FRANCE AUCTION RESULTS: LT OATs
| 3.50% Nov-35 OAT* | 3.60% May-42 OAT | 3.75% May-56 OAT | |
| ISIN | FR0014012II5 | FR001400WYO4 | FR001400XJJ3 |
| Amount | E7.261bln | E1.93bln | E1.809bln |
| Previous | E4.58bln | E2.355bln | E1.923bln |
| Avg yield | 3.57% | 4.04% | 4.43% |
| Previous | 3.17% | 3.72% | 4.05% |
| Bid-to-cover | 2.18x | 2.73x | 2.66x |
| Previous | 2.47x | 2.77x | 2.91x |
| Avg Price | 99.38 | 94.74 | 88.69 |
| Low Price | 99.34 | 94.72 | 88.64 |
| Pre-auction mid | 94.532 | 88.382 | |
| Prev avg price | 85.46 | 98.46 | 94.78 |
| Prev low price | 85.43 | 98.44 | 94.75 |
| Prev mid-price | 85.332 | 98.225 | 94.457 |
| Previous date | 07-Aug-25 | 03-Jul-25 | 03-Jul-25 |
| Previous ISIN | FR0013313582 | ||
| Previous bond | 1.25% May-34 OAT |
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US-EU: EU Off.-Expect Further "Turbulence" In Talks, But Have Solid Foundation
More comments from an unnamed EU official talking on trade with the US are being reported by Reuters. Says "We are really trying to get as many products as possible into the list of US tariff rate exemptions, at [a] zero-for-zero rate." Official: "We believe [that] medical products should be in the zero-for-zero tariff rate, or at most favoured nation rate, along with some chemicals and wines."
- The official acknowledges "We are not here to say we have fundamentally solved everything in one go", adding the EU expects some "turbulence", but "we have set up a solid foundation for ourselves."
- In what has become a game of one-upmanship between US trading partners trying to tout the benefits of their own deal, the EU official highlights the 15% tariff facing EU cheese exports to the US, compared to 24.9% for the UK.
- The high-profile meeting between German Finance Minister Lars Klingbeil and US Treasury Secretary Scott Bessent offered little in the way of signs of future trade talks. A brief readout from the US simply acknowledged the deal rather than any discussions of its content.
EQUITY OPTIONS: Estoxx Call Fly buyer
SX5E (19th Sep) 5400/5600/5800c fly, bought for 33 in 7.5k vs 1.2k at 5260.
EQUITIES: EStoxx 50 More Stable After Breaking Bear Trigger
E-mini S&P sold off sharply Friday on the back of the soft NFP print - pushing prices through mid-July lows in the process. This puts price well clear of support at the 20-day EMA, at 6329.81, signaling scope for a deeper retracement. The trend condition in Eurostoxx 50 futures faltered Friday, with short-term weakness resulting in a break of the bear trigger. Having shown below 5194.00, the Jun 23 low, the April 30 hi/lo range at 5078-5138 becomes the area of downside interest.
- Japan's NIKKEI closed higher by 258.84 pts or +0.64% at 40549.54 and the TOPIX ended 20.34 pts higher or +0.7% at 2936.54.
Elsewhere, in China the SHANGHAI closed higher by 34.289 pts or +0.96% at 3617.598 and the HANG SENG ended 169.08 pts higher or +0.68% at 24902.53. - Across Europe, Germany's DAX trades higher by 91.77 pts or +0.39% at 23869.65, FTSE 100 higher by 24.21 pts or +0.27% at 9156.94, CAC 40 up 11.25 pts or +0.15% at 7645.21 and Euro Stoxx 50 up 7.08 pts or +0.14% at 5251.5.
- Dow Jones mini up 32 pts or +0.07% at 44343, S&P 500 mini up 6.75 pts or +0.11% at 6363.75, NASDAQ mini up 32.5 pts or +0.14% at 23332.
