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US EURODLR OPTIONS

Put-Centric, Rate-Hike Positioning

EQUITY TECHS

E-MINI S&P (H2): Bearish Risk Remains Present

SOUTH AFRICA

Market Snapshot: ZAR on a Tear, SAGBs Bull Flatten

GBP

EURGBP test session low

US TSY OPTIONS

5Y Ratio Call Spd

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  • Since the start of October, the XU100 index has risen +31.89% - driven higher by rate cuts and ultra-dovish guidance from Erdogan on the rates trajectory.
  • Markets are anticipating another rate cut in December with Erdogan pressing his preference for single digit rates all the way into 2023 elections.
  • From a valuation standpoint the index trades off a 7.62x P/E & 1.28x P/B, which still ranks as very cheap vs the MSCI EM index at 13.72x P/E & 1.79x P/B.
  • Price action has now decisively moved through the 1,800 handle and continues to trade in overbought territory with the index up almost 3% today.
  • Key Support stands at 1,672 (38.3% Fib) followed by the 1614-1589 zone. Next major resistance comes in around the 2,000 level.
  • XU100 & 1-Wk Repo