US NATGAS: Shell Nears US License to Export Gas to Trinidad: Bloomberg

• RES 4: 0.8769 High Jul 28 and the bull trigger   
• RES 3: 0.8744 High Aug 7 
• RES 2: 0.8728 76.4% retracement of the Jul 28 - Aug 14 bear leg
• RES 1: 0.8713 High Sep 2  
• PRICE: 0.8676 @ 16:04 BST Sep 8
• SUP 1: 0.8633/8597 50-day EMA / Low Aug 14 and the bear trigger
• SUP 2: 0.8562 50.0% retracement May 29 - Jul 28 upleg 
• SUP 3: 0.8540 Low Jun 30 
• SUP 4: 0.8514 61.8% retracement May 29 - Jul 28 upleg

EURGBP is trading closer to its recent highs. The cross has recently breached resistance at 0.8674, the Aug 25 and 29 high. The break signals a stronger reversal and suggests scope for climb towards 0.8744, the Aug 7 high. Key resistance and the bull trigger is at 0.8769, the Jul 28 high. Key support to watch lies at 0.8597, the Aug 14 low. Clearance of this level would reinstate the recent bearish threat.

At least $22B corporate debt to issue today, still waiting for potentially large supply from Bank of Nova Scotia, Hewlett Packard and Capital One.

• Date $MM Issuer (Priced *, Launch #)
• 09/08 $4B #Wells Fargo $1.5B 4NC3 +62, $750M 4NC3 SOFR+88, $1.75B 11NC10 +85
• 09/08 $3B #Elevance $750M 3Y +55, $750M 7Y +85, $1B +10Y +100, $500M 30Y +105
• 09/08 $2.25B #Uber $1B +5Y +60, $1.25B 10Y +80
• 09/08 $2.05B NCL Corp $1.025B each: 5.25NC2, 8NC3
• 09/08 $2B #PIF 10Y +95
• 09/08 $2B #Home Depot $500M 3Y +30, $500M 5Y +45, $1B 10Y +63
• 09/08 $1.75B #Duke Energy $1B 10Y +95, $750M 30Y +103
• 09/08 $1.1B #Ares Strategic $600M +3Y +160, $500M +5Y +185
• 09/08 $1.1B #Equitable America $300M 2Y +50, $300M 2Y SOFR+71, $500M 7Y +93
• 09/08 $750M #Danske Bank 6NC5 +85
• 09/08 $750M #Westpac NZ 5Y +65
• 09/08 $500M #Puget Sound Energy WNG 30Y +88
• 09/08 $500M Millrose Properties 7NC3 65
• 09/08 $500M Antero Midstream 8NC3
• 09/08 $Benchmark Bank of Nova Scotia 3NC2 +55, 3NC2 SOFR+76, 6NC5 +77
• 09/08 $Benchmark Hewlett Packard 2Y +58, 3Y +70, 3Y SOFR, 5Y +85
• 09/08 $Benchmark Capital One 6NC5 +92, 11NC10 +115
• 09/08 $Benchmark Virginia Electric 10 +87, 30Y +92

EGBs and Gilts resumed the rally that began late last week, with bull flattening seen across curves Monday.

• Core instruments got off to a steady start, largely looking through weekend Japanese political headlines (JGB curve twist steepened overnight after LDP leader Ishiba resigned).
• But the recent rally (helped by Friday's weak US employment data) soon resumed, with limited data / macro headlines to get in the way. 10Y Gilt yields fell to the lowest since Aug 14; Bund Aug 8.
• After the cash close, French PM Bayrou lost a confidence vote in parliament that triggered his resignation, with President Macron now set to name his replacement within days.
• This chain of events was entirely expected and there was no discernable reaction in OAT futures, indeed French spreads tightened on the day.
• In data, German industrial production was slightly stronger than expected.
• Gilts slightly outperformed Bunds on the day, with both curves bull flattening. Periphery/semi-core EGB spreads tightened, with OATs among the outperformers.
• We get some 2nd tier data Tuesday (including arious national-level Eurozone industrial production figures), with the week's European focus being Thursday's ECB decision - MNI's preview will be published Tuesday.

Closing Yields / 10-Yr EGB Spreads To Germany

• Germany: The 2-Yr yield is down 0.3bps at 1.926%, 5-Yr is down 1bps at 2.209%, 10-Yr is down 2bps at 2.642%, and 30-Yr is down 3.3bps at 3.264%.
• UK: The 2-Yr yield is down 0.7bps at 3.903%, 5-Yr is down 2.5bps at 4.023%, 10-Yr is down 4.1bps at 4.605%, and 30-Yr is down 4.5bps at 5.459%.
• Italian BTP spread down 1.3bps at 82.9bps / French OAT spread down 2bps at 76.6bps