EU BASIC INDUSTRIES: Norsk Hydro: 3Q25 Results
(NHYNO; Baa2/BBB/NR) Marginal negative. * Revenue beat BBG consensus by 6% and grew 1% YoY. * Adj....
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MNI CHINA MONEY MKT INDEX SEP LQDTY OUTLOOK 46.9 VS AUG 48.9
- MNI CHINA MONEY MKT INDEX SEP LQDTY OUTLOOK 46.9 VS AUG 48.9
- MNI CHINA MMI CURRENT LQDTY CONDITIONS SEP 41.8 VS AUG 37.2
- MNI CHINA MMI ECONOMIC CONDITIONS SEP 40.8 VS AUG 56.4
USDJPY TECHS: MA Studies Highlight A Dominant Uptrend
- RES 4: 151.62 61.8% retracement of the Jan 10 - Apr 22 bear leg
- RES 3: 150.92 High Aug 1 and a key resistance
- RES 2: 149.64 76.4% retracement of the Aug 1 - Sep 17 bear leg
- RES 1: 148.38/149.14 High Sep 22 / High Sep 3
- PRICE: 147.90 @ 06:58 BST Sep 24
- SUP 1: 146.77/145.49 Low Sep 18 / 17 and a pivot support
- SUP 2: 145.40 50% retracement of the Apr - Aug upleg
- SUP 3: 144.10 61.8% retracement of the Apr - Aug upleg
- SUP 4: 143.45 Low Jul 3
USDJPY recovered sharply from last week’s low and the pair is holding onto the bulk of its latest gains. A bullish candle pattern on Sep 17 - a hammer formation - provided an early reversal signal. Note too that moving average studies remain in a bull-mode condition and this continues to highlight a dominant uptrend. A resumption of gains would open 149.14, the Sep 3 high. Pivot support is 145.49, the Sep 17 low.
EUROZONE T-BILL ISSUANCE: W/C September 22
Greece and Italy are still due to sell bills this week, while Germany, France and Austria have already come to the market. We expect issuance to be E21.6bln in first-round operations, up from E19.1bln last week.
- This morning, Greece will look to sell E500mln of the new 26-week Mar 27, 2027 GTB.
- Finally on tomorrow morning, Italy will look to hold a BOT auction, with E6.5bln of the new 6-month Mar 31, 2026 BOT on offer.
