EU CREDIT UPDATE: HEIMSTADEN AB (HEIMST: CC/CCC+*-) Interest Deferral
Heimstaden (not Bostad) has announced that it will defer interest on the HEIMST 6.75% Perp
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EUROPEAN INFLATION: German PPI ex-Energy Slightly Firmer in October
German PPI fell by 1.1% Y/Y in October, remaining below consensus expectations of -1.1% Y/Y but ticking up vs September’s -1.4% Y/Y.
- Consistent with German CPI in October, energy deflation was less prominent than before, at -5.6% Y/Y (vs -6.6% prior), driving the headline rate higher.
- That leaves ex-energy PPI slightly firmer than before, at 1.3% Y/Y - compares to September's +1.2%, and the highest rate since August 2023.
- Looking at the non-energy categories, there was relatively little movement, except for non-durable goods - that category ticked up considerably, to 1.9% Y/Y (vs 1.5% Sep), continuing its uptrend in place since 8 months.
GILTS: Opening calls
Gilt calls, would have been 93.80/93.90 without the Data, some are going for 93.55/65
AUDUSD TECHS: Bearish Theme
- RES 4: 0.6762 High Oct 9
- RES 3: 0.6733 High Oct 13
- RES 2: 0.6638/88 50-day EMA / High Nov 7 and a reversal trigger
- RES 1: 0.6571 20-day EMA
- PRICE: 0.6522 @ 07:55 GMT Nov 20
- SUP 1: 0.6441 Low Nov 14
- SUP 2: 0.6400 Round number support
- SUP 3: 0.6350 Low Aug 5 and a key support
- SUP 4: 0.6339 Low Nov 10 2023
A bear cycle in AUDUSD remains intact and short-term gains are considered corrective. The pair is trading closer to its recent lows. Support at 0.6513, the Nov 6 low, has recently been cleared and price is through 0.6490, the 76.4% retracement of the Aug 5 - Sep 30 bull leg. This opens 0.6350, the Aug 5 low and the next key support. Initial firm resistance to watch is 0.6571, the 20-day EMA. The reversal trigger is at 0.6688, the Nov 7 high.
