CONSUMER CYCLICALS: Adidas; tariff impact

• In the FI space, Bund futures on Monday pulled back from their recent highs and the contract remains below last week’s peak. The move down undermines a recent bullish theme. A continuation lower would expose the next key support at 131.26, the Feb 19 low. Clearance of this level would be viewed as an important short-term technical break. Two important resistance points remain intact for now; 133.46, the Feb 28 high, and 133.71, the Feb 5 high.
• A bull cycle in Gilt futures remains intact - for now. The contract has recently traded higher and this highlighted scope for a test of resistance at 93.39, the Feb 13 high. It has been pierced, a clear break of it would open 93.83, the high on Feb 6 and a bull trigger. On the downside, key short-term support has been defined at 91.79, Feb 20 low. Clearance of this level would highlight a bear threat. First support lies at 92.57, the Mar 3 low.

• -10,000 FFK5 95.775, sell through 95.78 post time bid at 0708:57ET. The May contract trades 95.785 last (+0.030)

SONIA FIX - Source: BBG/ICE

• 1M 4.45420 -0.0032
• 3M 4.40750 -0.0079
• 6M 4.30990 -0.0166
• 12M 4.17340 -0.0261