EM CEEMEA CREDIT: Sibanye Stillwater: PIC ups its stake, neutral read

Index futures point to higher cash opens across the major European & UK indices:

• Euro Stoxx 50 futures: +0.47%
• DAX futures: +0.40%
• CAC 40 futures: +0.50%
• FTSE MIB futures: +0.26%
• FTSE 100 futures: +0.17%
• SMI futures: +0.18%

• RES 4: 0.6688 High Nov 7 ‘24
• RES 3: 0.6677 0.764 proj of the Jun 23 - Jul 11 - 17 price swing
• RES 2: 0.6625 High Jul 24 and the bull trigger 
• RES 1: 0.6620 High Sep 9
• PRICE: 0.6609 @ 07:56 BST Sep 10
• SUP 1: 0.6511 20-day EMA
• SUP 2: 0.6463/6415 Low Aug 27 / Low Aug 21 / 22 and a bear trigger
• SUP 3: 0.6373 Low Jun 23 
• SUP 4: 0.6354 38.2% retracement of the Apr 9 - Jul 24 upleg

AUDUSD maintains a firmer tone and the pair is holding on to its latest gains. The current bull cycle confirms the end of a corrective phase that started on Jul 24. Attention is on the key resistance and the bull trigger at 0.6625, the Jul 24 high. A breach of this level would resume the uptrend and open 0.6677, a Fibonacci projection. Support to watch is 0.6415, the Aug 21 / 22 low. A clear break of it would instead highlight a stronger reversal.

A pretty flat start for GBP STIRs, with ongoing domestic focus on the run into the late November Budget as PM Starmer reportedly assembles a “Budget Board” focused on pro-growth policies, while Chancellor Reeves has reportedly limited Cabinet colleague access to the Treasury’s emergency funds ahead of the Budget.

• BoE-dated OIS shows ~10bp of easing through year-end after printing below 8bp in recent sessions.
• SONIA futures -0.5 to +0.5.
• Little of note on the UK calendar until Friday’s monthly economic activity data.
• That will leave wider macro and developments at the fore today, with U.S. PPI data providing the key scheduled risk event.