ITALY AUCTION RESULTS: 5/10-year BTPs and CCTeu
| Coupon | 3.00% | 3.85% | 3.35% | 1.10% |
| Maturity | Oct-29 | Feb-35 | Mar-35 | Apr-33 |
| Instrument | BTP | BTP | BTP | CCTeu |
| ISIN | IT0005611055 | IT0005607970 | IT0005358806 | IT0005620460 |
| Amount | E2.75bln | E2bln | E1.5bln | E2.75bln |
| Previous | E3.25bln | E2bln | E1.5bln | E3.5bln |
| Avg yield | 2.95% | 3.60% | 3.57% | 4.11% |
| Previous | 2.79% | 3.39% | 3.19% | 4.19% |
| Bid-to-cover | 1.64x | 1.85x | 1.99x | 1.58x |
| Previous | 1.58x | 1.63x | 2.10x | 1.62x |
| Avg Price | 100.30 | 102.35 | 98.44 | 100.24 |
| Pre-auction mid | 100.229 | 102.237 | 98.346 | 100.152 |
| Prev avg price | 101.02 | 104.21 | 101.58 | 99.66 |
| Prev mid-price | 100.981 | 104.096 | 101.466 | 99.608 |
| Previous date | 28-Nov-24 | 28-Nov-24 | 12-Dec-24 | 30-Oct-24 |
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COMMODITIES: WTI Futures Holding Higher
WTI futures are trading higher today as the contract extends recent gains. A stronger reversal to the upside would refocus attention on key short-term resistance at $76.41, the Oct 8 high. Initial firm resistance is unchanged at $71.97. A bear threat in Gold remains present. The yellow metal traded sharply lower on Dec 18 and the move undermines a recent bull theme. A resumption of weakness would open key support at $2536.9, the Nov 14 low.
- WTI Crude up $0.4 or +0.56% at $71.41
- Natural Gas down $0.14 or -3.51% at $3.799
- Gold spot up $8.09 or +0.31% at $2614.49
- Copper down $3.3 or -0.81% at $405.95
- Silver up $0.01 or +0.05% at $28.961
- Platinum up $8.16 or +0.9% at $912.55
EQUITIES: Bear Threat in E-mini S&P Remains Present
A bear threat in the S&P E-Minis contract remains present and the latest move down highlights the end of the recent Dec 20 - 26 corrective bounce. An extension lower would expose 5866.00, the Dec 20 low and a key short-term support. A bull cycle in the Eurostoxx 50 futures contract remains intact, however, the recent move down highlights a corrective phase. Despite the latest bounce, a short-term bear threat remains present - for now.
- In China the SHANGHAI closed lower by 55.563 pts or -1.63% at 3351.763 and the HANG SENG ended 18.53 pts higher or +0.09% at 20059.95.
- Dow Jones mini up 56 pts or +0.13% at 42977, S&P 500 mini up 17.75 pts or +0.3% at 5976.25, NASDAQ mini up 87.75 pts or +0.41% at 21503.25.
CHINA: CFETS RMB Basket Tweak Drops USD, EUR, JPY Weighting, Adds MOP
China adjust the currency weightings as part of the CFETS RMB Index: Full basket of currencies now composed of 25 currencies, having included the Macau Pataca (MOP) for 2025:
- USD weighting dropped to 18.903% from 19.460%
- EUR weighting dropped to 17.902% from 18.080%
- JPY weighting dropped to 8.584% from 8.963%
Full list found here: https://iftp.chinamoney.com.cn/chinese/zxpl/20241231/3028340.html
