ISRAEL: PM Recalls Team After Hamas Delivers Response To Gaza Ceasefire Proposal
Reuters reports comments from a senior Hamas source saying, "...there was still a chance of reaching a Gaza ceasefire agreement but it would take a few days because of what he called Israeli stalling. The source said Hamas' response to the latest ceasefire proposal included requesting a clause that would prevent Israel from resuming the war if an agreement was not reached within the 60-day truce period."
- The Israeli Prime Minister's Office posts on X: "In light of the response Hamas provided this morning, it was decided to bring back the negotiation team for further consultations in Israel. We appreciate the efforts of the mediators Qatar and Egypt and the efforts of the envoy [Steve] Witkoff to achieve a breakthrough in the talks."
- London-based, Qatari-owned The New Arab reports that "Israel is reviewing Hamas's latest response to a ceasefire proposal for Gaza, which an Israeli source described as "workable" after months of stalled negotiations."
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BOE: Governor Bailey's testimony to the Lords' EAC due to begin imminently
Link to Governor Bailey's testimony ahead of the Lords' EAC here (beginning on the hour): https://parliamentlive.tv/event/index/d4555919-db83-480f-841e-065af88fe9cf
ECB: Context Around Lane's Remakrs On Services Inflation
Some more context on those Lane headlines. He still has confidence in the services outlook despite the headline run above:
- "Headline inflation is currently around a target, but what we always emphasise is that we want it to be around a target on a sustainable basis, not just because there's energy deflation. So we've focused quite a bit on whether services inflation is going to arrive at a level consistent with overall inflation being a 2% and in that case, that's not over".
- "There's still some distance to travel in relation to services inflation, but it's probably fair to say we have enough confidence in what's happened and what we think is ahead of us in terms of services inflation".
- "That backward challenge, bringing inflation down from the peak back to target, I think is largely completed"
EQUITY TECHS: E-MINI S&P: (U5) Uptrend Remains Intact
- RES 4: 6249.00 - High Feb 21
- RES 3: 6200.00 1.50 proj of the Apr 7 - 10 - 21 price swing
- RES 2: 6172.50 High Feb 24
- RES 1: 6143.75 Intraday high
- PRICE: 6125.75 @ 07:24 BST Jun 24
- SUP 1: 5959.00/5913.50 Low Jun 23 / 50-day EMA
- SUP 2: 5811.50 Low May 23
- SUP 3: 5645.75 Low May 7
- SUP 4: 5500.00 Low Apr 30
The trend condition in S&P E-Minis is unchanged, it remains bullish and this week’s strong start reinforces current conditions. Short-term resistance and a bull trigger at 6128.75, the Jun 11 high, has been pierced. A clear break of this level would confirm a resumption of the uptrend that started Apr 7. This would open the 6200.00 handle, a Fibonacci projection. Key support remains at the 50-day EMA - at 5913.50. A clear break of it would signal a reversal.
