CHINA-EU: Sefcovic Claims Progress On Rare Earth Export Controls, But No Details
(MNI) London - European Trade Commissioner Maros Sefcovic posts on X: "A constructive call with [China's Commerce] Minister Wang Wentao on export controls to support EU industry's access to rare earths. My top priority: a general licensing scheme, key for stability and predictability. We're advancing well and working around the clock for a positive result." The two held a call on 26 Nov, with a readout from the Chinese Ministry of Commerce only briefly mentioning that export controls were discussed.
- Instead, the statement focused almost solely on the issues surrounding the Chinese-owned, Netherlands-based chip manufacturer Nexperia. The statement claims "the root cause and responsibility for the current chaos in the global semiconductor supply chain regarding the Nexperia issue lies with the Netherlands", and that "the Netherlands' inappropriate administrative and judicial interference in companies remains, and the global semiconductor supply chain has not yet returned to normal..." Last week, the Dutch gov't stepped back from its intervention to seek talks with Beijing.
- The call came on the same day that European Industry Commissioner Stephane Sejourne addressed MEPs in Strasbourg, calling for the Union to “redouble its efforts” in reducing reliance on China for both mining and refining critical minerals.
- Sejourne went on to talk of some of the Commission's “RESourceEU” plan (to be announced 3 Dec). As Euractiv notes, "The plan, closely modelled on Japan’s own economic security strategy, will see the EU create a “European Centre for Critical Raw Materials” that will function as an EU supply “hub” for the metals,"
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US 10YR FUTURE TECHS: (Z5) Trend Structure Remains Bullish
- RES 4: 115-00+ High Oct 1 ‘24 (cont)
- RES 3: 114-21+ 1.00 proi of the Aug 18 - Sep 11 - 25 price swing
- RES 2: 114-10 High Apr 7 (cont) and a key resistance
- RES 1: 113-24/114-02 High Oct 24 / 17 and the bull trigger
- PRICE: 113-16 @ 10:52 GMT Oct 25
- SUP 1: 113-04 Low Oct 27
- SUP 2: 112-26 50-day EMA
- SUP 3: 112-16+ Low Oct 10
- SUP 4: 112-06 Low Sep 25 and a reversal trigger
A bullish structure in Treasuries is intact and recent weakness appears corrective. Moving average studies are in a bull-mode position, highlighting a dominant uptrend. A resumption of gains would refocus attention on 114-02, the Oct 24 high and a bull trigger. A breach of this hurdle would confirm a resumption of the medium-term uptrend, and open 114-10, the Apr 7 high (cont). Support to watch is 112-26, the 50-day EMA.
EGB SYNDICATION: New 12-Year SlovGB: Revised Guidance
- EUR Benchmark (MNI expects E1.5-E2.5bln) of the new 12-year Nov-37 SlovGB
- Revised guidance: MS+100 Area (guidance was MS+105 Area)
- Books in excess of E3.1bln
- Coupon: Annual, act/act ICMA
- Format: Reg S CAT1, bearer
- Settlement: Nov. 4, 2025 (t+5)
- ISIN: SK4000028304
- Bookrunners: Citi, CSOB, DB (B&D), JPM
- Timing: May price today
Per Bloomberg / DJ, with MNI color
OUTLOOK: Price Signal Summary - S&P E-Minis Bull Cycle Extends
- In the equity space, the trend condition in S&P E-Minis remains bullish and the contract traded higher Monday, as it started the week on a bullish note. The fresh cycle high confirms a resumption of the primary uptrend and maintains the bullish price sequence of higher highs and higher lows. The 6900.00 handle has been cleared, opening 6953.25 next, a 2.000 projection of the Aug 1 - 15 - 20 price swing. Initial firm support to watch lies at 6748.48, the 20-day EMA.
- The trend structure in EUROSTOXX 50 futures is bullish. Monday’s fresh cycle high reinforces a bull theme and maintains the rising price sequence of higher highs and higher lows. Note too that moving average studies are in a bull-mode position, highlighting a dominant medium-term uptrend. Sights are on 5727.18, a 1.236 projection of the Aug 1 - 22 - Sep 2 price swing. First support lies at 5625.31, the 20-day EMA.
