FRANCE AUCTION RESULTS: MT OATs
| 2.40% Sep-28 OAT | 2.70% Feb-31 OAT* | 2.00% Nov-32 OAT | |
| ISIN | FR001400XLW2 | FR001400Z2L7 | FR001400BKZ3 |
| Amount | E3.596bln | E4.396bln | E3.999bln |
| Previous | E3.497bln | E3.3bln | E2.407bln |
| Avg yield | 2.32% | 2.73% | 2.98% |
| Previous | 2.59% | 2.80% | 2.77% |
| Bid-to-cover | 3.43x | 3.15x | 3.56x |
| Previous | 3.49x | 3.36x | 2.68x |
| Avg Price | 100.27 | 99.83 | 93.41 |
| Low Price | 100.26 | 99.82 | 93.40 |
| Pre-auction mid | 100.208 | 93.288 | |
| Prev avg price | 99.35 | 99.76 | 94.42 |
| Prev low price | 99.34 | 99.75 | 94.40 |
| Prev mid-price | 99.292 | 99.681 | 94.364 |
| Previous date | 20-Mar-25 | 20-Mar-25 | 19-Sep-24 |
| Previous ISIN | FR001400PM68 | ||
| Previous bond | 2.75% Feb-30 OAT |
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EURIBOR OPTIONS: Put fly buyer
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COMMODITIES: Latest Recovery in WTI Futures Appears Corrective for Now
A bearish condition in WTI futures remains intact and the latest recovery appears corrective - for now. Recent weakness resulted in a breach of $70.20, the Feb 6 low. This confirmed a resumption of the downtrend that started Jan 15 and has paved the way for an extension towards $63.61 next, the Oct 10 ‘24 low. MA studies are in a bear-mode position, highlighting a dominant downtrend. Key pivot resistance to watch is $69.77, 50-day EMA. A clear uptrend in Gold remains intact and this week’s resumption of the uptrend reinforces current bullish condition. The yellow metal has delivered another all-time high and breached the psychological $3000.0 handle. Bulls have their sights on 3034.51 next, a Fibonacci projection. Note that moving average studies are in a bull-mode position, highlighting a dominant uptrend and positive market sentiment. Key trend support is at $2832.7, Feb 28 low.
- WTI Crude up $0.77 or +1.14% at $68.34
- Natural Gas down $0.03 or -0.75% at $3.987
- Gold spot up $26.42 or +0.88% at $3026.12
- Copper up $1.35 or +0.27% at $497.4
- Silver up $0.23 or +0.68% at $34.087
- Platinum up $2.32 or +0.23% at $1007.09
EQUITIES: Recent Cycle Lows in E-Mini S&P Reinforces Bearish Conditions
Eurostoxx 50 futures have recovered from their recent lows. The M/T trend direction remains up and the recent pullback is considered corrective. Support to watch is the 50-day EMA, at 5319.81. It has recently been pierced. A clear break of this average would highlight a stronger short-term bear threat and suggest scope for a deeper retracement towards 5202.00, a Fibonacci retracement. A continuation higher would open the 5600.00 handle. The trend condition in S&P E-Minis remains bearish and fresh cycle lows last week reinforced current conditions. Moving average studies are in a bear-mode set-up highlighting a dominant downtrend. Sights are on 5483.50, a Fibonacci projection. Note that the short-term trend condition is oversold. Recent gains are considered corrective and the bounce is allowing this set-up to unwind. Firm resistance to watch is 5967.23, the 50-day EMA.
- Japan's NIKKEI closed higher by 448.9 pts or +1.2% at 37845.42 and the TOPIX ended 35.44 pts higher or +1.29% at 2783.56.
- Elsewhere, in China the SHANGHAI closed higher by 3.631 pts or +0.11% at 3429.759 and the HANG SENG ended 595 pts higher or +2.46% at 24740.57.
- Across Europe, Germany's DAX trades higher by 252.25 pts or +1.09% at 23406.11, FTSE 100 higher by 29.13 pts or +0.34% at 8709.55, CAC 40 up 48.43 pts or +0.6% at 8122.98 and Euro Stoxx 50 up 43.04 pts or +0.79% at 5488.63.
- Dow Jones mini down 17 pts or -0.04% at 41866, S&P 500 mini down 3.5 pts or -0.06% at 5678.25, NASDAQ mini down 24.25 pts or -0.12% at 19810.75.
