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Put Condor Update

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GBP1.147bln of short-dated gilts with offer-to-cover of 2.93x

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E-MINI S&P (Z1): Bearish Focus

AUSTRALIA
AUSTRALIA: The ABS notes that "the value of imports and exports of goods both
declined in May 2020, according to preliminary international trade in goods
figures. The preliminary figures show that the value of imports fell A$2.2bn
(9%) from the revised April figure of A$24.1bn to A$21.9bn, and also declined
A$4.8bn (18%) on the May '19 figure. The decline in imports was driven by a
large drop in the value of imports of both road vehicles & petroleum. The value
of imports of road vehicles is the lowest value since April '11... The value of
imports of petroleum in May 2020 was at the lowest level since Feb '05, with
imports of crude petroleum and aircraft fuel most significantly impacted by the
decline in demand due to COVID-19 restrictions & lower oil prices. The value of
goods exported declined in May '20, down 4% on the revised April figure of
A$31.1bn to A$29.7bn, and 13% on the May '19 figure. The decline was due to
significant declines in exports of non-monetary gold, coal, & gas... Despite the
overall value of exports falling, exports of iron ore remained strong in May '20
as a result of global supply disruptions due to COVID-19."
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com