EU Energy Sector Specialist Commentary: SPM, GALP, ENI/TTE, GLOBAL LNG, TTE

Research evidence excerpt

EU Energy Sector Specialist Commentary: SPM, GALP, ENI/TTE, GLOBAL LNG, TTE

d on the day (7,413). The index opened higher then sold

off, breaking back down through 50 dma (7,471), to track around unchanged for the rest of the day as R2K outperformed.

Software vs semis +6.7% and L/S momentum -5%. Overall volumes tracked 15% below 30 dma as oil fell and USD moved

higher. Tech, utilities and energy were the worst sectors with staples, communication services and financials the best. JPM cash

was better for sale with Tech, financials and energy leading the skew. Industrials, healthcare and consumer discretionary were

better to buy. The press is looking at the fall in Asian markets, the latest Houthi attacks on Saudi and AI infrastructure credit

spreads. Overnight USD and treasuries have remained well bid as commodities move lower. Today in US we have trade balance,

wholesale inventories, home prices and Conference Board confidence survey. In Europe we have French consumer confidence.

Asian markets are mixed with HK, Australia and India the outperformers. Tech has been hit very hard in Taiwan, Korea (-10%)

and Japan. Our flow is unexpectedly better for sale, on decent volumes, with Japan, Taiwan and China leading the skew. HK,

Australia and Korea are better to buy. In the sectors we are selling tech, consumer discretionary and materials versus buying

financials and communication services.

MOVES VS YESTERDAY'S EUROPEAN CLOSE; S&P minis +2bps, Nasdaq minis -19bps, Nikkei fut -2%, FTSE futs -13bps,

Eurostoxx futs +3bps; US Momentum +71bps, US Value +6bps; DXY +8bps, EUR -9bps, GBP -10bps, CHF -10bps, CNH -4bps,

JPY -4bps, Bitcoin -2%; US 2y rates -1bps to 4.3%, US 10y rates -2bps to 4.63%, Germany 10y rates unch @ 3.13%, UK 10y