CONSUMER CYCLICALS: Pluxee: rating updates

• Treasuries gain slightly but hold inside relatively narrow overnight range after lower than expected Wholesale/etail inventories data, Trade gap wider than expected.
• The Mar'25 10Y contract trades 109-07 last (+6) vs. 109-09 overnight high. Initial technical resistance at 109-12 (50-day EMA) followed by 109-31 (High Dec 18). Curves mildly flatter: 2s10s -1.193 at 32.137, 5s30s -.324 at 44.040.
• Cross asset moves: BBG USD index firmer at 1303.45 (+2.26); Gold paring Tuesday gains at 27.57.27 (-6.24); Crude little lower (WTI -.23 at 73.54); SPX Eminis weaker: -16.5 at 6080.25.

SX7E (18/12/26) vs (15/12/28) 150^ spread, bought the 2028 straddle for 10.95 in 10k.

No real lasting impact in core global FI markets as e-minis weaken here, Very modest bid in Tsys quickly unwound, while gilts and Bunds don’t react.

• For U.S. equities, quarterly earnings reports from Meta, Microsoft and Tesla are due after-market today, with increased focus on capex and expectations for AI revenues this year after DeepSeek’s AI well-documented advances and subsequent equity vol.
• We have already suggested that while a direct comment on DeepSeek is highly unlikely, company boards will be cognisant of the risk of sizeable AI spending announcements being received poorly by an already sensitive investor base.