FRANCE AUCTION PREVIEW: On offer next week
France will look to sell a combined E11.5-13.5bln of MT OATs at its auction next Thursday (Jan 22):
- the 2.40% Sep-28 OAT (ISIN: FR001400XLW2)
- the 2.75% Feb-29 OAT (ISIN: FR001400HI98)
- the 2.70% Feb-31 OAT (ISIN: FR001400Z2L7)
- the 3.00% May-33 OAT (ISIN: FR001400H7V7)
France will also sell a combined E1.25-1.75bln of IL OATs at next Thursday's auction:
- the 0.10% Mar-29 OATei (ISIN: FR0013410552)
- the 0.10% Jul-36 OATei (ISIN: FR0013327491)
- the 0.55% Mar-39 OATi (ISIN: FR001400IKW5)
- the 0.10% Jul-53 OATei (ISIN: FR0014008181)
Finally, France will look to sell up to a combined E8.2bln of 14/19/27/49-week BTFs at its auction next Monday (Jan 19):
- E3.4-3.8bln of the new 14-week Apr 29, 2026 BTF
- E0-0.4bln of the 19-week Jun 3, 2026 BTF
- E1.7-2.1bln of the 27-week Jul 29, 2026 BTF
- E1.5-1.9bln of the 49-week Dec 30, 2026 BTF
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FED FUNDS FUTURES: FFG6 Sold
FFG6 ~3.2K given at 96.410 over a couple of clips, although small rounds of buying follow, small offer left at typing.
MNI: EUROZONE NOV HICP 2.1% Y/Y (2.2% FLASH, 2.1% OCT)
- MNI: EUROZONE NOV HICP 2.1% Y/Y (2.2% FLASH, 2.1% OCT)
- EUROZONE NOV CORE HICP 2.4% Y/Y (2.4% FLASH, 2.4% OCT)
- EUROZONE NOV SERVICES HICP 3.5% Y/Y (3.5% FLASH, 3.4% OCT)
COMMODITIES: WTI Futures Bounce Well Off Tuesday's Lows
A bearish theme in WTI futures remains intact. Moving average studies are in a bear-mode position, highlighting a dominant downtrend. A key support and the bear trigger at $55.99, the Oct 20 low has been breached. Clearance of this level resumes the downtrend and opens $53.53. Key short-term resistance to watch is $61.84, the Oct 24 high. First resistance is at $59.27, the 50- day EMA. A bullish theme in Gold remains intact. The bear phase between Oct 20 - 28 appears to have been a correction and note that the recovery since Oct 28 signals the end of that corrective cycle. Key support to watch is the 50-day EMA, at $4087.6. Clearance of this EMA would signal scope for a deeper retracement. Attention is on key resistance and the bull trigger at $4381.5, the Oct 20 high.
- WTI Crude up $1.29 or +2.33% at $56.53
- Natural Gas up $0.09 or +2.24% at $3.978
- Gold spot up $15.25 or +0.35% at $4318.89
- Copper up $4.6 or +0.86% at $540.4
- Silver up $1.99 or +3.12% at $65.7637
- Platinum up $82.02 or +4.44% at $1928.66
