OIL: OPEC Output Rose 400k b/d in September
OPEC crude output rose by 400k b/d in September as the group formally completed the unwinding of 2.2...
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GILTS: 30-Year Yields Near Next Upside Level
UK 30-Year yields have again hit the highest level since the late ‘90s, 5.735%. Moving average studies further underscore the bearish trend in long end UK paper/uptrend in yields. The 1.236 Fibonacci projection of the Jun 13-Jul 18-Aug 5 price swing nears (5.74%). The next projection of that move above there lies at 5.79%.
BUNDS: New 14yrs high for the German 30yr Yield
- A new 14yrs high for the German 30yr Yield, highest since July 2011.
- Next upside level is at 3.45%, and this would equate to 111.16 in UBU5 Today.
SPAIN DATA: August Services/Composite PMIs: Weaker Than Exp, But Still Solid
The Spanish services PMI was weaker-than-expected at 53.2 (vs 54.5 cons, 55.1 prior), somewhat disappointing after a stronger-than-expected manufacturing reading on Monday. That left the composite PMI at 53.7 (vs 54.9 cons, 54.7 prior). The composite PMI has nonetheless been above 50 for 24 consecutive months now, underscoring Spain’s position as the Eurozone growth outperformer post Covid.
Details of the PMI were solid from an activity standpoint, but its worth noting another acceleration in inflationary pressures amongst services firms.
Key notes from the release:
- “Higher activity was again principally linked to a rise in new business”…“ Some firms pointed to the release of previously delayed contract agreements as a reason for increased new work. Improved product and service provision also helped to support the marked rise in sales volumes”.
- “Firms were suitably encouraged to take on additional staff in August, largely in response to higher workloads overall”….“ Employment levels have now risen on a continuous basis for just under three years, although growth in August was noticeably slower than July’s four-month high”
- “Prices data showed a pick-up in inflationary pressures. Input prices overall rose to the greatest degree since February with firms pointing to higher supplier charges in general”.
- “Service providers took advantage of a positive demand environment by passing on their increased input costs to clients wherever possible. This helped to underpin the steepest rise in selling prices since April 2024”.
