EGB FUNDING UPDATE: Spain 2026 Funding Plan Update
Dec-09 15:07
The gross issuance target for MT/LT debt is E176.935bln (which is in line with the 2025 target of E176.514bln but E5bln above the E171.514bln expected outcome).
Redemptions of MT/LT debt in 2026 total E126.935bln (around E5.4bln higher than in 2025).
This leaves net MT/LT issuance at E50bln (2025 planned E55bln but realised E50bln).
Gross issuance in 2024 was E169.898 (net issuance E51.780bln). The 2024 target was E173.118bln (net issuance E55bln).
The stock of letras is forecast to increase E5.0bln to E108.758bln (it also increased E5.0bln in 2025).
GOLD TECHS: Trend Structure Remains Bullish
Dec-09 15:06
The trend condition in Gold is bullish.
The bear phase between Oct 20 and 28 appears to have been a correction and note that the recovery since Oct 28 signals the end of that corrective cycle.
Moving average studies remain in a bull-mode position, highlighting a dominant uptrend.
Key support to watch lies at the 50-day EMA.
Clearance of this EMA would signal scope for a deeper retracement.
The key resistance and the bull trigger is at $4381.5, the Oct 20 high.
US TSYS: Post JOLTS Data React
Dec-09 15:04
Treasury futures gap lower after JOLTS job opening surge higher, quits levels decline.
Currently, TYH6 trades 112-06 (-2) vs. 112-05 low - contract trades through 112-07, the Nov 5 high and a bear trigger. The breach strengthens a bear theme and signal scope for a move towards 112-00 next, the 1.00 projection of the Oct 17 - Nov 5 - 25 price swing. Clearance of this level would open 111-19, the 1.236 projection.
Curves flatter: 2s10s -1.325 at 57.399, 5s30s -1.429 at 103.954.