FRANCE AUCTION RESULTS: LT OATs
| Coupon | 4.75% | 0.50% | 4.50% | 3.25% |
| Maturity | Apr-35 | May-40 | Apr-41 | May-55 |
| Instrument | OAT | OAT | OAT | OAT |
| ISIN | FR0010070060 | FR0013515806 | FR0010773192 | FR001400OHF4 |
| Amount | E1.787bln | E1.604bln | E841mln | E831mln |
| Previous | E2.898bln | E2.175bln | E2.03bln | E1.165bln |
| Avg yield | 3.38% | 3.89% | 3.89% | 4.37% |
| Previous | 3.51% | 3.70% | 3.62% | 3.66% |
| Bid-to-cover | 2.27x | 2.27x | 3.24x | 3.52x |
| Previous | 2.72x | 3.30x | 2.78x | 4.29x |
| Avg Price | 110.85 | 63.06 | 106.97 | 81.65 |
| Low Price | 110.82 | 63.04 | 106.92 | 81.60 |
| Pre-auction mid | 110.724 | 62.873 | 106.741 | 81.369 |
| Prev avg price | 110.37 | 64.02 | 110.50 | 92.58 |
| Prev low price | 110.33 | 63.99 | 110.46 | 92.56 |
| Prev mid-price | 110.222 | 63.847 | 110.298 | 92.356 |
| Previous date | 06-Mar-25 | 07-Aug-25 | 07-May-25 | 06-Feb-25 |
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COMMODITIES: WTI Futures Remain in a Corrective Cycle for Now
WTI futures remain in a corrective cycle for now. Note that price has recently traded through the 50-day EMA, currently at $61.05. The breach of this EMA signals scope for a stronger recovery. Note too that a resistance at $62.34, the Oct 8 high, has also been pierced. A clear move through it would expose key resistance at $65.77, the Sep 26 high. First key support and the bear trigger is unchanged at $55.96, the Oct 20 low. Gold is unchanged. A fresh cycle low last week highlights an extension of the bear cycle that started Oct 20. The retracement since Oct 20 has allowed an overbought trend condition to unwind. The 20-day EMA has been breached, signalling scope for a test of the 50-day EMA, at $3864.7. Clearance of this EMA would strengthen a short-term bear theme. Initial resistance is at $4161.4, the Oct 22 high.
- WTI Crude down $0.79 or -1.29% at $60.23
- Natural Gas down $0.02 or -0.54% at $4.243
- Gold spot down $7.98 or -0.2% at $3991.65
- Copper down $11.9 or -2.35% at $495
- Silver down $0.3 or -0.63% at $47.749
- Platinum down $16.14 or -1.03% at $1553.83
EQUITIES: Short-Term Weakness for Eurostoxx Futures Considered Corrective
Short-term weakness in Eurostoxx 50 futures is considered corrective. The contract has breached the 20-day EMA, signalling scope for a deeper retracement towards support at the 50-day EMA, at 5567.19. Support below the EMA lies at 5549.50, the base of a bull channel drawn from the Aug 1 low. A breach of this level and the 50-day EMA, is required to highlight a stronger reversal. Key resistance and bull trigger is 5742.00, the Oct 29 high. The trend condition in S&P E-Minis is unchanged, it remains bullish and the latest pullback appears corrective. Attention is on support at the 20-day EMA, at 6804.03. A clear break of this level average would signal scope for a deeper retracement and expose the 50-day EMA at 6698.11 - a key pivot support. The bull trigger has been defined at 6953.75, the Oct 30 high. Clearance of this hurdle would confirm a resumption of the uptrend.
- Japan's NIKKEI closed lower by 914.14 pts or -1.74% at 51497.2 and the TOPIX ended 21.69 pts lower or -0.65% at 3310.14.
- Elsewhere, in China the SHANGHAI closed lower by 16.335 pts or -0.41% at 3960.186 and the HANG SENG ended 205.96 pts lower or -0.79% at 25952.4.
- Across Europe, Germany's DAX trades lower by 425.99 pts or -1.77% at 23708.36, FTSE 100 lower by 102.59 pts or -1.06% at 9598.75, CAC 40 down 127.82 pts or -1.58% at 7981.97 and Euro Stoxx 50 down 89.91 pts or -1.58% at 5589.34.
- Dow Jones mini down 414 pts or -0.87% at 47060, S&P 500 mini down 79 pts or -1.15% at 6803.75, NASDAQ mini down 385.5 pts or -1.48% at 25717.25.
EURIBOR OPTIONS: Call Condor buyer
ERM6 98.18/98.25/98.37/98.43c condor, bought for 0.75 in 4k total.
