EU TECHNOLOGY: TECHNOLOGY: Italian Media Reports On Interest In Nexi’s Interbank Network
NEXIIM Ba1/BB+[P]/BB+
Seems to be a sub-component of the DBS division which was previously speculated on as an acquisition target though the last reporting on this was around a year ago. No deal size given.
- Corriere della Serra reports that Italian state lender CDP (14.5% owner of Nexi) is considering the acquisition of Nexi's National Interbank Network (RNI), seen as strategic financial infrastructure for interbank connectivity. RNI is a component of the network services unit of the Digital Banking Solutions division which also provides ATM management, clearing and digital corporate banking.
- Nexi was reported to have been in talks with F2i on the sale of the Digital Banking Solutions division for EUR 800mn this time last year but did not reach an agreement. In 2023 the division generated EUR 383mn in operating revenue and EUR 151mn in EBITDA compared to group figures of EUR 3.3bn and EUR 1.7bn. Group net financial debt was EUR 5.2bn as of 9M24 with 2.8x EBITDA leverage.
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AUDUSD TECHS: Bear Cycle Extension
- RES 4: 0.6942 High Sep 30 and the bull trigger
- RES 3: 0.6852/6889 High Oct 4 / 3
- RES 2: 0.6762 High Oct 9
- RES 1: 0.6697/6718 20- and 50-day EMA
- PRICE: 0.6568 @ 07:31 GMT Oct 29
- SUP 1: 0.6561 Intraday low
- SUP 2: 0.6508 Low Aug 8
- SUP 3: 0.6490 76.4% retracement of the Aug 5 - Sep 30 bull leg
- SUP 4: 0.6472 Low Aug 6
A bear cycle in AUDUSD remains intact and the pair continues to weaken. Fresh cycle lows reinforce the current condition. A key support at 0.6622, the Sep 11 low, has been breached. This has strengthened a bearish theme and note too that the pair has also pierced 0.6576, 61.8% of the Aug 5 - Sep 30 bull leg. A clear breach of this price point would open 0.6490, the 76.4% retracement. Initial firm resistance to watch is 0.6718, the 50-day EMA.
USD: USDSEK extends gains
- The Dollar saw a pretty much flat session overnight, beside the Yen being up 0.24% at one end, and the Aussie down 0.20%, the rest of the G10 Currencies were mostly flat against the Greenback.
- Since the EU Cash Govie open, and as Europe joins the session, the picture is pretty unchanged, the Yen is up 0.14%, and the AUD down 0.20%, with no real impact from the underpinned Bond futures, nor the uptick in Risk.
- The early mover is the SEK following the GDP miss, and although the SEK is just showing 0.05% down in early trade, the SEK has now lost 6.15% from the late September low versus the Dollar, and now targets next resistance seen at 10.6850.
STIR: Euribor Futures Slightly Firmer, de Guindos Adds Little New Overnight
Euribor futures drifted slightly higher alongside core FI after yesterday’s settlement, currently flat to +1.5 ticks through the blues. Today’s regional calendar is limited, with focus on tomorrow’s flash Q3 GDP data and the start of the October flash inflation round.
- ECB-dated OIS remain within recent ranges, with 35bps of easing priced through December and 127bps of cuts priced through June 2025 (i.e. consistent with at least 25bp cuts at each of the next 5 ECB meetings).
- Yesterday evening, ECB Vice President de Guindos struck a balanced tone. He referenced two-way risks to inflation and re-iterated the ECB’s view that growth risks are “elevated and tilted to the downside”.
- MNI’s Eurozone inflation preview will be released this morning.
| Meeting Date | ESTR ECB-Dated OIS (%) | Difference Vs. Current Cut Adjusted Effective ESTR Rate (bp) |
| Dec-24 | 2.811 | -35.3 |
| Jan-25 | 2.483 | -68.2 |
| Mar-25 | 2.213 | -95.1 |
| Apr-25 | 2.060 | -110.4 |
| Jun-25 | 1.897 | -126.7 |
| Jul-25 | 1.821 | -134.4 |
| Sep-25 | 1.765 | -140.0 |
| Oct-25 | 1.753 | -141.1 |
| Source: MNI/Bloomberg. | ||
