EQUITIES: Estoxx Futures spread
Sep-13 09:44
- It might still be slightly early to start Rolling September positions into December for Equities, but the Estoxx spread has seen some early activity, few Desks are likely taking advantage of the two way price action so far today.
- Over a third of the VGU4 volume is now spread related, and while it fell from a -25.5 peak on Monday to a -29 low Yesterday, after the initial offers in early trade, it is seeing some small demand now, nothing massive as of yet, with the pace expected to kick in next week.
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EQUITIES: EU Bank Synth trade
Aug-14 09:38
SX7E (20th Dec) 135, bought the put for 0.60 and 0.65 in 12k (100% Del).
GERMAN AUCTION RESULTS: 30y Bunds
Aug-14 09:33
| 0% Aug-50 Bund | 2.50% Aug-54 Bund | |
| ISIN | DE0001102481 | DE000BU2D004 |
| Total sold | E1bln | E1bln |
| Allotted | E798mln | E803mln |
| Previous | E0.805bln | E0.825bln |
| Avg yield | 2.41% | 2.45% |
| Previous | 2.58% | 2.59% |
| Bid-to-offer | 1.76x | 2.28x |
| Previous | 1.98x | 2.17x |
| Bid-to-cover | 2.21x | 2.84x |
| Previous | 2.46x | 2.64x |
| Avg price | 53.84 | 101.10 |
| Low price | 53.83 | 101.10 |
| Pre-auction mid | 53.730 | 100.984 |
| Prev avg price | 51.11 | 98.07 |
| Prev low price | 51.10 | 98.06 |
| Prev mid-price | 51.040 | 97.954 |
| Previous date | 17-Apr-24 | 17-Jul-24 |
FOREX: US CPI is at the forefront
Aug-14 09:32
- The Kiwi is still the early worst performer, following the RBNZ Dovish cut, even discussing 50bps.
- NZDUSD has fallen over 1% overnight and remains offered throughout the early European session going into the US session, now down 1.04%, but the 0.6000 figure still holds, printed 0.6003 low today.
- The early focus on the European Cash Govie open was on the UK CPI, which missed consensus, and provided a quick 40 pips sell off in Cable, and broader selling of the Pound.
- Cable continues to recover at the time of typing, now some 33 pips of the low.
- Overall the Dollar is still fairly mixed against G10s, SEK, NOK, EUR and CHF are all leading, while the CAD and AUD are closer to flat.
- The most traded Global pair, EURUSD has extended to its highest level since January, and eye next resistance situated at 1.1046 High Jan 2.
- Looking ahead, ALL EYES are now of course on the US CPI, especially given the US PPI falling below estimates Yesterday.
