EUROZONE T-BILL ISSUANCE: W/C 23 June
Jun-20 15:50
Germany, France, Austria, Greece and Italy are all due to sell bills next week. We expect issuane to be E19.2bln in first round operations, up from E18.0bln this week.
- On Monday morning, Germany will look to sell E2bln of the 3-month Sep 17, 2025 Bubill and E3bln of the 9-month Mar 18, 2026 Bubill.
- On Monday afternoon, France will look to issue up to a combined E7.7bln of 14/25/27/51-week BTFs: E2.5-2.9bln of the new 14-week Oct 1, 2025 BTF, E0.6-1.0bln of the 25-week Dec 17, 2025 BTF, E1.3-1.7bln of the 27-week Dec 31, 2025 BTF and E1.7-2.1bln of the 51-week Jun 17, 2026 BTF.
- On Tuesday morning, Austria will look to come to the market with E0.5bln of the 3-month Sep 25, 2025 ATB and E1.5bln of the 4-month Oct 30, 2025 ATB.
- On Wednesday morning, Greece will look to sell E500mln of the new 26-week Dec 29, 2025 GTB.
- Finally on Thursday morning, Italy will look to hold a BOT auction, with details to be announced on Monday evening.
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OPTIONS: Larger FX Option Pipeline
May-21 15:45
- EUR/USD: May23 $1.1145-50(E1.1bln), $1.1180-85(E1.1bln), $1.1300(E1.2bln), $1.1330-50(E1.3bln), $1.1400(E1.1bln), $1.1495-05(E1.9bln); May27 $1.1400(E1.0bln)
- USD/JPY: May23 Y143.00($1.1bln), Y144.00($1.6bln), Y145.00($2.1bln); May26 Y150.00($1.8bln)
- USD/CAD: May23 C$1.4000-15($1.3bln); May26 C$1.4000-15($1.2bln)
US STOCKS: Morning Equities Roundup: Tax/Spending Bill Underscores Deficit Cares
May-21 15:41
- Stocks are mixed midmorning Wednesday - off lows with the tech heavy Nasdaq leading a bounce off weaker levels. Trading desks had cited this morning's higher bond yields partly triggered by fiscal developments (or lack thereof) as lawmakers continue to discuss Pres Trump's tax/spending bill.
- Investor sentiment flagged amid concerns the "big beautiful" tax & spending deal will increase the deficit an estimated $3.3 trillion over 10 years, weighing on equities as well as the Greenback (Bbg US$ index -5.70 at 1217.01).
- Currently, the DJIA trades down 337.6 points (-0.79%) at 42341.1, S&P E-Minis down 16 points (-0.27%) at 5944, Nasdaq up 49.6 points (0.3%) at 19192.42.
- Information Technology and Communication Services sectors led gainers late morning, chip makers gaining with Keysight Technologies +4.16%, Advanced Micro Devices +2.09%, Intel +1.55%, Super Micro Computer +1.54% and Corning +1.25%.
- Interactive media and entertainment buoyed the Communication Services sector with Alphabet +5.23%, Netflix +1.46%, Meta Platforms +1.37% and Match Group +1.34%
- Health Care and Utility sectors underperformed in the first half, pharmaceuticals weighing on the former with Moderna -5.75%, Bio-Techne -4.54% and Charles River Laboratories -3.38%. Elsewhere, UnitedHealth Group -4.19%, Quest Diagnostics -3.47%.
- Electricity and alternative energy stocks weighed on the Utility sector: AES -4.80%, NextEra Energy -1.94%, Xcel Energy -1.90% and Eversource Energy -1.80%.
US 10YR FUTURE TECHS: (M5) Bear Threat Still Present
May-21 15:39
- RES 4: 112-20+ High May 1 and a bull trigger
- RES 3: 112-01+ High May 2
- RES 2: 111-22 High May 7 and a key near-term resistance
- RES 1: 110-24+ 50-day EMA
- PRICE: 109-26+ @ 16:33 BST May 21
- SUP 1: 109-18+ Low May 15
- SUP 2: 109-08 Low Apr 11 and key support
- SUP 3: 108-26+ 76.4% retracement of the Jan 13 - Apr 7 bull cycle
- SUP 4: 108-21 Low Feb 19
Treasury futures traded lower again Wednesday to maintain the bearish tone. The recent breach of 110-01+, 76.4% of the Apr 11 - May 1 bull leg, strengthens a bearish theme and exposes key support at 109-08, Apr 24 low and a bear trigger. Key near-term resistance is at 111-22, the May 7 high. A move above this level is required to signal a potential reversal. First resistance is at 110-24+, the 50-day EMA.
