EU: VdL-New Reality Of Higher Public Debt; Ideas For Changing Fiscal Rule In Oct
Sep-14 07:41
Commission President Ursula von der Leyen states that EU member states must come to terms with much higher public debt as a long-term issue, with revised EU fiscal rules taking this into account.
- VdL: 'We have to acknowledge a new reality of higher public debt'.
- VdL: 'We need fiscal rules that allow for strategic investment, while safeguarding fiscal stability'.
- VdL: 'EU gov'ts should have more flexibility on their debt reduction paths...fiscal rules should be simpler'
- VdL: 'EU countries should be more accountable on how they deliver on agreed fiscal rules....Commission will publish ideas for changes to EU fiscal rules in October.'
- VdL: SME relief package-single set of tax rules for doing business in the EU.
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EQUITIES: Futures push cash lower
Aug-15 07:25
- Equities drift lower, more so in futures, Estoxx (VGU2) is back to flat on the session.
- Stoxx600 is still in the green, but getting slowly dragged by futures. Early winners: Health care, Food beverage.
- Early losers: Basic resources, Insurance.
BUNDS: Italy versus Germany 10s
Aug-15 07:18
- BTP future sees a small outperformance versus Germany in early trade, now 2bps wider.
- Plenty of questions on Friday regarding the BTP underperformance, and although nothing was too obvious, desks noted cash sellers interest, this combined with block seller in future.
- Political risk was likely one of the possible driver, but the lack of liquidity is exacerbating moves.
- BTP/Bund spread has so far found support just ahead of 203.57bps, now at 206.2bps.
USDCAD TECHS: Monitoring The 200-DMA
Aug-15 07:06
- RES 4: 1.3224 High Jul 14 and key resistance
- RES 3: 1.3135 High Jul 15
- RES 2: 1.3014/38 3.0% Upper Bollinger Band / High Jul 18
- RES 1: 1.2855/2985 20-day EMA / High Aug 5
- PRICE: 1.2806 @ 08:05 BST Aug 15
- SUP 1: 1.2745 200-dma
- SUP 2: 1.2728 Low Aug 11
- SUP 3: 1.2685 76.4% retracement of the Jun 8 - Jul 14 upleg
- SUP 4: 1.2587 2.0% 10-dma envelope
USDCAD traded lower last week and breached support at 1.2767, the Aug 1 low. This confirmed an extension of the current bear leg. Attention is on 1.2745, the 200-dma. The average has been pierced, a clear break would strengthen bearish conditions and open 1.2685, a Fibonacci retracement. On the upside, a breach of 1.2985, the Aug 5 high is required to reinstate a bullish theme.
