EQUITIES: Thursday's Gains Strengthen a Bull Theme for Eurostoxx Futures
A bull cycle in Eurostoxx 50 futures remains intact and Thursday's gains strengthen a bull theme. Price is trading above the 20- and 50-day EMAs, and has cleared 5742.40, 76.4% of the Nov 13 - 21 bear leg. The breach of this price point paves the way for an extension towards 5825.00, the Nov 13 high and the bull trigger. First key support to watch lies at 5637.69, the 50-day EMA. A bull cycle in S&P E-Minis remains intact and a fresh short-term cycle high yesterday strengthens the bull theme. Note that recent gains signal the likely end of the corrective cycle between Oct 30 and Nov 21. Sights are on the key resistance and bull trigger at 6953.75, the Oct 30 high. Key support lies at 6525.00, the Nov 21 low. First support to watch is at 6823.86, the 20-day EMA.
- Japan's NIKKEI closed higher by 687.73 pts or +1.37% at 50836.55 and the TOPIX ended 66.59 pts higher or +1.98% at 3423.83.
- Elsewhere, in China the SHANGHAI closed higher by 16.028 pts or +0.41% at 3889.346 and the HANG SENG ended 446.28 pts higher or +1.75% at 25976.79.
- Across Europe, Germany's DAX trades higher by 129.74 pts or +0.53% at 24425.46, FTSE 100 higher by 30.87 pts or +0.32% at 9734.15, CAC 40 up 56.21 pts or +0.7% at 8140.49 and Euro Stoxx 50 up 31.77 pts or +0.55% at 5784.94.
- Dow Jones mini up 87 pts or +0.18% at 48834, S&P 500 mini down 13 pts or -0.19% at 6894.25, NASDAQ mini down 139.5 pts or -0.54% at 25574.5.
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FOREX: FX OPTION EXPIRY - Notable in Cable and AUD Today
Of note:
GBPUSD 1.88bn at 1.3100 (could act as Magnet).
AUDUSD 2.31bn at 0.6500/0.6525 (could act as Magnet).
EURUSD 1.09bn at 1.1500 (a bit far).
EURUSD 5.38bn 1.1575/1.1615 (thu).
USDJPY 1.13bn at 155.00 (thu).
EURUSD 1.41bn at 1.1625 (fri).
- EURUSD: 1.1500 (1.09bn), 1.1530 (668mln), 1.1550 (790mln), 1.1575 (491mln), 1.1590 (320mln), 1.1600 (400mln).
- GBPUSD: 1.3100 (1.88bn), 1.3200 (781mln).
- USDJPY: 155.00 (571mln).
- AUDUSD: 0.6500 (1.37bn), 0.6525 (939mln).
- NZDUSD: 0.5600 (538mln), 0.5625 (330mln).
GILT SYNDICATION: Books for 1.75% Sep-38 linker exceed the June launch
- Note that books were GBP61.3bln for the launch syndication of this linker in June - so we have already exceeded that with books in excess of GBP66bln with 15 mins to go.
- That resulted in a GBP5.5bln transaction size which was the top end of our expected range ahead of books opening today.
OPTIONS: Larger FX Option Pipeline
- EUR/USD: Nov13 $1.1575(E1.1bln), $1.1590(E1.5bln); Nov14 $1.1625(E1.4bln)
- USD/JPY: Nov13 Y147.00($1.6bln), Y152.96-00($1.1bln), Y155.00($1.1bln)
- AUD/USD: Nov14 $0.6750(A$2.2bln)
- USD/CAD: Nov14 C$1.4025-35($1.2bln)
