EM CEEMEA CREDIT: QTELQD: Update on p'ship with Nokia, supportive for credit
Ooredoo (QTELQD; A2/A/A)
Update on partnership with Nokia, supportive for credit
• Qatar’s telecom champion Ooredoo released today plans to add to its partnership with Nokia in order to modernize its core network for 5G services. Expect to see positive impact on revenues’ growth down the line.
• This is following from a previously signed MoU between the two Co.s dating back to Apr ’24, aiming to “ upgrade business connectivity with cutting-edge 5G solutions (source: Co. website).
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SILVER TECHS: Bearish Theme
- RES 4: $34.903 - High Oct 23 and the bull trigger
- RES 3: $33.125 - High Nov 1
- RES 2: $32.338 - High Dec 12 and a key resistance
- RES 1: $30.661 - High Jan 10
- PRICE: $29.631 @ 08:08 GMT Jan 14
- SUP 1: $28.748 - Low Dec 19
- SUP 2: $28.446 - 76.4% retracement of the Aug 8 - Oct 23 bull cycle
- SUP 3: $27.686 - Low Sep 6
- SUP 4: $26.451 - Low Aug 8
A bear cycle in Silver that started Oct 23 remains in play - for now - and recent gains appear corrective. The metal has recently breached support at $29.642, the Nov 28 low. The break lower opens $28.446, a Fibonacci retracement. Note that moving average studies are in a bear-mode position highlighting a dominant downtrend. Key resistance has been defined at $32.338, the Dec 12 high. A break of this level would signal a reversal.
STIR: 91bps of ECB Cuts Priced Through '25
Dovish repricing in EUR STIRs this morning, with the aforementioned French political headlines supporting EGBs. ECB-dated OIS price 94bps of easing through year-end (vs 91bps at yesterday's close). 25bp cuts remain almost fully priced through the January and March meetings, though OIS assigns a flatter policy rate path from Q2 onwards.
- Euribor futures are +2.0 to +3.5 ticks through the blues. Building on yesterday afternoon’s recovery from multi-month lows, ERZ6 is now back above the Nov 6 low of 97.685 at typing.
- Today’s regional calendar is light, with only Italian industrial production due on the data front. We will be tracking comments from ECB hawk Holzmann, who was scheduled to speak from 0800GMT/0900CET.
| Meeting Date | ESTR ECB-Dated OIS (%) | Difference Vs. Current Effective ESTR Rate (bp) |
| Jan-25 | 2.678 | -24.0 |
| Mar-25 | 2.430 | -48.8 |
| Apr-25 | 2.282 | -63.6 |
| Jun-25 | 2.144 | -77.4 |
| Jul-25 | 2.096 | -82.2 |
| Sep-25 | 2.025 | -89.3 |
| Oct-25 | 2.006 | -91.2 |
| Dec-25 | 1.979 | -93.9 |
| Source: MNI/Bloomberg. | ||
USDCAD TECHS: Bull Flag
- RES 4: 1.4677 2.0% 10-dma envelope
- RES 3: 1.4539 3.382 proj of the Oct 17 - Nov 1 - 6 price swing
- RES 2: 1.4508 3.236 proj of the Oct 17 - Nov 1 - 6 price swing
- RES 1: 1.4467 High Dec 19
- PRICE: 1.4369 @ 08:05 GMT Jan 14
- SUP 1: 1.4348/4280 20-day EMA / Low Jan 6
- SUP 2: 1.4232 Low Dec 17
- SUP 3: 1.4197 50-day EMA
- SUP 4: 1.4011 Low Dec 5
The trend set-up in USDCAD remains bullish and short-term weakness is considered corrective. The latest pause in the uptrend appears to be a flag formation - a bullish continuation signal. Note too that MA studies are in a bull-mode position, highlighting a dominant uptrend. Sights are on 1.4508 next, a Fibonacci projection level. 1.4348, the 20-day EMA, has recently been pierced. A clear break of the average would open 1.4197, the 50-day EMA.
