EM ASIA CREDIT: PTT Exploration & Prodn. (PTTEPT, Baa1/NR/BBB+) ratings affirmed
"*Fitch Affirms Thailand's PTTEP at 'BBB+'; Outlook Stable" - BBG
In summary, Fitch affirms the ratings and takes note of a solid standalone credit profile, benefiting from scale, diversification outside Thailand, revenue stability from gas sales and a strong financial profile. This is a strategic asset for Thailand with high likelihood of state support if required. Neutral for spreads.
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EURJPY TECHS: Trading Above Support
- RES 4: 165.43 High Nov 8
- RES 3: 164.90 High Dec 30 ‘24 and a key medium-term resistance
- RES 2: 164.55 High Jan 7
- RES 1: 163.55/164.19 High Apr 14 / High Mar 18 and the bull trigger
- PRICE: 161.40 @ 07:31 GMT Apr 23
- SUP 1: 160.99/159.48 50-day EMA / Low Apr 9
- SUP 2: 158.30 Low Apr 7 and key support
- SUP 3: 157.02 76.4% retracement of the Feb 28 - Mar 18 bull cycle
- SUP 4: 155.60 Low Low Mar 4
EURJPY is in consolidation mode. The recent pullback appears corrective and trend conditions remain bullish. Key short-term support has been defined at 158.30, the low on Apr 7. A break of this level is required to signal scope for a deeper retracement. This would open 157.02, a Fibonacci retracement. For bulls, a resumption of gains would expose 164.19, the Mar 18 high and the bull trigger. Clearance of this hurdle would resume the uptrend.
UK DMO UPDATE: Gilt remit revised down GBP0.1bln, UKTB sales increase GBP5bln
- Gilt issuance now expected at GBP299.1bln (prior GBP299.2bln).
- UKTB net issuance now expected at GBP10bln (from GBP5bln prior)
UK DMO UPDATE: Remit revision expected at 7:30BST
- As we noted earlier if following prior year's precedent the DMO is likely to revise the remit at 7:30BST.
- CGNCRex is GBP7.9bln more than the OBR's forecast - so that sets the baseline for the expected upward revision.
- This could all be done through one extra short and one extra medium auction (which is our expectation) while marginally reducing those average auction sizes.
