REFINING: Neftohim Refinery Ownership Solution Required After US Sanctions

• In the equity space, a bull cycle in S&P E-Minis remains intact and the contract traded to a fresh cycle high yesterday. Price has breached the 6700.00 handle and this signals scope for an extension towards 6787.63, a 1.382 projection of the Aug 1 - 15 - 20 price swing. Moving average studies remain in a bull-mode position, highlighting a dominant uptrend and positive market sentiment. Initial support to watch lies at 6616.34, the 20-day EMA.
• EUROSTOXX 50 futures are trading closer to their recent highs. The contract recently traded through resistance around the 20-day EMA - a bullish development - and the subsequent rally reinforces a bullish theme. The move signals potential for a climb towards 5525.00, the Aug 22 high and a bull trigger. On the downside, key support has been defined at 5302.00, the Sep 2 low. First support lies at 5409.70, the 20-day EMA.

"*BOE'S PILL: MAY NEED TO MAINTAIN RESTRICTIVE MONETARY POLICY" Bloomberg
Headlines are coming in from the Pill event, but nothing to suggest any change in tone or of any market relevance so far.