EU CREDIT SUPPLY: UBS € B'mark 5NC4 ; 11NC10 Sr Bail-in - Books

2 block trades lodged in recent trade:

• 0QH6 96.375/96.25/96.125 put fly 6K blocked in total at 0.5 vs. 96.895 (5% delta), CME email points to a buyer of the wings.

Short-term gains in WTI futures appear corrective - for now. Note that moving average studies are in a bear-mode position, highlighting a dominant downtrend. A resumption of the bear leg would open the key support and the bear trigger at $55.99, the Oct 20 low. Clearance of this level would resume the downtrend. Key short-term resistance to watch is $61.84, the Oct 24 high. A clear break of this hurdle would signal scope for a stronger correction. The trend needle in Gold continues to point north. The bear phase between Oct 20 and 28 appears to have been a correction and note that the recovery since Oct 28 signals the end of that corrective cycle. Key support to watch lies at the 50-day EMA, at $4031.1. Clearance of this EMA would signal scope for a deeper retracement. Sights are on key resistance and the bull trigger at $4381.5, the Oct 20 high.

• WTI Crude down $0.4 or -0.67% at $59.67
• Natural Gas down $0.2 or -3.8% at $5.087
• Gold spot up $11.02 or +0.26% at $4208.61
• Copper down $0.65 or -0.12% at $545.5
• Silver up $0.09 or +0.15% at $58.4193
• Platinum up $15.99 or +0.97% at $1659.2

A bull cycle in Eurostoxx 50 futures remains intact. Price has recently cleared the 20- and 50-day EMAs, signalling scope for a stronger recovery. Sights are on 5742.40 next (pierced), the 76.4% retracement of the Nov 13 - 21 bear leg. Clearance of this price point would pave the way for an extension towards 5825.00, the Nov 13 high and a key resistance. First key support lies at 5621.75, the 50-day EMA. A bullish theme in S&P E-Minis is intact. Price remains above the 20- and 50- day EMAs. Note that recent gains signal the likely end of the corrective cycle between Oct 30 and Nov 21. A continuation higher would highlight potential for a move towards 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 is at 6797.09, the 20-day EMA.

• Japan's NIKKEI closed higher by 90.07 pts or +0.18% at 50581.94 and the TOPIX ended 21.75 pts higher or +0.65% at 3384.31.
• Elsewhere, in China the SHANGHAI closed higher by 21.27 pts or +0.55% at 3924.078 and the HANG SENG ended 319.72 pts lower or -1.23% at 25765.36.
• Across Europe, Germany's DAX trades higher by 47.21 pts or +0.2% at 24074.68, FTSE 100 higher by 1.69 pts or +0.02% at 9668.82, CAC 40 down 13.07 pts or -0.16% at 8101.67 and Euro Stoxx 50 up 3.01 pts or +0.05% at 5726.94.
• Dow Jones mini down 0 pts or 0% at 48001, S&P 500 mini up 7 pts or +0.1% at 6885.25, NASDAQ mini up 41.75 pts or +0.16% at 25774.