SILVER TECHS: Impulsive Gains Towards The Bull Trigger
- RES 4: $56.153 2.500 proj of the Aug 20 - Sep 16 - 17 price swing
- RES 3: $55.444 2.382 proj of the Aug 20 - Sep 16 - 17 price swing
- RES 2: $55.000 Round number resistance
- RES 1: $54.480 - High Oct 17 and the bull trigger
- PRICE: $54.156 @ 08:08 GMT Nov 13
- SUP 1: $49.207 - 20-day EMA
- SUP 2: $46.928/45.557 - 50-day EMA / Low Oct 28
- SUP 3: $41.135 - Low Sep 17
- SUP 4: $38.087 - Low Aug 27
Trend signals in Silver remain bullish and this week’s gains reinforce current conditions. Price is approaching key resistance and the bull trigger at $54.480, the Oct 17 high. Clearance of this level would confirm a resumption of the primary uptrend and open $55.444, a Fibonacci projection. Price remains above support at the 50-day EMA, at $46.928. A clear breach of this average would signal scope for a deeper retracement.
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ESM ISSUANCE: 2.75% Feb-35 ESM bond E1bln WNG Tap: Final Terms
- Size: E1bln WNG (We had pencilled in a E1.0-1.5bln range for this week's ESM transaction, but leant towards a E1.25bln size rather than the E1bln WNG announced. Following today's sale, total ESM funding for the year will be broadly in line with the E7bln annual target)
- Bond: Tap of the 2.75% Feb-35 ESM bond
- Final terms: MS + 31bps (Guidance was MS +34bps area)
- Books: Above E14.5bln (excl JLM interest)
- Settlement: Oct. 21, 2025
- ISIN: EU000A1Z99W5
- Bookrunners: HSBC, MS (B&D), Natixis
- Timing: May price today
Source: Bloomberg / MNI colour.
GILT SYNDICATION: 5.25% Jan-41 gilt: Books Open
- Size: GBP Benchmark (MNI expects GBP4.0-8.5bln (probably around the middle to top half of that range).
- Guidance: 4.375% Jan-40 Gilt +8/8.5bps
- Maturity: 31 Jan 2041
- Settlement: 15 Oct 2025 (T+1)
- Coupon: 5.25% SA, ACT/ACT (short first)
- Benchmark:
- ISIN: GB00BVP99897
- JLMs: BofA / Barclays / DB / MS (B&D/DM) / RBC CM
- Timing: Books open, today’s business
Source: Market source and MNI colour
GLOBAL: RTRS Points To Higher Chinese Scrutiny On Rare Earth Magnet Exporters
Reuters sources report that "Chinese rare earth magnet companies have been facing tighter scrutiny on export license applications since September, even before Beijing's move last week to expand controls over the critical minerals used in magnets".
- The report then notes that "the lengthier reviews magnet makers face raise questions about whether China, the top global supplier, is seeking to throttle back magnet shipments, contrary to its commitment to speed up exports in a trade truce with the U.S. in May, to further tighten its grip on the products essential in military and commercial technology".
- This helps keep the risk-off tone intact, underpinning bonds and the broader USD, while weighing on equities.
- Markets remain hyper-sensitive to trade-related headlines in light of the recent escalation in the Sino-U.S. trade war.
