POWER: Czech Republic Eyes Future Nuclear SMR Supplier
Aug-28 15:50
Nuclear operator Cez and the Czech government have agreed to select a future supplier for their small modular reactor project, they said, cited by World Nuclear News.
- Cez plans its first SMR to be sited near the 2GW Temelin nuclear plant and is also looking at second and third sites for SMRs, including Detmarovice and Tusimice.
- Korea Hydro & Nuclear Power was chosen for up to four new units at the two existing nuclear power plants in July, with the first unit operational in 2038.
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US 10YR FUTURE TECHS: (U4) Bullish Trend Structure
Jul-29 15:48
- RES 4: 112-25 High Mar 8
- RES 3: 112-10 1.50 proj of the Apr 25 - May 16 - 29 price swing
- RES 2: 111-31 1.382 proj of the Apr 25 - May 16 - 29 price swing
- RES 1: 111-16+/17+ High Jul 29 / 1.236 of Apr 25-May 16-29 swing
- PRICE: 111-11 @ 16:40 BST Jul 29
- SUP 1: 110-23+/110-10+ 20- and 50-day EMA values
- SUP 2: 109-17+ Low Jul 5
- SUP 3: 109-02+/109-00+ Low Jul 1 / Low Jun 10 and key support
- SUP 4: 109-00 Trendline drawn from the Apr 25 low
A bull theme in Treasuries remains intact and the contract is trading higher today. Moving average studies are in a bull-mode position and the recent breach of 111-01, the Jun 14 high, confirmed a resumption of the uptrend that started Apr 25. Note that today’s gains have resulted in a print above 111-15, the Jul 17 high. This reinforces the bullish theme. A continuation higher would open 111-31, a Fibonacci projection. Support is at 110-23+, the 20-day EMA.
US STOCKS: Equities Roundup: Paring Early Gains, Energy and IT Shares Weighing
Jul-29 15:38
- Stocks have trimmed early gains to mildly weaker ahead midday, DJIA underperforming. Currently, the DJIA is down 165.7 points (-0.41%) at 40423.38, S&P E-Minis down 14.25 points (-0.26%) at 5484, Nasdaq down 44.3 points (-0.3%) at 17311.71.
- Energy and Information Technology sectors underperformed in the first half, weaker crude (WTI -1.30 at 75.86) weighing on oil and gas shares: EOG Resources -2.33%, APA -2.24%, Valero -2.14%. Meanwhile, Information Technology sectors traded weaker: First Solar - 2.07%, Enphase -1.95%Micron -1.55%. A notable exception was ON Semiconductor +10.5% after reporting better than expected earnings this morning.
- Conversely, Consumer Discretionary and Communication Services outperformed ahead midday, Tesla +4.33% buoyed the former (while GM traded -0.34%, Ford -2.1%). Media and Entertainment shares supported the Communication Services sector: Charter Communications +3.11%, Disney +1.96%, Live Nation Entertainment +1.45%.
- Earnings announcement expected after today's close include: SBA Communications, Welltower, Chesapeake Energy, Lattice Semiconductor and Sybmotic.
US TSYS: TD Securities Take Profit on Their Long UST Position
Jul-29 15:37
TD Securities write that:
- Markets are now over 100% priced for a 25bps Fed cut in September, hinting at some modest pricing for 50bps. Given that the Fed are unlikely to explicitly commit to a Sept cut this week, this pricing could fade.
- Friday's NFP may see decline in 3m avg payrolls pace slow, prompting a pare in recent pricing
- They had entered the position at the start of this month on the strong technical set-up, more favourable carry and rate cut pricing. Nonetheless they continue to favour buying on dips given their expectation for 10s to reach 3.9% by year-end.
