BASIC INDUSTRIES: BASF (BASGR A3/A-/A): 4Q24 Results

A bid in core global FI markets filters into GBP STIRs.

• No clear driver. Increased French political risk apparent, but OATs have been unreactive to the news.
• European earnings set the tone in early equity futures trade, as detailed earlier.
• BoE-dated OIS flat to a couple of bp more dovish on the day, showing ~71bp of cuts through ’25.
• SONIA futures flat to +3.0.
• Comments from UK Chancellor Reeves due from just after 10:00. We provided greater colour in an earlier bullet. It is unlikely to be a market moving speech based on the already-released excerpts.
• As a result, macro and cross-market cues will be eyed today, with the UK data calendar subdued through the end of the week.

• Some early selling going through in the EUR, while the EURUSD is still sticking to a fairly tight early range, the Currency tests broader lows, versus the CAD, CHF, GBP, CNH, JPY, the move looks to be more EUR led than the Dollar.
• Closest tech level is in the EURGBP, with support eyed at 0.8357 50-day EMA.

Some light put flow in early London trade:

• TYH5 108.00 puts paper paid 0-16 on 2.0K, lifting a small offer to leave the market 0-15/17 on the follow.
• TYJ5 106.00 puts ~3.8K lots given at 0-10.