CZECHIA: Inflation Rises To +2.9% Y/Y, CNB Says Risks Limit Room For Easing
Jul-04 07:21
- The minutes of the CNB's monetary policy meeting held on June 25 showed growing angst about inflationary risks, particularly in the services sector. Residual risks limited the room for any further easing, with Governor Michl pointing to the need to keep policy restrictive to prevent excessive money growth and a resurgence of inflation. Members deemed the current combination of interest-rate settings and the exchange rate as neutral or slightly restrictive.
- Headline CPI inflation in Czechia accelerated to +2.9% Y/Y in June, according to the flash estimate released by the CZSO. This was in line with consensus and marginally above the CNB's +2.8% forecast. Services inflation quickened to +5.0% Y/Y from +4.9%, while goods inflation rose to +1.6% Y/Y from +0.9%.
- Ex-auto retail sales came in at +5.3% Y/Y in May, improving from the revised +5.7% registered in the previous month, and matching the consensus forecast. The figure for 'sales and repair of motor vehicles' rose by 2.8% Y/Y.
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MNI: SPAIN MAY SERVICES PMI 51.3 (52.9 FCAST, 53.4 APRIL)
Jun-04 07:17
- SPAIN MAY SERVICES PMI 51.3 (52.9 FCAST, 53.4 APRIL)
SILVER TECHS: Bullish Outlook
Jun-04 07:16
- RES 4: $35.728 - 0.764 proj of the Apr 7 - 25 - May 15 price swing
- RES 3: $35.000 - Round number resistance
- RES 2: $34.903 - High Oct 23 ‘24 and the bull trigger
- RES 1: $34.789 - High Jun 2
- PRICE: $34.435 @ 08:15 BST Jun 4
- SUP 1: $32.859/31.651 - 50-day EMA / Low May 15
- SUP 2: $30.915/28.351 - Low Apr 11 / 7 and the bear trigger
- SUP 3: $27.686 - Low Sep 6 ‘24
- SUP 4: $27.180 - Low Aug 14 ‘24
A strong rally in Silver on Monday confirms a resumption of the uptrend. The rally resulted in the breach of a number of important resistance points. This signals scope for an extension towards $34.903, the Oct 23 ‘24 high and a bull trigger. A clear break of this level would mark an important medium-term bullish development. Key short-term support is at $31.651, the May 15 low. A clear break of this level is required to highlight a reversal.
EGB SYNDICATION: Italy Dual-Tranche New 5y / 10y Green Tap: Books Open
Jun-04 07:14
New 5-year:
- Size: EUR Benchmark, MNI expects E7-10bln
- Guidance: BTPS 2.95% 07/2030 +10bps area
- Maturity: 1 October 2030
- Coupon: Fixed, S/A ACT/ACT. (short first)
- ISIN: TBA
10-year Green Tap:
- Size: E5bln WNG
- Guidance: BTPS 0.95% 03/2037 +9bps area
- Maturity: 30 October 2037
- Coupon: 4.05%, S/A ACT/ACT (42 days accrued)
- ISIN: IT0005596470
For both:
- Issuer: Republic of Italy
- Ratings: Baa3/BBB+/BBB/BBBH/BBB+ (pos/stab/pos/pos/stab) by Moody's/S&P/Fitch/DBRS/Scope
- Settlement: 11 June 2025 (T+5)
- Bookrunners: Barclays (DM/B&D) / BNPP / BofA / CACIB / Santander / Societe Generale
- Format: Buoni del Tesoro Poliennali (RegS in dematerialised book entry form), 144A eligible, CACs
- Denoms: EUR 1k + EUR 1k
- Timing: Books open, Today's business
