US: SOFR FIX - 12/02/25

SOFR - Bloomberg.

• 1mth 4.30624 0.0037
• 3mth 4.30198 0.01497
• 6mth 4.27941 0.03483
• 12mth 4.24478 0.06645

• RES 4: 5097.00 High Oct 14
• RES 3: 5080.00 High Oct 15      
• RES 2: 5068.13 0.764 proj of the Nov 21 - Dec 9 - 20 price swing   
• RES 1: 5054.00 High Jul 8          
• PRICE: 4950.00 @ 10:47 GMT Jan 13  
• SUP 1: 4935.71 50-day EMA       
• SUP 2: 4829.00 Low Dec 20 and key short-term support     
• SUP 3: 4800.87 76.4% retracement of the Nov 21 - Dec 9 bull cycle 
• SUP 4: 4775.00 Low Nov 29 

A bull cycle in the Eurostoxx 50 futures contract remains intact and for now, the latest pullback appears corrective. Initial support to watch is 4935.71, the 50-day EMA. A clear break of this EMA would undermine a bullish theme and signal scope for a deeper retracement. For bulls, resistance at 5040.00, Dec 9 high, has recently been pierced. A clear break of it would resume the bull cycle that started on Nov 21 and open 5068.13, a Fibonacci projection.

"The Hellenic Republic has mandated BofA Securities, Deutsche Bank, Goldman Sachs Bank Europe SE, Morgan Stanley, National Bank of Greece and Societe Generale as Joint Lead Managers for a new Reg S Cat 1/144A 10-year EUR Benchmark CAC bond maturing 15 June 2035 to be issued in dematerialised registered form. The syndicated transaction will be launched in the near future, subject to market conditions."
From market source

• We had expected a 10-year GGB - but had thought next week to be more likely than this week (given the GGB auction on Wednesday).
• GGBs have underperformed this morning - possibly ahead of this sooner-than-expected syndication.
• We pencil in a E3-4bln size tomorrow.