EUROZONE T-BILL ISSUANCE: W/C 5 January
Jan-02 16:59
Germany, France, Belgium, the ESM, Greece, Portugal, Finland, the EU and Italy are due to sell bills next week. We expect issuance to be E30.0bln in first round operations.
- On Monday morning, Germany will look to sell E2.0bln of the 3-month Apr 15, 2026 Bubill and E2.0bln of the 9-month Oct 14, 2026 Bubill.
- On Monday afternoon, France will look to come to the market with up to a combined E7.4bln of 14/25/51-week BTFs: E3.1-3.5bln of the new 14-week Apr 15, 2026 BTF, E1.5-1.9bln of the 25-week Jul 1, 2026 BTF and E1.6-2.0bln of the 51-week Dec 30, 2026 BTF.
- On Tuesday morning, Belgium will look to issue a combined E2.8-3.2bln of 3/6/11-month TCs: An indicative E1.0bln of the Apr 9, 2026 TC, an indicative E1.0bln of the Jul 9, 2026 TC and an indicative E1.0bln of the Dec 10, 2026 TC.
- Also on Tuesday, the ESM will look to sell up to E1.1bln of the new 3-month Apr 9, 2026 bills.
- On Wednesday morning, Greece will look to come to the market with E400mln of the new 13-week Apr 14, 2026 GTB.
- Also on Wednesday morning, Portugal will look to issue E1.00-1.25bln of the new 10-month Nov 20, 2026 BT.
- On Wednesday, Finland will look to sell up to a combined E2bln of the 7-month Aug 13, 2026 RFTB and the new 10-month Nov 13, 2026 RFTB.
- Also on Wednesday, the EU will look to come to the market with up to E1.0bln of the 3-month Apr 10, 2026 EU-bill, up to E1.0bln of the 6-month Jul 3, 2026 EU-bill and up to E1.5bln of the new 12-month Jan 8, 2027 EU-bill.
- Finally on Friday, Italy will hold a BOT auction, with details to be announced on Wednesday.
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US 10YR FUTURE TECHS: (H6) Maintains A Softer Tone
Dec-03 16:53
- RES 4: 114-00 Round number resistance
- RES 3: 113-29+ High Oct 17 and a key resistance
- RES 2: 113-23 High Oct 23
- RES 1: 113-11/22+ High Dec 1 / High Nov 25
- PRICE: 113-00 @ 16:52 GMT Dec 3
- SUP 1: 112-22 Low Dec 02
- SUP 2: 112-10+ Low Nov 20
- SUP 3: 112-07 Low Nov 5 and a key support
- SUP 4: 112-02+ Low Sep 25
Treasuries maintain a softer tone following the sharp sell-off Monday. Price has pierced support around the 50-day EMA, at 112-27. A clear breach of this average would undermine a recent bull theme and signal scope for a deeper retracement. This would open 112-07, the Nov 5 high and a bear trigger. A reversal higher is required to once again refocus attention on the key resistance and bull trigger at 113-29+, the Oct 17 high.
US STOCKS: Equities Roundup: AI Heads Shake Markets, Ongoing Valuation Concerns
Dec-03 16:40
- Stocks trade steady to mixed Wednesday, recovering from early session lows after Microsoft denied a write-up from "The Information" they had lowered "AI software sales quotas". Pretty specific, nevertheless, while market concerns over stretched AI-tied valuations persist.
- The piece writes: "Executives at Microsoft and other enterprise software firms heralded 2025 as the year artificial intelligence would be capable of automating tasks that involve multiple steps, such as generating dashboards based on company sales data. But as the year comes to a close, Microsoft has lowered expectations for how quickly it can get customers to spend money on these newer products, known as agents. Multiple Microsoft divisions, for instance, have lowered how much salespeople are supposed to grow".
- Currently, the DJIA trades up 275.72 points (0.58%) at 47747.84, S&P E-Mini Futures up 17 points (0.25%) at 6857.25, Nasdaq up 28.5 points (0.1%) at 23441.61.
- Information Technology and Communication Services sector shares led declines in the first half:
- While chip makers traded strong ahead midday (Microchip Technology +7.48%, ON Semiconductor +7.15% and NXP Semiconductors +4.30%), there was a greater breadth of software laggers: Sandisk Corp -6.31%, Seagate -4.04%, Western Digital -2.38%, Micron Technology -2.30% and Crowdstrike Holdings -2.13%.
- Meanwhile, Netflix -5.86%, Paramount Skydance -5.44%, Take-Two Interactive Software -1.37% and Warner Bros Discovery -1.06% weighed on the Communication Services sector.
- On the positive side, Energy and Financial Services sector shares led advances in the first half:
- APA Corp +3.69%, Expand Energy +2.57%, EQT Corp +2.25%, Targa Resources Corp +2.24% and ConocoPhillips +2.09%.
- Fiserv Inc +5.46%, Coinbase Global +4.12%, Block Inc +3.71% and Robinhood Markets +3.50%.
FED: US TSY 17W BILL AUCTION: HIGH 3.620%(ALLOT 53.30%)
Dec-03 16:32
- US TSY 17W BILL AUCTION: HIGH 3.620%(ALLOT 53.30%)
- US TSY 17W BILL AUCTION: DEALERS TAKE 37.13% OF COMPETITIVES
- US TSY 17W BILL AUCTION: DIRECTS TAKE 5.59% OF COMPETITIVES
- US TSY 17W BILL AUCTION: INDIRECTS TAKE 57.28% OF COMPETITIVES
- US TSY 17W BILL AUCTION: BID/CVR 3.17
