EUROSTOXX50 TECHS: (U6) Support Remains Intact For Now

• MNI CHINA MONEY MKT INDEX JUNE LQDTY OUTLOOK 51.0 VS MAY 52.0
• MNI CHINA MMI JUNE CURRENT LQDTY CONDITIONS 65.4 VS MAY 20.6
• MNI CHINA MMI ECONOMIC CONDITIONS JUNE 27.9 VS MAY 30,4

Italy's MEF has announced its issuance plans for Q3 yesterday and they are largely in line with MNI's expectations (link to MEF PDF):

• For the 2nd half of the year (Jul 1 - Dec 31), MEF estimates a gross issuance volume of medium-long term government bonds for a total amount in the area of E130-145bln (ex-NGEU/SAFE) for a net issuance of around E10-25bln. As of end-May, nominal M-T/L-T issuance for 2026 year-to-date had been around E171.5B.
• "At the end of May 2026, the rate of progress in the funding activity for the current year stood at 48%. The latter rate rises to 61% if we include the issuances made and those already announced settling in the month of June.".
• The above implies total funding for the year in the region of E350-360bln (consistent to that indicated in the prior quarterly update as well as the initial 2026 funding plan to sell E350-365bln). MNI had expected no large changes in funding needs to be announced here.

The quarter's issuance plans include the following new bonds up to 10Y:

• BTP Short-Term (Oct-28), minimum E9bln (MNI expects July)
• BTP 5-year (Feb-32), minimum E10bln (MNI expects September)
• BTP 7-year (Sep-33), minimum E10bln (MNI expects July)
• BTP 10-year (Oct-36), minimum E10bln (MNI expects July)
• MNI's expectation  had been for all of the above (from our issuance plan preview: "We think that new 7/10-year BTPs and a new BTP Short Term will be launched in Q3, with a new 5-year BTP also possible (the latter in September)."

Additionally MEF announced potential reopenings of the following (up to 10Y): 

• BTP 3-year 3.00% Sep-29 BTP
• BTP 5-year 3.15% Jun-31 BTP
• BTP 7-year 3.30% Jun-33 BTP
• BTP 10-year 3.80% Jul-36 BTP

• RES 4: 6484.00 2000 proj of the May 4 - 6 - 18 price swing   
• RES 3: 6426.00 Top of a bull channel drawn from the May 18 low 
• RES 2: 6400.00 Round number resistance
• RES 1: 6380.00 High Jun 18
• PRICE: 6276.00 @ 06:40 BST Jun 24
• SUP 1: 6192.98 20-day EMA     
• SUP 2: 6056.57 50-day EMA 
• SUP 3: 5986.00 Low Jun 11 
• SUP 4: 5844.00 Low May 20

Trend signals in EUROSTOXX 50 futures are unchanged, they remain bullish, highlighted by moving average studies that are in a bull-mode position. A key short-term resistance at 6174.00, the May 25 high, has recently been breached. This confirmed a resumption of the primary uptrend and sights are on the 6400.00 handle next. Firm support lies at 6056.57, the 50-day EMA.