UK DMO UPDATE: Provisional outline calendar due at 7:30GMT
Mar-12 07:08
- The DMO is due to release its provisional outline calendar for the first three weeks of April at 7:30GMT for consultation, ahead of the final release on Friday at 7:30GMT.
- We would expect to see auctions of the 5-year 4.375% Mar-30 gilt, 10-year 4.50% Mar-35 gilt and a 30-year issue (either a final reopening of the 4.375% Jul-54 gilt or the 1.50% Jul-53 green gilt) all on offer alongside at least one linker issue with 5-6 auctions likely announced.
- We would be surprised if a syndication was announced before the final remit (which will accompany the Reeves’ presentation of the EFO on 26 March). We do note, however, that we think there is a good chance that we see a new 30-year gilt issued via syndication in FQ1 or FQ2.
- Today's announcement may be limited to just stating short/medium/long/linker dates, rather than specific gilts on offer.
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BTP TECHS: (H5) Bullish Outlook
Feb-10 07:07
- RES 4: 123.34 High Dec 11
- RES 3: 122.85 High Dec 12
- RES 2: 121.88 76.4% retracement of the Dec 11 - Jan 13 bear leg
- RES 1: 120.98/121.00 61.8% of Dec 11 - Jan 13 bear leg / High Jul 7
- PRICE: 120.50 @ Close Feb 7
- SUP 1: 119.78 20-day EMA
- SUP 2: 118.65/117.16 Low Jan 24 / 13 and the bear trigger
- SUP 3: 116.59 76.4% retrace of the Jun - Dec ‘24 bull cycle (cont)
- SUP 4: 116.07 Low Jul 8 ‘24 (cont)
A bullish cycle in BTP futures remains intact and the contract is trading at its recent highs. Price has breached both the 20- and 50- day EMAs. This signals scope for an extension of the upleg and sights are on 120.98 (pierced) and 121.88, Fibonacci retracement points. On the downside, initial key support to watch lies at 118.65, the Jan 24 low. Clearance of this price point would highlight a reversal and the end of the correction.
RATINGS: Affirmations On Friday
Feb-10 07:05
RATINGS: Rating reviews of note from after hours on Friday include:
- Fitch affirmed Belgium at AA-; Outlook Negative
- Fitch affirmed the European Union at AAA; Outlook Stable
- Fitch affirmed Finland at AA+; Outlook Negative
- Moody's affirmed Luxembourg at Aaa, outlook stable
- Morningstar DBRS confirmed Slovakia at A, Negative Trend
MNI: NORWAY JAN CORE CPI +0.1% M/M, +2.8% Y/Y
Feb-10 07:00
- MNI: NORWAY JAN CORE CPI +0.1% M/M, +2.8% Y/Y
