CROSS ASSET: Bitcoin and Gold have found some selling Interest

Gilts happy to consolidate within the range set during London morning trade

• Futures +37 at 92.28 vs. session highs of 92.68.
• Friday’s high was pierced but Fibonacci resistance (92.75) is untouched. Bulls need to break the latter to pose a greater threat to the bearish trend.
• Yields now 2-4bp lower on the day, 3-4bp off session lows.
• BoE-dated OIS shows 71bp of cuts through year-end. vs. ~66bp late Friday and 73bp at one point today.
• SONIA futures flat to +7.0.
• Long-dated BoE APF sale due shortly.
• After that, eyes will be on the DMO gilt tender announcement scheduled for tomorrow morning (07:30).
• A reminder that the DMO is looking to hold a tender of a sub-5-Year gilt on Thursday. We believe that the 0.125% Jan-26 gilt is the most likely candidate for issuance via that tender and pencil in a GBP1.0-2.0bln size for the transaction (greater colour surrounding our thoughts can be found in an earlier bullet).

All the attention will likely be on the Equity Cash open now, Friday's low in the NDX was at 21,709.06.

The European Tech Index (SX8P) is still down 4.47%, and NVIDIA is down 12% pre Market.

• Calls: SPX: 5,973.5 (-2.1%); DJIA: 44,087 (-0.8%/-338pts); NDX: 21,021.1 (-3.5%).

ERM5 97.75/97.93cs, sold at 6.25 in 15k (ref 97.745).