EM ASIA CREDIT: LG Electronics: Results in line
LGELEC (Baa2pos/BBBpos/BBB)
"*LG ELECTRONICS 3Q SALES 21.87T WON" - BBG
"*LG ELECTRONICS 3Q OPER PROFIT 688.9B WON" - BBG
"*LG ELECTRONICS 3Q NET 385.1B WON, EST. 214.64B WON" - BBG
Weaker results, in line, neutral for spreads.
LG Electronics 3Q25 results hitting the tapes, which look to be more or less in line with consensus, with operating profit down 8.4% YoY to KRW689bn. Ratings at Moody's and S&P have are outlook positive, with the recent IPO of its Indian unit and better than expected results at LG Display (37% owned) supportive of credit. Neutral read for now.
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GBPUSD TECHS: Trading Below Resistance
- RES 4: 1.3789 High Jul 1 and key resistance
- RES 3: .3661/3726 High Sep 18 / 17
- RES 2: 1.3537 High Sep 23 1
- RES 1: 1.3481 50-day EMA
- PRICE: 1.3465 @ 06:17 BST Oct 1
- SUP 1: 1.3324 Low Sep 25 and the bear trigger
- SUP 2: 1.3282 Low Aug 6
- SUP 3: 1.3254 Low Aug 4
- SUP 4: 1.3144 38.2% retracement of the Jan 13 - Jul 1 bull cycle
The bear cycle in GBPUSD that started Sep 17, remains in play and the latest bounce - for now - appears corrective. Recent weakness resulted in a break of a trendline drawn from the Aug 1 low. This undermines a recent bullish theme. Note too that 1.3333, the Sep 3 low and a key support, has been pierced, opening 1.3282 next, the Aug 6 low. Initial key resistance to watch is 1.3537, the Sep 23 high. A break of it would signal a reversal.
LOOK AHEAD: Eurozone Timeline of Key Events (Times BST)
| Date | Time | Country | Event |
| 01-Oct | 0815 | ES | S&P Global Manufacturing PMI (f) |
| 01-Oct | 0830 | EU | ECB Elderson Keynote at ECB Climate Conference |
| 01-Oct | 0845 | IT | S&P Global Manufacturing PMI (f) |
| 01-Oct | 0850 | FR | S&P Global Manufacturing PMI (f) |
| 01-Oct | 0855 | DE | S&P Global Manufacturing PMI (f) |
| 01-Oct | 0855 | EU | ECB de Guindos Interview & Panel at Politico Summit |
| 01-Oct | 0900 | EU | S&P Global Manufacturing PMI (f) |
| 01-Oct | 1000 | EU | EZ HICP Flash |
| 02-Oct | 1000 | EU | EZ Unemployment |
| 02-Oct | 1800 | EU | ECB de Guindos Fireside Chat at ESADE Madrid |
BOBL TECHS: (Z5) Bearish Theme Intact
- RES 4: 118.170 Low Sep 10
- RES 3: 118.090 High Sep 17 and a key short-term resistance
- RES 2: 117.943 76.4% retracement of the Sep 8 - 25 bear leg
- RES 1: 117.890 High Sep 30
- PRICE: 117.770 @ 05:47 BST Oct 1
- SUP 1: 117.680/470 Low Sep 29 / 25
- SUP 2: 117.450 1.000 proj of the Sep 8 - 12 - 17 price swing
- SUP 3: 117.299 1.236 proj of the Sep 8 - 12 - 17 price swing
- SUP 4: 117.080 Low Sep 2 (cont.)
Bobl futures have recovered from their recent lows. The latest bounce appears corrective and the trend condition remains bearish. A price sequence of lower lows and lower highs remains intact and on the continuation chart, moving average studies are in a bear-mode position. Sights are on 117.450, a Fibonacci projection. On the upside, key short-term resistance is 118.090, the Sep 18 high. A move above this level would signal a potential reversal.
