​Daily Bulletin: Wednesday March 4

Traders and strategists are worried over the potential for disappointing announcements during China’s National People Congress, which could curb the Stoxx Europe Basic Resources Index’s (SXPP) recent rise, driving funds to enter into put butterflies for the duration of the meeting. BNP is recommending investors buy SXPP Apr-15 400/380/360 put butterflies at EUR2.85 offer, Mar-15 futures ref. EUR421.30. Also in Europe, Citi has hired a former London-based Bank of America-Merrill Lynch head of structured products. In the U.S., we take a look at what’s potentially driving put traffic in the Financials ETF, which is seeing low implied volatility levels recently.