OUTLOOK: Price Signal Summary - Reversal In Oil Accelerates
* On the commodity front, the trend condition in Gold is unchanged, it remains bullish and Thursda...
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STIR: Mix Of Positioning Swings Seen In SOFR Futures On Tuesday
OI data points to a mix of long setting and short cover through SFRH7 on Tuesday, before short setting and long cover became more prominent further out as the strip twist steepened.
| 04-Mar-25 | 03-Mar-25 | Daily OI Change |
| Daily OI Change In Packs |
SFRZ4 | 1,059,369 | 1,054,964 | +4,405 | Whites | +33,692 |
SFRH5 | 1,307,236 | 1,294,280 | +12,956 | Reds | -9,278 |
SFRM5 | 1,109,131 | 1,114,554 | -5,423 | Greens | -8,383 |
SFRU5 | 903,771 | 882,017 | +21,754 | Blues | +8,773 |
SFRZ5 | 987,453 | 1,022,989 | -35,536 |
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SFRH6 | 654,225 | 645,491 | +8,734 |
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SFRM6 | 592,759 | 581,501 | +11,258 |
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SFRU6 | 569,490 | 563,224 | +6,266 |
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SFRZ6 | 767,578 | 768,540 | -962 |
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SFRH7 | 438,851 | 433,451 | +5,400 |
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SFRM7 | 443,290 | 446,663 | -3,373 |
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SFRU7 | 302,445 | 311,893 | -9,448 |
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SFRZ7 | 381,794 | 359,601 | +22,193 |
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SFRH8 | 219,389 | 227,082 | -7,693 |
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SFRM8 | 178,870 | 183,299 | -4,429 |
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SFRU8 | 123,780 | 125,078 | -1,298 |
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EGB OPTIONS: Schatz put spread seller
DUM5 106.40/106.00ps, sold at 8.5 in 4.5k.
SECURITY: German Gov't Spox-EU Proposals On Defence 'Go In Right Direction'
A spokesperson for the German gov't has said that the European Commission's proposals with regard to defence spending "go in the right direction". This comes after two significant announcements from Brussels and Berlin on 4 March with regard to defence and security spending objectives, and how it can be paid for.
- European Commission President Ursula von der Leyen presented the 'ReArm Europe' plan, which includes the used of the national escape clause from the Stability and Growth Pact to enable member states to boost defence spending without risking entering the excessive deficit procedure, EUR150B in EU loans to go towards military expenditure, and allowing the use of cohesion funding for defence spending.
- In Germany, the leaders of the centre-right Christian Democratic Union (CDU, Friedrich Merz) and Christian Social Union (CSU, Markus Söder) and the co-leaders of the centre-left Social Democratic Party (SPD, Lars Klingbeil and Saskia Esken) announced in an evening press conference that rules around defence spending would be loosened to exempt expenditure above 1% of GDP from the limits of the constitutional debt brake.
