MALAYSIA: Judicial Nominations Announcement May Stabilise Political Situation
Jul-18 09:57
Prime Minister Anwar Ibrahim claimed that the appointment of a new Chief Justice is evidence that he was not trying to interfere in the judicial system. He had been facing strong criticism in the recent weeks amid allegations that he was dragging his feet on the process and/or planning to tap ex-Attorney General Ahmad Terrirudin Salleh to take on the role.
- Anwar tried to defuse the situation saying that he had never submitted Terrirudin's name for consideration to become the Chief Justice. He added that any delays in filling the vacancies at the top judicial posts were caused by the nature of the appointment process rather than any deliberate decisions.
- The selection of two relatively low-profile judges to the positions of Chief Justice and President of the Court of Appeal came as a surprise when the King consented to their appointment earlier today, but may help put to rest allegations of executive overreach and contain the political turmoil around the judicial nominations.
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MIDEAST: Iran's Supreme Leader to Address Nation Shortly
Jun-18 09:53
"IRAN SUPREME LEADER KHAMENEI TELEVISED MESSAGE TO BE AIRED SHORTLY - ISNA" - RTRS
- In terms of timings for Khamenei's appearance, Iran’s Tasnim News Agency reported that “The Supreme Leader's televised message to the Iranian nation will be broadcast in a few minutes,” without further details.
EQUITIES: Options size for Triple Witching Friday
Jun-18 09:49
Equity Option Expiry in Notional Term, some have increased. Gamma will provide some Volatility at and post Expiry on Friday.
US:
- SPX: $3.52T vs $3.41T Monday.
- NDX: $125.27bn vs $121.13bn.
- Amazon: $21.76bn vs $20.72bn.
- Apple: $26.27bn vs $24.99bn.
EU:
- SX5E: €331.78bn vs €325.63bn.
- SX7E: €21.17bn vs €21.19bn.
- DAX: €85.67bn vs €85.30bn.
- CAC: €4.36bn vs €4.51bn.
- UKX: £26.71bn vs £26.25bn.
- Lloyds: £3.06bn vs £3.05bn.
OUTLOOK: Price Signal Summary - Trend Needle In S&P E-Minis Points North
Jun-18 09:46
- In the equity space, the trend condition in S&P E-Minis remains bullish and the contract is holding on to the bulk of its recent gains. For now, the latest pullback is considered corrective. The contract has pierced support at 6003.83, the 20-day EMA. A clear breach of this average would expose the 50-day EMA, at 5896.83. Key short-term resistance has been defined at 6128.75, the Jun 11 high. A break would resume the uptrend.
- EUROSTOXX 50 futures are trading closer to their recent lows. The latest pullback has resulted in a breach of the 50-day EMA at 5298.64. Price has also pierced 5255.00, the May 23 low. A clear break of both support points would signal a short-term top and highlight scope for a deeper retracement. This would open 5178.00, the May 6 low and 5081.16, 38.2% of the Apr 7 - May 20 bull leg. Initial resistance to watch is 5355.88, the 20-day EMA.
