ENERGY: Houthi Rebels Announce Resumption Of Attacks On Israeli Ships
Mar-12 09:53
Yemen’s Houthis have said today that they will resume attacks on “Israeli ships” passing through the Red Sea, following a warning on March 7 that attacks would restart if humanitarian aid was not allowed into Gaza, Argus reports.
- A delay in the progression of a ceasefire between Israel and Hamas is raising the security threat for shippers transiting the Red Sea, BIMCO’s chief safety and security officer Jakob Larsen said last week.
- The Iran-backed Houthis promised to stop attacking ships in the Red Sea, except those flagged in Israel, following the Israel-Hamas ceasefire deal on Jan. 19.
- There has been no major change in Red Sea transit volumes since the Gaza ceasefire was announced according to Clarksons Research vessel tracking at the end of February.
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EQUITIES: Latest EU Bank Options
Feb-10 09:43
Couple of Bank Options:
- SX7E (20th Jun) 160/140ps, bought for 4.40 in 6k.
- SX7E (20th Jun) 177.5c, bought for 2.45 in 5k.
EGBS: Light Peripheral Outperformance vs Bunds This Morning
Feb-10 09:40
Light outperformance in 10-year peripheral bonds against Bunds, with European equity futures off Friday’s lows. The rally in European NatGas prices is likely helping to contain upside across core/semi-core EGBs this morning.
- The BTP/Bund spread is ~1bp tighter at ~108.5bps, after 106bps once again provided a floor to the spread last week. We look for a 2040 BTP to be launched via syndication in February, although with a decent risk of the transaction slipping into March.
- The OAT/Bund spread is a little tighter at ~71.5bps. However, medium-term political risks remain prevalent despite PM Bayrou surviving last week’s censure motions, after he forced the 2025 budget through the National Assembly using Article 49.3.
- Our Political Risk team highlighted last Friday that there is significant uncertainty surrounding the so-called 'spontaneous censure motion' that the PS intends to bring against the gov't this week. With the PS and presumably the rest of the leftist New Popular Front (NFP) alliance parties in favour, if the far-right RN backs the motion it would be enough to oust Bayrou.
OAT: Block trade
Feb-10 09:37
OAT Block trade, suggest buyer.
- OATH5 ~1.1k at 124.37.
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