EU FINANCIALS: Lloyds (LLOY) - Q1 25 Results Headlines
Credit neutral. In line. NII beat, vs non-interest income miss. Slightly higher than expected provisions means that OpInc misses ever so slightly.
- *LLOYDS 1Q NET INTEREST INCOME GBP3.29B, EST. GBP3.25B
- *LLOYDS 1Q STATUTORY PRETAX PROFIT GBP1.52B, EST. GBP1.54B
- Common equity Tier 1 ratio 13.5%, estimate 13.6%
- Provision for loan losses GBP309 million vs. GBP57 million y/y, estimate GBP278.7 million
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BRENT TECHS: (M5) Bull Cycle Extends
- RES 4: $78.96 - High Jan 15 and a reversal trigger
- RES 3: $77.75 - High Jan 20
- RES 2: $76.26 - High Feb 20 and a bull trigger
- RES 1: $75.04 - High Mar 31
- PRICE: $74.87 @ 07:12 BST Apr 1
- SUP 1: $72.06 - 20-day EMA
- SUP 2: $69.51/67.95 - Low Mar 19 / 5 and the bear trigger
- SUP 3: $67.87 - Low Sep 10 ‘24 and a key medium-term support
- SUP 4: $66.55 1.618 proj of the Jan 15 - Feb 4 - 20 price swing
A strong rally in Brent futures Monday strengthens the current short-term bullish theme and also undermines a medium-term bearish condition. The contract is trading at its recent highs and this signals scope for a climb towards the next key resistance at $76.26, the Feb 20. Clearance of this level would strengthen the bullish condition. Initial firm support to watch lies at $72.06, the 20-day EMA.
BUNDS: Extending some early gains into the Cash open
- The German Bund is extending small gains into and post Cash Open on Fairly light flows, the contract remains well within Yesterday's wide range.
- Not seen anything too obvious for the bid, nor any notable Cash flows.
- Resistance would have been seen at 129.54 Yesterday, and the contract printed a 129.59 high.
- This level area will be the initial resistance, while support will be eyed at 128.42 (gap).
- There are plenty of Data for the Session, although services PMIs will be final reading for France, Germany, EU, UK and US.
- More focus will be on the EU CPI, and out of the US, JOLTS and ISM Mfg.
- SUPPLY: Germany €4.5bn 2yr (Equates to 42.2k Schatz) should weigh.
- SPEAKERS: BoE Greene, ECB Lagarde, Vujcic, Cipollone, Lane, Fed Barkin.
BTP TECHS: (M5) Bull Phase Still In Play
- RES 4: 119.31 Low Mar 4 and a gap high on the daily chart
- RES 3: 118.62 76.4% retracement of the Feb 28 - Mar 14 bear leg
- RES 2: 118.56 High Mar 5
- RES 1: 118.09 High MAr 31
- PRICE: 117.52 @ Close Mar 31
- SUP 1: 117.45 20-day EMA
- SUP 2: 116.89 Low Mar 25 and a key short-term support
- SUP 3: 116.15 Low Mar 17
- SUP 4: 115.75 Low Mar 14
Recent gains in BTP futures still appear corrective in nature. Despite yesterday’s pullback, the contract continues to trade closer to its recent highs. A continuation of the current short-term bull phase would signal scope for an extension towards 118.62, a Fibonacci retracement. On the downside, key near-term support is at 116.89, the Mar 25 low. Clearance of this level would signal a reversal and the end of the corrective cycle.
