EM CEEMEA CREDIT: QIBKQD: FY #s total income +9.4% YoY
"*QATAR ISLAMIC BANK FY TOTAL INCOME 11.75B RIYALS, +9.4% Y/Y" - BBG
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STIR: OI Points To Notable Swings In SFRZ4 & Z5 Positioning On Friday
OI points to sizeable long cover in SFRZ4 futures ahead of the weekend.
- Elsewhere, net exposure in SFRZ5 was added to, although that was seemingly owing to a 40K flattener block in the SFRH5/Z5 spread.
- Net long cover was slightly more prominent in the greens and blues.
| 13-Dec-24 | 12-Dec-24 | Daily OI Change |
| Daily OI Change In Packs |
SFRU4 | 1,217,337 | 1,217,514 | -177 | Whites | -164,389 |
SFRZ4 | 1,267,808 | 1,429,507 | -161,699 | Reds | +44,917 |
SFRH5 | 1,104,853 | 1,106,435 | -1,582 | Greens | -10,602 |
SFRM5 | 1,007,978 | 1,008,909 | -931 | Blues | -10,282 |
SFRU5 | 813,478 | 813,614 | -136 |
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SFRZ5 | 1,021,823 | 972,814 | +49,009 |
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SFRH6 | 575,305 | 578,929 | -3,624 |
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SFRM6 | 632,625 | 632,957 | -332 |
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SFRU6 | 626,919 | 631,756 | -4,837 |
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SFRZ6 | 714,743 | 711,610 | +3,133 |
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SFRH7 | 413,152 | 419,111 | -5,959 |
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SFRM7 | 362,361 | 365,300 | -2,939 |
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SFRU7 | 275,563 | 277,053 | -1,490 |
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SFRZ7 | 282,890 | 291,169 | -8,279 |
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SFRH8 | 204,922 | 204,602 | +320 |
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SFRM8 | 156,598 | 157,431 | -833 |
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US TSYS: Minor Paring Of Last Week’s Slide
- Treasuries have modestly lifted from Friday’s recent lows after a sustained sell-off through last week. The PBOC vowing to forcefully expand domestic demand has had no sign of hawkish spillover owing to similar commentary from last week’s readout.
- Cash yields are 1.5-2.8bp lower across the curve, with declines led by 3s in recent trade as WTI futures pare Friday gains.
- Putting today’s rally into perspective, 10Y yields are 2.4bp lower on the day at 4.373% after last week climbing from ~4.15% to peak at 4.405% on Friday.
- TYH5 at 110-00+ (+ 04+) has slowly lifted away from Friday’s low of 109-26, on somewhat low volumes of 265k. That 109-26 marks initial support after which lies 109-22 (Fibo retrace of Nov 15-Dec 6 up-leg), clearance of which would firm the recent resumption of a bearish trend, whilst resistance is seen at 110-22 (20-day EMA).
- Today’s focus is on flash US PMIs before retail sales tomorrow and then on course the FOMC decision on Wednesday.
- Data: Empire mfg Dec (0830ET), S&P Global US mfg/serv/comp PMI, Dec prelim (0945ET)
- Bill issuance: US Tsy $81B 13W, $72B 26W bill auctions (1130ET)
OPTIONS: Sizeable EUR Strike Defines Monday Pipeline
Sizeable options interest at today's cut could help define G10 FX price action into 10am NY time (1500GMT), with the most notable strikes including €2.2bln at 1.0500 in EUR/USD, €2.4bln at 1.0540-50 and the biggest of the day (and almost certainly the entirety of 2024): €6.6bln at 1.0600.
- That last option is composed of 59 different options, €3.0bln of which are put notional, €3.6bln of which are calls - likely made up of year-end edges that looked to steer clear of the Fed meeting on Wednesday and avoid thinner markets toward the end of the week.
- Other notable optionality interest lies lower with $950mln at Y152.45 in USD/JPY and $741mln at Y153.00. AUD/USD eyes A$886mln at $0.6350, while GBP/USD sees £475mln rolling off at 1.2625.
