BOE: Pill repeats his "skip rather than halt" line
Oct-17 09:39
This line from Huw Pill too is in line with his prior view:
"I continue to view a decision to keep Bank Rate on hold as a “skip rather than a halt” in monetary policy normalisation. But the need to recognise the stubbornness of inflationary pressures is becoming more pressing."
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OUTLOOK: Price Signal Summary - EUROSTOXX 50 Pullback Appears Corrective
Sep-17 09:39
- In the equity space, a bull cycle in S&P E-Minis remains intact and the contract is trading closer to its recent highs. A fresh cycle high yesterday reinforces current bullish conditions. The move higher confirms a resumption of the primary uptrend and maintains the bullish price sequence of higher highs and higher lows. Sights are on the 6700.00 handle next and 6712.33, a 1.764 projection of the Aug 20 - 28 - Sep 2 price swing. Initial support to watch is 6569.89, the 20-day EMA.
- EUROSTOXX 50 futures have recently traded through the 20-day EMA - a bullish development for now. The move higher undermines a recent bearish theme and signals potential for a climb towards 5522.0, the Aug 26 high and a bull trigger. On the downside, key support has been defined at 5292.00, the Sep 2 low. Clearance of this level is required to reinstate a bearish theme. For now, yesterday’s move down appears corrective.
US TSY OPTIONS: FVV5 109.50 Puts Lifted
Sep-17 09:37
FVV5 109.50 puts paper paid 0-07 on 6K.
FRANCE: Modest OAT/Bund Spread Widening On Socialist Leader Faure Comments
Sep-17 09:36
"*FRENCH SOCIALIST LEADER SAYS NO INDICATION OF LECORNU PLAN" Bloomberg
Around 1bp of widening in the 10-year OAT/Bund spread on those comments (now approaching 81bps).
- The Socialists indicated when Lecornu was appointed PM that an agreement on budget proposals would be difficult.
- On Sep 10, Faure noted that " "There is a lack of understanding because the French were hoping for change, and deep down, Sebastien Lecornu at Matignon is Emmanuel Macron at Matignon; they are the same people""
- As such, it's not too surprising to see progress on finding an agreement is lacking.
