US TSYS: US Trade Policy Continues to Weigh Heavily on Sentiment

• US stocks are  making a recovery since midday, Nasdaq in the green as Tech sector of all places lead the bounce with Super Micro Computer Inc, Enphase Energy Inc and First Solar Inc all up 5.5-8.5% at the moment.
  • DJIA  down 266.35 points (-0.62%) at 42503.93
  • S&P E-Mini Future  down 15.5 points (-0.26%) at 5774.5
  • Nasdaq up 104.5 points (0.6%) at 18144.75

• RES 4: 0.8378 High Feb 6 and a reversal trigger     
• RES 3: 0.8361 50.0% retracement of the Jan 20 - Feb 3 bear leg  
• RES 2: 0.8325 50-day EMA  
• RES 1: 0.8306 High Feb 26 and a key short-term resistance    
• PRICE: 0.8281 @ 16:28 GMT Mar 4 
• SUP 1: 0.8241 Low Mar 3   
• SUP 2: 0.8223 Low Dec 19 and a key support  
• SUP 3: 0.8203 Low Mar 7 ‘22 and a lowest point of a multi-year range   
• SUP 4: 0.8163 123.6% retracement of the Dec 19 - Jan 20 bull leg 

EURGBP traded higher into the Tuesday close. A bearish condition remains intact following last week’s move lower. The cross has pierced a key support at 0.8248, the Feb 3 low. A clear breach of this level would strengthen the bearish condition and pave the way for 0.8223 , the Dec 19 low and the next key support. To the upside, initial firm resistance has been defined at 0.8306, the Feb 26 high. Clearance of this hurdle would suggest a possible base and a reversal.       

• Market chatter in credit space is that Mars Inc, a family-owned, global leader in pet care, snacking and food, is looking to issue as much as $30B over as many as 8 tranches in the near term (possibly tomorrow after a conf call with investors today)
• The "jumbo" issuance is expected to help finance it's purchase of Kellanova, also a snacking/food related company for "$83.50 per share in cash, for a total consideration of $35.9B" back in August 2024.
• Estimates vary from $25B to $30B which would put it comfortably in the top ten largest corporate debt issuance on record.