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CROSS ASSET: French Banks and Bank stocks are under early pressure

CROSS ASSET
EquitiesBulletMarketsFixed Income BulletsForeign Exchange Bullets
  • Bund has cleared the initial resistance seen at 134.25 initially, although has lacked some momentum traction, and only managed a 134.33 high in early trade.
  • French Fiscal and Political concerns has been a driver since Yesterday afternoon, and this has been the cause of the continued big widening in the French/German 10yr spread as well as French and EU Bank stocks coming under decent early pressure.
  • Bank index extends lower and trades at its lowest level since mid August, next support is seen at 135.27 (61.8% retrace of the Aug/Nov range).

For Bund, reference 134.24:

  • 2.100% = 134.68.
  • 2.085% = 134.83.

(Chart source: MNI/Bloomberg):

 

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  • Bund has cleared the initial resistance seen at 134.25 initially, although has lacked some momentum traction, and only managed a 134.33 high in early trade.
  • French Fiscal and Political concerns has been a driver since Yesterday afternoon, and this has been the cause of the continued big widening in the French/German 10yr spread as well as French and EU Bank stocks coming under decent early pressure.
  • Bank index extends lower and trades at its lowest level since mid August, next support is seen at 135.27 (61.8% retrace of the Aug/Nov range).

For Bund, reference 134.24:

  • 2.100% = 134.68.
  • 2.085% = 134.83.

(Chart source: MNI/Bloomberg):