EQUITIES: EuroStoxx50 Remains Bullish, Despite Fade Off Highs
Feb-21 09:42
S&P E-Minis have faded sharply off intraday highs Thursday, but remain firm and hold the bulk of the recent phase of strength. Attention remains on resistance at 6162.25, the Jan 24 high. The trend condition in Eurostoxx 50 futures remains bullish, with prices edging to a new alltime high on the continuation contract this week. The move higher last week confirmed once again, a resumption of the uptrend.
- Japan's NIKKEI closed higher by 98.9 pts or +0.26% at 38776.94 and the TOPIX ended 1.93 pts higher or +0.07% at 2736.53.
- Elsewhere, in China the SHANGHAI closed higher by 28.33 pts or +0.85% at 3379.113 and the HANG SENG ended 900.94 pts higher or +3.99% at 23477.92.
- Across Europe, Germany's DAX trades higher by 11.89 pts or +0.05% at 22326.57, FTSE 100 lower by 4.77 pts or -0.06% at 8658.12, CAC 40 up 23.8 pts or +0.29% at 8146.95 and Euro Stoxx 50 up 6.88 pts or +0.13% at 5467.57.
- Dow Jones mini up 20 pts or +0.05% at 44288, S&P 500 mini up 0.75 pts or +0.01% at 6137, NASDAQ mini up 25 pts or +0.11% at 22166.25.
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EQUITIES: Estoxx call spread seller
Jan-22 09:36
SX5E (21st Feb) 5200/5300cs, sold at 44.60 in 12k.
EGB SYNDICATION: Spain 10-year Obli: Revised guidance
Jan-22 09:32
- Guidance: 3.45% Oct-34 Obli (mid) +6bp area (+/1bp WPIR) (Guidance was +8bp area)
- Size: EUR benchmark (MNI expects E10-15bln)
- Books in excess of E150bln
- Maturity: 30 April 2035
- Coupon: Short first
- ISIN: ES0000012O67
- Settlement: 29 January 2025 (T+5)
- Bookrunners: BBVA, CACIB, DB (B&D/DM), JPM, MS, SANTANDER
- Timing: Books open, today's business
From market source
EGBS: Spreads Continue Recent Tightening, Some Near Key Levels
Jan-22 09:31
Zooming out, the general theme of spread tightening seen over the last week or so has been driven by several factors:
- Notable demand at the early round of ’25 EGB syndications (which included long end OAT supply).
- Continued narrowing of ASW spreads in Germany (linked to German fiscal/supply risk, as well as increasing free float).
- Dovish ECB repricing countering some of the early January hawkish adjustment
- Fresh record highs across some of the major European equity indices.
- An associated move lower in EUR implied FI vol. metrics.
- Some of the major EGB/Bund spreads trade near key levels.
- OAT/Bunds once again struggles to trade meaningfully below 75bp, with French fiscal and political risks continuing to limit spread tightening below that level, at least for now.
- BTP/Bunds near multi-year lows, last ~107bp.
