EU REAL ESTATE: REAL ESTATE: Real Estate: Week in Review
Apr-12 12:02
- Spreads continue to generally rally, benefitting from the wider credit rally and diverging somewhat from equity. Performance was mixed but generally tighter.
- CITCON and CPIPGR were the laggards while ARNDTN, BPPEHX and HEIBOS were among the best performers.
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EGB OPTIONS: Bund call spread buyer
Mar-13 11:52
RXJ4 134/135cs, bought for 15 in 3k.
STIR: OI Points To Mix Of Net Long Setting & Short Cover In SONIA Futures Post-Labour Market Data
Mar-13 11:46
SONIA futures were unchanged to a little higher come Tuesday’s settlement, with signs of continued softening of the UK labour market allowing the strip to outperform global peers.
- U.S. CPI data helped contracts away from session highs.
- Net long setting seemed to dominate in the whites, greens and blues, with pockets of limited net short cover seen.
- Net short cover dominated in the reds, with SFIM5 breaking the trend, seemingly seeing net long setting.
| 12-Mar-24 | 11-Mar-24 | Daily OI Change | Daily OI Change In Packs | ||
| SFIZ3 | 189,760 | 190,001 | -241 | Whites | +9,764 |
| SFIH4 | 199,359 | 192,215 | +7,144 | Reds | -10,850 |
| SFIM4 | 262,413 | 262,388 | +25 | Greens | +2,459 |
| SFIU4 | 210,416 | 207,580 | +2,836 | Blues | +2,375 |
| SFIZ4 | 292,810 | 298,674 | -5,864 | ||
| SFIH5 | 177,896 | 184,995 | -7,099 | ||
| SFIM5 | 154,324 | 149,984 | +4,340 | ||
| SFIU5 | 117,636 | 119,863 | -2,227 | ||
| SFIZ5 | 155,428 | 156,275 | -847 | ||
| SFIH6 | 105,161 | 104,744 | +417 | ||
| SFIM6 | 67,483 | 65,811 | +1,672 | ||
| SFIU6 | 49,093 | 47,876 | +1,217 | ||
| SFIZ6 | 53,490 | 53,844 | -354 | ||
| SFIH7 | 40,153 | 38,804 | +1,349 | ||
| SFIM7 | 30,458 | 28,725 | +1,733 | ||
| SFIU7 | 21,131 | 21,484 | -353 |
OUTLOOK: Price Signal Summary - Uptrend In Bunds Remains Intact
Mar-13 11:40
- In the FI space, Bund futures remain in a short-term uptrend and the latest pullback is considered corrective. The recent breach of the 50-day EMA signals scope for an extension and opens 134.18 next the Feb 15 high. Note that the break higher last week also resulted in a bear channel breakout - drawn from the Dec 27 high. Clearance of 134.18 would open 134.78, 50.0% of the Dec 27 - Feb 29 bear cycle. First support is 132.36, the Mar 5 low.
- Gilt futures remain in a bull-mode set-up. The contract traded higher last week, extending the recovery from the Feb 29 low. Resistance at 98.53, Feb 26 high, has recently been cleared. The break signals scope for a continuation higher near-term with sights on 100.50 next, a 1.618 projection of the Feb 29 - Mar 1 - 4 price swing. Initial support is 98.33, Mar 5 low. Today’s pullback is considered corrective.
