BTP TECHS: (U6) Bear Threat Still Present
* RES 4: 119.78 High Jun 30 and the bull trigger * RES 3: 118.77 76.4% retracement of the Jun 30 - J...
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EQUITIES: EU Cash Opening Calls
Estox 50: +1.13%, Dax: +1.29%, CAC: +0.93%, FTSE +0.92%, SMI +0.72%.
EGB OPTIONS: Bobl Call Spread
OEU6 114.75/115.25cs, bought for 8 in 1.5k.
SWEDEN: Lending Growth Picks Up In June
Household loan growth ticked up to 3.2% Y/Y in June (vs 3.1% in May, 3.0% April), now at its fastest annual rate since 2023. The average interest rate on new floating rate mortgages was 2.75% in June, after 2.78% in May, 2.81% in April and 2.65% in March.
The growth rate of loans to non-financial corporations was a solid 3.9% Y/Y (vs 3.3% in May, 3.1% in April), the fastest since August 2023.
In both series, loan growth doesn’t look to have been meaningfully disturbed by the US-Iran war. The chart below highlights that mortgage rates remain comfortably below 2022-2024 rates.
