HALISTER1: European Bank Index Falls Back Below Key Level; Focus on Yields

European Bank Index Falls Back Below Key Level; Focus on Yields

(Bloomberg) -- Stoxx 600 banking index SX7P falls as much as 1.7%, underperforming broad market and falling back below key Fibo level, as German 2-year yields hit record low before bouncing back.
  • SX7P daily chart here
  • Chart shows SX7P crossing below 38.2% Fibo retracement of 2015-2016 slump, remains in bullish channel started in July, lower band of bullish gap left open on Nov. 10 (~154) represents next key support
  • A move away from super-low interest rates and the prospect of rising bond yields suggest that investors should focus more on cyclical yield, Citi strategists write; banks, autos, insurance, travel, construction, basic resources have negative correlation to bond returns: Citi
RELATED:
  • Earlier: Bunds Slide; Market Looks for Repo Relief After ECB Report
  • Nov. 22: Sector Rotation Fueled by Hedge Fund Position: Goldman Sachs
  • Nov. 22: European Basic Resources Index Resume Rally Amid Sector Rotation
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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UUID: 7947283

(2) *LILLY'S SOLANEZUMAB DIDN'T MEET PRIMARY ENDPOINT IN TRIAL

*LILLY'S SOLANEZUMAB DIDN'T MEET PRIMARY ENDPOINT IN TRIAL

Alerts: HALISTER, HALISTER1
Source: BN (Bloomberg News)

Tickers
LLY US (Eli Lilly & Co)

People
David Ricks (Eli Lilly & Co)
Jan Lundberg (Eli Lilly & Co)
John Lechleiter (Eli Lilly & Co)
Philip Johnson (Eli Lilly & Co)

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UUID: 7947283

HALISTER1: Bund Futures Falter Near 61.8% Fibonacci; May Test 160.43

Bund Futures Falter Near 61.8% Fibonacci; May Test 160.43

(Bloomberg) -- Dec. 2016 bund futures contracts pulling back from day’s high near 161.64 resistance, weighted by report that ECB is seeking to lend out more bonds, Bloomberg technical analyst Sejul Gokal writes.
  • See chart; now -46 ticks to 160.97 vs. 161.72/160.73 range
  • Support at 160.70 (yesterday’s low), 160.43 (50% of Nov. 14 corrective bounce to today) and 160.13 (61.8% Fibonacci)
  • ECB Said to Look for Ways to Lend Out More Government Bonds
  • NOTE: Nov. 17, Bund Futures Corrective Bounce Eyes 161.64
  • NOTE: Sejul Gokal is a technical strategist who writes for Bloomberg. The observations he makes are his own and are not intended as investment advice.
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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UUID: 7947283

HALISTER: Solvay Nylon Unit Said to Attract Kingfa, Advent and SK Capital

Solvay Nylon Unit Said to Attract Kingfa, Advent and SK Capital

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
13620Z US (Advent International Corp)
600143 CH (Kingfa Sci & Tech Co Ltd)
SOLB BB (Solvay SA)
KBC BB (KBC Group NV)

People
Jean-Pierre Clamadieu (Solvay SA)

Topics
Plastics

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UUID: 7947283

HALISTER1: Aberdeen Overweight on Indian Bonds on Domestic Ownership

Aberdeen Overweight on Indian Bonds on Domestic Ownership

(Bloomberg) -- India’s local-currency bonds have been more stable than peers in Asia given they are largely owned by domestic investors, Kenneth Akintewe, senior investment manager for fixed income in Asia at Aberdeen Asset Management says in a press briefing in Hong Kong.
  • Modi’s decision to ban large bank notes will hurt growth in the short term and result in lower inflation, making room for rate cuts and pushing bond yields lower, he says
  • Aberdeen also favors local-currency bonds in Indonesia, Malaysia and Sri Lanka
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
ADN LN (Aberdeen Asset Management PLC)

People
Kenneth Akintewe (Aberdeen Asset Management PLC)

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UUID: 7947283