NATGAS: Putin Says No Time Left for Ukraine Transit Deal
Russian President Vladimir Putin said on Thursday there was no time left this year to sign a new Ukrainian gas transit deal and said the blame laid with Ukraine for refusing to extend the agreement.
- "They announced that they would not renew the contract," Putin said, "There is no contract and it is impossible to conclude it in 3-4 days," he added.
- The current deal finishes at the end of the year.
- Putin also reiterated Russia was ready to supply gas to Europe via Poland through the Yamal - Europe pipeline.
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ECB: Schnabel Firms Language, Sees "Limited" Room for Rate Cuts
ECB's Schnabel sees only limited room for further rate cuts, adding that the ECB shouldn't go "accommodative" on interest rates, according to a Bloomberg interview, in what represents a firmer tone on policy ahead from the executive board member.
EUR/USD presses to new daily highs on the back of the Schnabel comments - she had previously been quoted as saying the ECB "mustn't rush further rate cuts" and used the word "gradual" to describe the approach to removing restrictive policy. Today's comments look to have upped the ante on that rhetoric - specifically the phrase "limited room" for further rate cuts.
- EUR/USD looks to yesterday's highs of 1.0545 for first intraday resistance. Clearance here puts pair at best level since Nov21.
GILT TECHS: (H5) Short-Term Bull Cycle Is Intact
- RES 4: 96.33 2.236 proj of the Nov 18 - 19 - 20 price swing
- RES 3: 96.03 2.000 proj of the Nov 18 - 19 - 20 price swing
- RES 2: 95.73 1.764 proj of the Nov 18 - 19 - 20 price swing
- RES 1: 95.57 Intraday high
- PRICE: 94.47 @ 08:14 GMT Nov 27
- SUP 1: 94.66 Low Nov 25
- SUP 2: 93.96 Low Nov 22
- SUP 3: 93.40 Low Nov 18 and a key short-term support
- SUP 4: 93.00 Round number support
The trend condition in Gilt futures remains bearish, however, a corrective cycle is in play and this week’s climb reinforces current bullish conditions. A continuation higher would pave the way for a climb towards 95.73 next, a Fibonacci projection. On the downside, a reversal lower would refocus attention on the initial key support at 93.40, the Nov 18 low. A breach of this support would be a bearish development.
CROSS ASSET: French Banks and Bank stocks are under early pressure
- Bund has cleared the initial resistance seen at 134.25 initially, although has lacked some momentum traction, and only managed a 134.33 high in early trade.
- French Fiscal and Political concerns has been a driver since Yesterday afternoon, and this has been the cause of the continued big widening in the French/German 10yr spread as well as French and EU Bank stocks coming under decent early pressure.
- Bank index extends lower and trades at its lowest level since mid August, next support is seen at 135.27 (61.8% retrace of the Aug/Nov range).
For Bund, reference 134.24:
- 2.100% = 134.68.
- 2.085% = 134.83.
(Chart source: MNI/Bloomberg):
