EU FINANCIALS: UniCredit - BPM Bid Headlines
May-30 09:54
- Headlines hitting the tape indicate the Italian government has sent a letter to UniCredit that maintains its Golden Power conditions are legitimate.
- Ther had been rumours that the Italian government may review the conditions, but with this letter they appear to be standing firm.
- This seems to us separate from the current legal challenge to those conditions - https://mni.marketnews.com/4m4LtBB
- UniCredit recently commented that the legal challenge timeline may cause the current tender to expire.
"*ITALY PRESCRIPTIONS ON UNICREDIT'S BPM BID 'LEGITIMATE'" - bbg
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OPTIONS: Expiries for Apr30 NY cut 1000ET (Source DTCC)
Apr-30 09:53
- EUR/USD: $1.1375-95(E2.7bln), $1.1425(E500mln)
- USD/JPY: Y140.50($1.9bln), Y142.00($1.8bln), Y144.40-50($959mln), Y145.00($1.5bln), Y148.50($716mln)
- AUD/USD: $0.6115(A$1.1bln), $0.6250(A$702mln)
- NZD/USD: $0.5950(N$521mln)
JPY: Downside continuation for the Yen
Apr-30 09:50
- The Yen is still pushing lower, it's been a one way gradual move since Europe joined the session, and given the lack of movements in Risk or US Yield, the only notable Data point was the weaker Japanese IP and Retail Sales, although the Yen move was quite limited on the release.
- USD, EUR, GBP are testing new intraday highs, within G10, the Aussie is still the best performer against the Yen (and the USD), on the back of the Higher Inflation print Overnight.
OUTLOOK: Price Signal Summary - Monitoring S&P E-Minis Resistance
Apr-30 09:48
- In the equity space, a corrective bull cycle in S&P E-Minis that started on Apr 7, remains in play. The contract has breached a number of important short-term resistance points. Price has cleared the 20-day EMA and pierced 5528.75, the Apr 10 high. The next key resistance is 5618.25, the 50-day EMA. A clear breach of this EMA would strengthen a bull theme. Initial key support lies at 5127.25, the Apr 21 low. A break would be bearish. First support lies at 5355.25, the Apr 24 low.
- EUROSTOXX 50 futures maintain a positive tone and are holding on to their recent gains. The contract has cleared the 20-day EMA and pierced the 50-day EMA, at 5102.56. A clear break of this average would strengthen the current bull cycle and signal scope for a continuation of the corrective uptrend. This would open 5165.00 next, the Apr 3 high. Support to watch lies at 4812.00, the Apr 16 low. Clearance of this level would highlight a reversal. First support lies at 4959.00, the Apr 23 low.
