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(U2) More Stable But Still Fragile


Trend Structure Remains Bullish


Cautious Risk Appetite Gains Momentum


Key Support Still Exposed


Late Equity Roundup: 2W Highs

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Worth keeping an eye on Eurozone 5y5y inflation swaps here after they have hit their highest intraday levels since 2014 today, hitting a high of 2.17%. This was above Friday's high of 2.11% and breached the intradays highs just below 2.13% seen in October and January.

  • The driver is energy with oil moving above $125/bbl (with Brent having breached $130/bbl overnight) while European natgas (Dutch TTE) is now trading at E/MWh340 after first breaching E/MWh200 on Friday.
  • The 5y5y inflation swap tends to be the preferred metric for market-based medium-term inflation expectations for ECB Governing Council members, so will be closely watched ahead of the ECB meeting on Thursday.

Source: Bloomberg, MNI

MNI London Bureau | +44 203-865-3820 |
MNI London Bureau | +44 203-865-3820 |

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