EU CREDIT SUPPLY: Generali €650m WNG 10yr Bullet Tier 2 - Final Terms

• In the equity space, a bullish theme in S&P E-Minis is intact. Price remains above the 20- and 50- day EMAs. Note that recent gains signal the likely end of the corrective cycle between Oct 30 and Nov 21. A continuation higher would highlight potential for a move towards the key resistance and bull trigger at 6953.75, the Oct 30 high. Key support lies at 6525.00, the Nov 21 low. First support is at 6797.09, the 20-day EMA.
• A bull cycle in EUROSTOXX 50 futures remains intact. Price has recently cleared the 20- and 50-day EMAs, signalling scope for a stronger recovery. Sights are on 5742.40 next (pierced), the 76.4% retracement of the Nov 13 - 21 bear leg. Clearance of this price point would pave the way for an extension towards 5825.00, the Nov 13 high and a key resistance. First key support lies at 5621.75, the 50-day EMA

Latest block trade lodged at 10:33:47 London/05:33:47 NY:
• SFRH6 96.5625/96.4375/96.1875 broken put fly 4.3K lots blocked at 0.00, CME email points to a buyer of the wings.

• G10 currency markets are trading with moderate adjustments Monday, as markets digest increasing China/Japan tensions over the weekend and await a busy calendar of central bank decisions ahead. Despite US yields continuing to edge higher, the USD index holds close to unchanged, hovering within 20 pips of the recent pullback lows.
• EURUSD was given a brief boost in early trade, matching its 1.1672 Friday high after ECB Executive Board member Schnabel noted that she is “rather comfortable” with markets pricing the next move from the ECB as a hike. The recent break above 1.1656 in EURUSD highlighted a potential reversal, although topside momentum has failed to immediately gain traction.
• JPY meanwhile is a modest underperformer after Chinese military aircraft breached Japanese airspace and Q3 Japanese GDP was downwardly revised. Moves have been contained, with USDJPY broadly remaining in a 155.00/50 range as verbal jawboning from Finmin Katayama somewhat offsets the yen pessimism.
• AUDUSD traded up to 0.6649 overnight and the subsequent dip as remained very shallow.  This follows 10 consecutive sessions of higher highs as we approach tomorrow’s RBA decision. With a hold tomorrow widely expected, the tone of the statement and press conference will be scrutinised given the recent increase of hike pricing in 2026.
• Elsewhere, NZDUSD has been edging closer to the medium-term pivot at the 0.5800 mark, while USDCAD is holding the entirety of its post-data plunge from Friday. Technical developments have significantly bolstered the bearish USDCAD theme, following a breach of the bull channel and clean break of 1.3888.
• NY Fed inflation expectations is the main datapoint for today, while ECB's Cipollone and Villeroy as well as BoE's Taylor and Lombardelli are scheduled to speak.