PRICE: 6818.75 @ 06:42 GMT Nov 4
- SUP 1: 6804.03 20-day EMA
- SUP 2: 6698.11 50-day EMA
- SUP 3: 6571.25 Low Oct 17
- SUP 4: 6540.25 Low Oct 10 and a key short-term support
The trend condition in S&P E-Minis is unchanged, it remains bullish and the latest pullback appears corrective. Attention is on support at the 20-day EMA, at 6804.03. A clear break of this level average would signal scope for a deeper retracement and expose the 50-day EMA at 6698.11 - a key pivot support. The bull trigger has been defined at 6953.75, the Oct 30 high. Clearance of this hurdle would confirm a resumption of the uptrend.
