EURIBOR: Net Short Setting Dominated On Wednesday
OI data suggests net short setting dominated in Euribor futures yesterday, with net long cover seen in only a handful of contracts. EUR STIRs were dragged lower by core EGBs amid heavy sovereign supply, before the global markets reacted hawkishly to a much firmer than expected US CPI report.
- There was a +57k OI swing in the whites, most notably in the U5 (+23k) and Z5 (+19k) contracts.
- Z6 also saw +10k of indicative net shorts added, the largest one-day swing since January 15.
| 12/02/2025 | 11/02/2025 | Daily OI Change | Daily OI Change In Packs | ||
| ERH5 | 569,023 | 560,288 | +8,735 | Whites | +57,405 |
| ERM5 | 747,190 | 740,910 | +6,280 | Reds | +17,302 |
| ERU5 | 548,842 | 525,949 | +22,893 | Greens | +5,453 |
| ERZ5 | 617,985 | 598,488 | +19,497 | Blues | +4,377 |
| ERH6 | 413,843 | 409,772 | +4,071 | ||
| ERM6 | 338,693 | 334,184 | +4,509 | ||
| ERU6 | 272,517 | 274,256 | -1,739 | ||
| ERZ6 | 317,434 | 306,973 | +10,461 | ||
| ERH7 | 169,280 | 169,380 | -100 | ||
| ERM7 | 130,059 | 128,855 | +1,204 | ||
| ERU7 | 95,351 | 92,848 | +2,503 | ||
| ERZ7 | 117,736 | 115,890 | +1,846 | ||
| ERH8 | 58,469 | 57,708 | +761 | ||
| ERM8 | 44,987 | 44,052 | +935 | ||
| ERU8 | 31,302 | 29,278 | +2,024 | ||
| ERZ8 | 45,499 | 44,842 | +657 |
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SECURITY: Gaza Ceasefire Deal Ready To Be Concluded And Implemented, Blinken
US Secretary of State Antony Blinken, speaking at an event hosted by the Atlantic Council, has confirmed that a Gaza ceasefire-for-hostage deal is "ready to be concluded and implemented" if Hamas accepts the conditions of the framework.
- Blinken says: "We believe the Palestinian Authority should invite international partners to help establish and run an interim administration in Gaza after a ceasefire deal," adding that an "interim security mission would be made up of forces from partner nations and vetted Palestinian personnel."
- Blinken notes that the Biden administration, "will hand off plan for post-war Gaza to the Trump administration to carry forward."
- Blinken's remarks are consistent with recent comments from US officials and Qatari mediators suggesting a ceasefire deal is closer than it has been in months, however, a final deal appears to hinge on Hamas approval, which in turn depends on how credible Hamas leadership deems a proposed Israeli military withdrawal from Gaza. As noted in earlier bullets (ISRAEL: WSJ-Israel, Hamas Finalising Gaza Deal, Could Come This Afternoon) there is some domestic uncertainty on the Israeli side, "in the form of the requirement for any deal to be approved by Israel's security cabinet and the full gov't."
- The Jerusalem Post reported a short time ago: "No final answer was given from Hamas regarding a hostage deal, an Israeli official [said]."
- A Qatari statement earlier today read: "We have overcome the major differences. This is the closest point we have been to a deal over the past months,"
MNI EXCLUSIVE: MNI: Italy Aims At NGEU Wriggle Room Over 2026 Deadline
Officials sketch out Italian plans to make sure the country gets as much NGEU funding as possible.-On MNI Policy MainWire now, for more details please contact sales@marketnews.com
SONIA: Z5 Call Spread Buyer
SFIZ5 95.90/96.05 call spread, bought for 6 in 15k.
- SFIZ5 last -2.0 ticks at 95.70, after reaching a multi-month low of 95.69 earlier.
