EM ASIA CREDIT: SK Innovation (SKBTAM, Aa3/NR/NR): Enmove IPO possibly in Q1

• The Riksbank had forecast CPIF at 1.9%Y/Y (consensus 1.7%Y/Y, actual 1.5%Y/Y). So 0.4ppt below the stale Riksbank forecast and 0.2ppt below consensus.
• For CPIF ex energy the Riksbank forecast was 2.2%Y/Y (consensus was also 2.2%Y/Y). That came in at 2.1%Y/Y so only 0.1ppt below both the Riksbank and consensus.
• So overall the downside miss wasn't huge. EURSEK remains below its overnight highs (Bbg data shows a high of 11.511 post-data) but we are broadly back in line with pre-data levels at 11.507 at the time of writing.
• There's very little details released with the flash, but at first glance this doesn't really impact the expectation of another 25bp cut by the Riksbank in Q1 with an uncertain monpol outlook thereafter.

• RES 4: 93.38 Low Dec 18  
• RES 3: 93.09 High Dec 20  
• RES 2: 92.88 20-day EMA 
• RES 1: 92.13/60 High Jan 7 / 3              
• PRICE: 91.40 @ Close Jan 7 
• SUP 1: 91.31 Low Jan 7                         
• SUP 2: 91.09 4.1.236 proj of the Dec 20 -27 - Jan 2 price swing  
• SUP 3: 91.00 Round number support 
• SUP 4:90.88 4.1.382 proj of the Dec 20 -27 - Jan 2 price swing

The trend condition in Gilt futures is unchanged, it remains bearish and yesterday’s fresh cycle low reinforces current conditions. The move lower has confirmed a resumption of the downtrend, maintaining the price sequence of lower lows and lower highs. Sights are on 91.09 next, a Fibonacci projection. Initial resistance is at 92.13, the Jan 7 high. Resistance at the 20-day EMA, is at 92.88, and the average is seen as an important hurdle for bulls.