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EQUITY TECHS

E-MINI S&P (Z1): Bulls Still Firmly In Control

CORN TECHS

(Z1) Gains Considered Corrective

EGB OPTIONS

Bund call spread

STIR

Effective Fed Funds Rate

GILTS

DMO Plans Lower 2021-22 Issuance Than Expected

Opening statement

ECB

The euro area economy is gradually reopening and vaccinations are making progress. We expect economic activity to accelerate in the second half of the year as containment measures are lifted.

Inflation has picked up, largely on account of base effects, transitory factors and an increase in energy prices. It is expected to rise further in the second half of the year before declining. New staff projections point to a increase in inflation pressures through the projection horizon, but these pressures remain subdued due to slack which will only be slowly absorbed. Inflation will remain below target over the forecast horizon