BUND TECHS: (Z5) Corrective Cycle Extends
Oct-24 13:52
* RES 4: 130.99 76.4% retracement of Jun 13 - Sep 25 bear leg (cont) * RES 3: 130.80 High Jun 13 and...
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EQUITY OPTIONS: EU Bank Outright Buyer
Sep-24 13:48
SX7E (21st Nov) 225p, bought for 5.95 in 12k.
SONIA OPTIONS: Large Put Fly Buyer
Sep-24 13:46
SFIG6 96.20/96.10/96.00p fly, bought for 2 and 2.25 in 25k.
GILTS: Gap Support In Futures Holds, BoE Governor Points To Further Cuts Again
Sep-24 13:19
Gilts find supports after bears manage to close the opening gap higher
- A bid in crude oil (albeit with that move linked to geopolitical risk), coupled with headlines promoting EGB spread widening and a sizeable US$IG deal, have provided the major headwinds for bonds over the past couple of hours.
- Recent comments from BoE Governor, as he continued to lean into the idea of further rate cuts, may have provided some modest background support.
- Futures last 91.03 vs. session lows of 90.96.
- Bulls now look to the September 11 high (91.82), while initial support of note is seen at the Sep 2/22 lows (90.65/60).
- Yields little changed to 1bp higher, curve marginally steeper.
- SONIA futures flat to +1.5, off highs given the move in bonds.
- BoE-dated OIS still pricing ~6bp of cuts through year-end and the next cut is fully discounted come the end of the April meeting.
