EU HEALTHCARE: Bayer (BAYNGR: Baa2 neg/BBB/BBB): Corteva Results
Feb-06 09:12
- Corteva is a competitor in the Agricultural market (Seeds & Chems)
- Initial reaction in the post-market was a -6% drop on CTVA's results but shares have recovered a little
- Guidance for 2025 sales is +3% yoy.
- "We are beginning to see stabilization in the Crop Protection industry, with continued volume gains in the fourth quarter, yet we expect price pressure will persist. Finally, we expect the strong USD will impact the agricultural economy throughout 2025."
- In summary - OK... Not a disaster.
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CROSS ASSET: Longer End US Yields are pushing higher
Jan-07 09:08
- USDJPY is still pushing lower despite the move higher in US Yields, this is more of a pure FX move, with broader USD selling interest so far today.
- Next support is seen much further out, down to 156.05 (20 day EMA).
- While the US 10yr Yield is doing very little so far today, focus remain on the longer end 30yr after it tested its highest level since November 2023 Yesterday.
- Immediate support is WNA is at 117.16, which is testing now at the time of typing.
- Worth a reminder regarding the 10yr Yield, Yesterday saw one of the First HUGE outright Option targeting 5%.
- TYH5 106 put was bought for 14 Yesterday in 100k, and the 106.00 level in future equates circa 5% in Yield terms.
GERMAN AUCTION PREVIEW: Coupon announcement
Jan-07 09:02
DFA has announced the coupon of the new Feb-35 Bund (ISIN: DE000BU2Z049) on auction tomorrow at 2.50%. DFA is looking to issue E5bln of that Bund.
MNI: ECB 1-YEAR CONSUMER INFLATION EXPECTATIONS 2.6%
Jan-07 09:00
- MNI: ECB 1-YEAR CONSUMER INFLATION EXPECTATIONS 2.6%
- MNI: ECB 3-YEAR CONSUMER INFLATION EXPECTATIONS 2.4%
