A Eurex publication focused on European financial markets, produced by Market News International

Morning Briefing

JNov 24, 2011 weaker PMI surveys are mirrored in confeerence is provisionally slated At 0800GMT, German Economics other sentiment indices. for 1300GMT. Minister Philipp Roesler gives a budget speech to parliament, in At 0930GMT, Bundesbank Board At 1240GMT, ECB Executive Berlin. member Rudolf Boehmler gives a Board member Peter Praet is speak on the debt crisis, in scheduled to speak at the European At 0815/0530 European Hohenheim, Germany. The Mortgage Federation's conference, in Commission President Jose Barroso comments take on added Brussels. gives a speech at a conference, in significance in the wake of Brussels, with observers looking for Wednesday's "failed" Bund auction. More central bank speakers are any expansion of the previous day's expected in the early evening. At euro bond comments. The main event for the day is 1700GMT, Riksbank Gov. Stefan likely to be the miiday summit when Ingves gives a speech on economy, Data starts at 0900GMT, French President Nicolas Sarkozy in Frankfurt, followed at 1830GMT Germany's November IFO business meets German Chancellor Angela when ECB Executive Board member survey is released, along with Italian Merkel and Italian Prime Minister Jose Manuel Gonzalez-Paramo November ISTAT consumer survey. Mario Monti, in Strasbourg. A press lectures at the European Affairs Traders will watch closely, to see if Society, in Oxford...

Global Economic Trading Calendar

Markets

EUROPEAN STICKS: Major With US cash markets closed for 8165.18. The broader-based TOPIX European bourses are seen today's session, the Chicago was lower by 11.88 points at 705.91. modestly higher Thursday, steadying electronic pits was last 6.4 points Preliminary volume in the Nikkei as US index futures somewhat higher at 1166.3, 13.75 points at totaled 947.1 mn shares, with in Asia. However, traders say flews 2174.75. Dow futures are also 22 issues higher, 199 lower and 4 are expected to be modest, with US higher, up 56 points at 11290. unchanged. markets closed. calling the FTSE up 18, the CAC up 32 and AUSSIE BONDS: Aussie govvies are CHINA STOCKS: The Shanghai higher across the board Thursday, Composite Index ends the morning US STOCKS CLOSE: A late slide left with the curve flattening as the session up 0.28% at 2,401.85. stocks wallowing at their lows as longer-end outperformed. The jitters about global growth and the on the 2Y was last 1 bps lower at HONG KONG STOCKS: The Hang eurozone combined to suppress 3.16%, with the 3Y at 3.04%, down Seng Index ends the morning up appetites. Dow skidded 236 2.5 bps. The 2/10-yr spread 2 bps 0.45% at 17,944.72. points or 2.05% to end at 11,258 flatter on Wednesday's levels at 71.5 while Nasdaq was off 61 points or bps. OIL: Crude futures are modestly 2.43% to close at 2460. higher in Asian trade Thursday, JAPAN STOCKS CLOSE: Japan's although shy of their best levels. The US STOCKS: US index futures are benchmark indices ended front-month WTI contract was last 19 trading nominally higher in Asian Thursday's session narrowly mixed. cents higher at $96.36m having trade Thursday, albeit in very light The Nikkei ended down 149.56 touched a high at $96.43.... trade on the Thanksgiving holiday. points, or 1.80%, to stand at

Technical Analysis

BUND: (Z11) Head-&-Shoulders Pattern Targets 134.49

RES 4: 137.79 High 23 Nov RES 3: 137.30 Intra-day high RES 2: 136.53/75 100 & 5-day moving average RES 1: 136.19 Low 18 Nov

PREVIOUS CLOSE: 135.58

SUP 1: 134.93 23.6% of 119.86 to 139.58 SUP 2: 134.47/48 76.4% retrace of 132.89 to 139.58 SUP 3: 134.16 Support line from 11 Apr SUP 4: 133.67 Gap base from 28 Oct

COMMENTARY: Strong bearish engulfing pattern on Z11 and comes after the bear-divergence signals on daily

stochastic study. Also noted is a head-&-shoulders pattern on 120-minute chart, where measured move targets 134.49, and coincides approximately with 134.47/48, where the former is the 76.4% of the 132.89-139.58 rally & 100-DMA. Below here a -term support line from April 11 comes in at 134.15

Eurostoxx50 : Rangebound Between 21 & 55-DMA's For Now

RES 4: 2325.0 100-day moving average RES 3: 2283.3 21-day moving average RES 2: 2227.4 Channel top from 28 Oct RES 1: 2175.9 5-day moving average

PREVIOUS CLOSE: 2096.8

SUP 1: 2070.5 76.4% retracement of 1935.9-2506.2 SUP 2: 2055.0 Low 4 Oct SUP 3: 1990.0/92 Low 26 Sep SUP 4: 1935.9 Low 23 Sep

COMMENTARY: ESX50 closed on session low and below the daily Bollinger band base at 2099.3, with near-term focus on 2070.5 Fibonacci level -- 76.4% retracement of 1935.9 to 2506.2 move and October low at 2055.0 and projected channel base at 1992. Resistance is at the 5-DMA at 2175.9..

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