EM CEEMEA CREDIT: Turkish Airlines: 3Q 25 Results - Headlines

Major EGB futures are operating close to session highs, with OATs (+35 ticks) modestly outperforming Bunds (+28 ticks) and BTPs (+31 ticks). There was an uptick in FI futures volumes around the European cash equity open, but we haven’t seen an obvious headline driver for the early extension higher.

• The bid may reflect optimism around outgoing French PM Lecornu’s last ditch talks with the Socialists this morning. Lecornu will deliver an address at 0830BST/0930CET ahead of these talks.
• Lecornu has expressed a little more willingness to work with the Left overnight/this morning.
• This comes after Education Minister Borne suggested she was open to the suspension of pension reform as a concession to the Socialists “if it is the condition for the stability of the country”.
• An agreement with the Socialists, which would help pave the way towards a 2026 budget agreement, would decrease immediate-term political uncertainty in France.
• However, it may only be a short-term solution. Such a move would face intense opposition from the right, and a suspension of pension reform would keep French public finances on a damaging trajectory. 

Paul Fisher, former BOE Executive Director Markets, talks to MNI about repo strategy and reserve remuneration -- on MNI Policy MainWire now, for more details please contact sales@marketnews.com.

• RES 4: $49.804 - All-time high Apr 2011 and major resistance  
• RES 3: $49.444 - 3.236 proj of the Sep 4 - 16 - 17 price swing
• RES 2: $49.000 - Round number resistance 
• RES 1: $48.939 - Intraday high     
• PRICE: $48.674 @ 08:19 BST Oct 8
• SUP 1: $45.056 - 20-day EMA 
• SUP 2: $42.106 - 50-day EMA
• SUP 3: $40.404 - Low Sep 4   
• SUP 4: $38.087 - Low Aug 27

Trend signals in Silver remain bullish. The metal has traded to a fresh cycle this week, as the bull cycle extends. Note that moving average studies are in a bull-mode position too, reinforcing current conditions. Sights are on the $49.00 handle next. Clearance of this level would pave the way for a climb towards $49.444, a 3.236 projection of the Sep 4 - 16 - 17 price swing. Initial firm support to watch lies at $45.056, the 20-day EMA.