EURIBOR: Some Decent activity in ESTR spreads
Aug-15 11:03
The standout Volumes in the Euribor Strip are in the ERH6 and the ERM7. These are related to ESTR/E...
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MNI: US MBA: MARKET COMPOSITE -10.0% SA THRU JUL 11 WK
Jul-16 11:00
- MNI: US MBA: MARKET COMPOSITE -10.0% SA THRU JUL 11 WK
OUTLOOK: Price Signal Summary - Bear Threat In Oil Futures Still Present
Jul-16 10:58
- On the commodity front, the bull cycle in Gold that started Jun 30, remains intact and the yellow metal is holding on to the bulk of its recent gains. Note that medium-term trend conditions are bullish - moving average studies are in a bull-mode position highlighting a dominant uptrend. An extension would expose $3395.1, the Jun 23 high, and $3451.3, the Jun 16 high. On the downside, the bear trigger is $3248.7, the Jun 30 low. First support to watch is 3282.8, the Jul 9 low.
- In the oil space, WTI futures maintain a bearish tone. The sharp reversal from the Jun 23 high continues to highlight scope for an extension lower and this suggests that recent gains have been corrective. Support to watch is the 50-day EMA, at $65.50. The average has been pierced, a clear break of it would expose $58.87, the May 30 low. Initial resistance to monitor is $71.20, the 50.0% retracement of the Jun 23 - 24 high-low range.
EQUITIES: Bank of America Macro Takeaways:
Jul-16 10:52
- "2Q NET INTEREST INCOME FTE $14.82B, EST. $14.84B - bbg
- 2Q NET INTEREST INCOME $14.67B, EST. $14.59B
- 2Q LOANS $1.15T, EST. $1.12T
- 2Q NET CHARGE-OFFS $1.53B, EST. $1.5B
- 2Q TRADING REVENUE EX. DVA $5.38B, EST. $4.94B"
- Markets: Record Q2 sales and trading revs, record Q2 equities sales and trading revs
- Consumer side: YTD consumer payment spend is up 4% Y/Y at $2.3tr
- Sectoral spending, they see increases in both volumes and transactions for travel & entertainment, food, retail and services (T&E, Services rising the fastest) however spending on gas declined by 6% in $ terms, on flat transaction numbers.
- Residential mortgage loans rose for the first time in 5 quarters, up to $118bln from $115bln in the prior quarter. Credit card and vehicle lending was broadly flat
