GREECE: Tasoulas Elected President In 4th Round Of Voting

Feb-12 09:41

Konstantinos Tasoulas has been elected as the next Greek President in the fourth round of voting in the country's parliament. Tasoulas hails from the same centre-right New Democracy (ND) party as PM Kyriakos Mitsotakis and since 2019 has served as President (speaker) of the Hellenic Parliament. 

  • The Greek presidency is a largely ceremonial role. The president serves as commander-in-chief of the armed forces and also comes to the fore during and after elections to facilitate coalition talks if no single party has won a majority. The next parliamentary election is not due until spring 2027.
  • The election of Greek presidents is indirectly carried out by lawmakers in parliament. In the first and second rounds, a supermajority of 200 out of 300 members is required to elect a president. With ND holding 156 seats this was impossible, as was the 180 seat threshold required in the second round. In the fourth round, the threshold drops to a simple majority of 151.
  • In the event, 160 lawmakers backed Tasoulas, with 34 supporting centre-left PASOK-KINAL candidate Tasos Giannitsis, 29 for far-left SYRIA's Louka Katseli, and 14 for the far-right Niki's Konstantinos Kyriakoy. A total of 39 abstained by voting present and 24 lawmakers were absent. 

Historical bullets

USD: The EUR and the Pound are breaking through their support

Jan-13 09:34
  • Watch the EUR and the Pound, both falling through new lows, but the Dollar is seeing a broader bid, Risk Off tone and Elevated Yield have been supportive of the Greenback, and also a continutaion since Friday's data.
  • EURUSD is through the initial 1.0201 61.8% of the Sep ‘22 - Jul ‘23 bull leg, further momentum opens to 1.0138 1.764 proj of the Sep 25 - Oct 23 - Nov 5 price swing
  • Cable sees 1.2087 0.764 proj of the Sep 26 - Nov 22 - Dec 6 price swing next.

CROSS ASSET: Bid In Energy Prices Factors Into Bond Weakness

Jan-13 09:31

WTI & Brent have registered the highest levels seen since August, factoring into the weakness in core global FI markets.

  • Next resistance of note in WTI located at $79.59, while resistance in Brent is seen at $83.79.
  • Our commodities team continues to point to the deepening of U.S. sanctions against Russia as the major bullish factor for crude oil, although Platts have noted that sanctioned barrels still seem to find a way to market.
  • Demand for Middle East crude is also noted, as judged by benchmark premiums paid.
  • The bid in European natural gas prices will also be having a hawkish impact on EUR STIRs, factoring into EGB weakness.

US: SFR Put Spread seller

Jan-13 09:24

SFRU5 95.62/95.50ps sold at 3.5 in 9k.