CROSS ASSET: Bitcoin and Gold have found some selling Interest

Feb-26 14:42

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* There's been a sudden leg down in Metals, especially Gold and Silver, although not seen a clear ...

Historical bullets

GILTS: Rally Fades As E-minis Recover From Lows

Jan-27 14:40

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).

EQUITIES: All the attention turns to the US Cash Open

Jan-27 14:25

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%).

EURIBOR OPTIONS: Large call spread seller

Jan-27 14:22

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