EUROSTOXX50 TECHS: (M5) Southbound
- RES 4: 5341.00 High Mar 27
- RES 3: 5299.50 20-day EMA
- RES 2: 5229.00 Low Mar 11 and a recent breakout level
- RES 1: 5047.00/5157.00 Intraday high / Low Mar 31
- PRICE: 4918.00 @ 10:55 BST Apr 4
- SUP 1: 4905.74 76.4% retracement of the Nov 19 ‘ 24 - Mar 3 bull leg
- SUP 2: 4897.00 2.000 proj of the Mar 3 - 11 - 19 price swing
- SUP 3: 4857.00 Low Jan 2 (cont)
- SUP 4: 4829.27 2.236 proj of the Mar 3 - 11 - 19 price swing
Eurostoxx 50 futures remain in a bear cycle following recent weakness and the latest fresh cycle lows strengthen the bearish condition. The sell-off has resulted in a break of 5229.00, the Mar 11 low. The contract has also breached 5079.00, the Feb 3 low, and 5000.00. Sights are on 4905.74, a Fibonacci projection. Initial firm resistance is 5299.50, the 20-day EMA. The contract is oversold, a recovery would allow this condition to unwind.
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GREECE T-BILL AUCTION RESULTS: 52-Week GTB
| Type | 52-week GTB |
| Maturity | Mar 6, 2026 |
| Amount | E500mln |
| Target | E500mln |
| Previous | E500mln |
| Avg yield | 2.15% |
| Previous | 2.27% |
| Bid-to-cover | 1.87x |
| Previous | 1.91x |
| Previous date | Dec 04, 2024 |
GILT AUCTION RESULTS: Decent 5-year auction
- A decent 5-year gilt auction with with low price broadly in line with the pre-auction market mid-price with a solid average price and 0.3bp tail - a smaller tail than a month ago and a higher bid-to-cover of 3.39x (3.05x prior).
- After a brief dip just ahead of the auction results being published, the 4.375% Mar-30 gilt is now trading between the LAP (lowest accepted price) and the average auction price.
- Gilt futures also saw a dip just before the auction results (but after the bidding window closed) but are now broadly in line with pre-auction levels.
EUROZONE DATA: EZ PPI Beats With First Y/Y Energy Boost Since Early 2023
Eurozone PPI increased more than expected in January at 1.8% Y/Y (vs 1.3% consensus) after an upward revised 0.1% Y/Y (revised from 0.0%). This is the second non-deflationary Y/Y print since 2023 as energy prices have shifted from heavy drags. PPI ex energy meanwhile accelerated from 1.0% to 1.3% Y/Y.
- All five sub-components saw Y/Y increases, though non-durables within consumer goods saw a slower pace.
- Energy producer prices rose a solid 3.5% Y/Y after -1.6% in December, the first increase since early 2023.
- Intermediate goods increased 0.5% Y/Y from 0.0%, the second non-negative print in the last 6 months.
- Capital goods PPI edged up to 1.6% Y/Y from 1.4%.
- Durable consumer goods PPI accelerated to 1.5% Y/Y from 0.8%, whilst non-durable consumer PPI slowed to 1.8% Y/Y from 2.0%.
- On a sequential basis, PPI rose a non-seasonally adjusted 0.8% M/M (vs 0.3% consensus) after an upward revised 0.5% (revised from 0.4%).
