HYBRIDS: Hybrids: Movers -
SES resuming move higher. The 6% Call32 rallied >3pts yesterday before some profit-taking. There was a story that the FCC were going to allow another C-Band auction. Bloomberg analysts cautioned that it would be years before SES actually saw any cash from this.
Source: Bloomberg CBBT
| SESGFP 2.875 Call26 | 95.62 | +31c |
| SESGFP 5.5 Call29 | 88.03 | +68c |
| SESGFP 6% Call32 | 88.08 | +73c |
Naturgy - NTGYSM 2.374 Call26 unchanged on the Taqa news. TAQAUH is Aa3/AA but as an EM credit it trades wide 5yr $ senior paper z+99
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EUROZONE DATA: PPI Slightly Higher Than Expected Though Y/Y Remains in Deflation
Eurozone PPI in November printed slightly above expectations at -1.2% Y/Y (vs -1.4% consensus, -3.3% revised prior) and 1.6% M/M (vs 1.5% consensus, 0.4% prior). This is the nineteenth consecutive month of Y/Y deflation, though the highest reading since mid 2023 as energy base effects still work their way out of the Y/Y comparison. Note that excluding energy the PPI index level has been broadly unchanged since April whereas including energy it has been increasing since May.
- Three of the five sub-components saw Y/Y pickups, whilst one saw a marginal softening and one sub-component was unchanged.
- Energy producer prices fell at a further slower pace of 5.3% Y/Y (vs -11.2% in Oct and -11.6% in Sep).
- Intermediate goods also fell at a slower pace of 0.3% Y/Y (vs -0.5% in October) - the highest print of 2024 to date.
- Durable consumer goods prices softened marginally to rise 0.6% Y/Y (vs 0.7% prior).
- Non-durable consumer goods rose at the same pace as October printing 1.9% Y/Y.
MNI: EUROZONE NOV PPI +1.6% M/M, -1.2% Y/Y
- MNI: EUROZONE NOV PPI +1.6% M/M, -1.2% Y/Y
COMMODITIES: Bear Threat in Gold Remains Present Despite Latest Recovery
The trend structure in WTI futures remains bullish and the contract is holding on to its recent gains. A stronger reversal to the upside has exposed key short-term resistance at $76.41, the Oct 8 high. A firm resistance at $71.97, the Nov 7 high, has been breached, strengthening a bullish theme. On the downside, a reversal lower would expose support at the 20-day EMA, at $71.11. This average is seen as a key short-term support. A bear threat in Gold remains present despite the latest recovery. The yellow metal traded sharply lower on Dec 18 and the move undermines a recent bull theme. A resumption of weakness would open key support at $2536.9, the Nov 14 low. The first firm support to watch is $2583.6, the Dec 19 low. On the upside, a strong climb would instead signal scope for a climb towards resistance at $2726.2, the Dec 12 high.
- WTI Crude up $0.83 or +1.12% at $75.06
- Natural Gas up $0.15 or +4.41% at $3.597
- Gold spot up $4.45 or +0.17% at $2652.93
- Copper up $2.05 or +0.49% at $421.5
- Silver up $0.15 or +0.5% at $30.2022
- Platinum up $8.24 or +0.87% at $958.88
