EQUITIES: Last Night Large Option Blocks
Jul-31 08:45
In Case Missed, couple of large Option Equity Block went through last night, these are low Delta hedges, and are called Digitals in Equity Land.
- SX5E (21st Nov) 4150/4100ps, bought for 1 in 50k.
- SX7E (21st Nov) 4500/4450ps, bought for 2 in 25k.
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SPAIN T-BILL AUCTION RESULTS: 6/12-month Letras results
Jul-01 08:40
| Type | 6-month letras | 12-month letras |
| Maturity | Jan 16, 2026 | Jul 10, 2026 |
| Amount | E1.293bln | E4.087bln |
| Target | E5-6bln | Shared |
| Previous | E1.853bln | E3.927bln |
| Avg yield | 1.872% | 1.900% |
| Previous | 1.890% | 1.878% |
| Bid-to-cover | 3.1x | 1.71x |
| Previous | 2.02x | 1.45x |
| Previous date | Jun 03, 2025 | Jun 03, 2025 |
MNI: UK JUNE FINAL MANUF PMI 47.7 (47.7 FLASH, 46.4 PRIOR)
Jul-01 08:30
- MNI: UK JUNE FINAL MANUF PMI 47.7 (47.7 FLASH, 46.4 PRIOR)
EUROPEAN INFLATION: Dutch June HICP As Expected But Multiple Moving Parts
Jul-01 08:25
Dutch flash HICP inflation fell to 2.77% Y/Y in June, down from 2.94% in May and broadly inline with the 2.8% consensus estimate (which only consisted of 5 analysts). This equates to a 0.00% M/M sequential reading (0.0% cons). There were multiple moving parts in the release, with services partially reversing higher (as we hypothesised following the May final data), lower core goods and food/alcohol/tobacco, and firmer energy (as was the case more widely in the Eurozone in June).
- Services HICP accelerated to 3.85% Y/Y from 2.80% in May (lowest since Mar 2022) having surged to 5.97% in April. This category has been volatile on Easter effects but despite the acceleration in June it still prints a fair bit below the 4.26% averaged in Q1.
- The flash data does not contain details here but it may be that the volatile transport-related services have partially reversed from their pronounced May softness. The current rate could be described as still elevated.
- Non-energy industrial goods (core goods) dropped from 1.75% to 0.55% Y/Y in June, its lowest since January.
- Looking at the non-core items, FAT (food/alcohol/tobacco) came in at 4.59% Y/Y - much lower than the readings around 7% seen throughout this year previously. Energy meanwhile, as for a set of other Eurozone countries, printed higher than before in the Netherlands, at 0.59% Y/Y (first positive yearly rate since December; vs -1.09% May).
- The national CPI was 3.1% in June (3.1% cons, 3.3% May).
- For reference, Netherlands represents around 6% of the overall 2025 Eurozone HICP basket.
