CONSUMER CYCLICALS: Campari; FY24 results (x2)

Barack Ravid at Axios reporting on X that Israeli Prime Minister Benjamin Netanyahu is expected to extend his US trip this week due to "many requests by U.S. officials who want to meet him".

• Netanyahu is expected to be in Washington until Saturday, with a White House meeting with US President Donald Trump slated for Thursday - delayed from Tuesday. He is also expected to meet House Speaker Mike Johnson (R-LA), a group of Senators, and members of the House Foreign Relations Committee.
• Axios reported earlier today that the second stage of the Gaza ceasefire deal could hinge on the outcome of the Trump-Netanyahu meeting.
• The Times of Israel reports: "As per the terms of the ceasefire and hostage deal, negotiations for the second phase of the agreement must begin no later than the 16th day of the first phase, [today]... Despite this, the Walla news site reported Saturday that Netanyahu will not send a team of negotiators to Qatar until after his meeting with Trump."
• Israeli officials told Axios that Netanyahu, "is waiting to see where Trump stands on the second phase of the deal — which is supposed to lead to a permanent ceasefire, and a full withdrawal of Israeli forces from Gaza — before he makes any decisions."
• A senior Israeli official said: "The real serious negotiations over phase two will only begin after Bibi meets Trump. Nothing meaningful will happen before that."

• RES 4: 110-25   High Dec 12
• RES 3: 110-19   76.4% retracement of the Dec 6  - Jan 13 bear leg.    
• RES 2: 109-31   High Dec 18  
• RES 1: 109-10+/13 50-day EMA / High Jan 30 
• PRICE:‌‌ 109-03 @ 16:55 GMT Feb 3
• SUP 1: 108-23+/21+ 20-day EMA / Low Feb 3
• SUP 2: 108-06/107-06 Low Jan 23 / 13 and the bear trigger 
• SUP 3: 107-04   Low Apr 25 ‘24 and a key support 
• SUP 4: 106-11   2.00 proj of the Oct 1 - 14 - 16 price swing  

Treasury futures gave up a sharp mid-session rally to fade into the London close, and test the 20-day EMA support in the process. A bullish corrective cycle is intact and the contract is holding on to its recent gains. 109-10+, the 50-day EMA, remains exposed. It has been pierced, a clear break of it would strengthen a bullish theme and open 109-31, the Dec 18 high. The medium-term trend condition is bearish. The bear trigger is 107-06, the Jan 13 low. Initial firm support has been defined at 108-06, the Jan 23 low.

• Date $MM Issuer (Priced *, Launch #)
• 02/03 $1.25B Romania 12Y +300
• 02/03 $800M Hess Midstream 3NC1
• 02/03 $500M Air Transport 7NC3 
• 02/03 $Benchmark L-Bank 2Y SOFR, 5Y
• Expected Tuesday:
• 02/04 $3B EIB WNG 10Y +60a
• 02/04 $Benchmark BNG Bank 3Y SOFR+38a