POWER: CCCEU Rejects Claims of Chinese Threat in 270MW German Wind Project

Mar-07 10:38

The China Chamber of Commerce to the EU (CCCEU) has rejected claims that Chinese-made turbines in Luxcara's 270MW Waterkant offshore wind project could pose a threat to Germany's political system, it said, cited by Renews.biz.

  • In a 5 March letter, CCCEU stated that claims about Chinese firms exploiting turbine sensors for data collection are "technically implausible and lack factual basis.
  • The organisation emphasised that all control systems, data storage, and remote management for the Waterkant project are maintained by German and European developers.
  • Additionally, CCCEU argued that excluding Chinese firms based on unverified security concerns would constitute trade protectionism and contradict the EU's commitment to free markets.
  • The CCCEU urged German authorities to avoid creating barriers that hinder clean energy cooperation and reaffirmed Chinese companies' willingness to engage in dialogue with German and EU stakeholders.
  • The letter was a response to Politico's report citing concerns from the German defense minister about potential data harvesting and turbine sabotage by China.

Historical bullets

EQUITIES: EU Bank put spread

Feb-05 10:36

SX7E (21st Feb) 163/157ps, bought for 1.65 in 6k vs 1.5k at 163.00.

EGB OPTIONS: Bobl call fly

Feb-05 10:33

OEH5 117/118/118.50 broken c fly sold at 51 in 1k.

EGBS: Bund Futures Pierce Monday's High, Following USTs Higher

Feb-05 10:28

Bund futures have pierced Monday’s high, currently +47 ticks at 133.59. Regional data/speakers have not been market moving, with major EGB futures following USTs higher through the session. 

  • Today’s rally in Bunds exposes 133.73 (50.0% retracement of the Dec 2 - Jan 14 bear leg) and 133.86 (Jan 2 high) on the upside.
  • The German curve has bull flattened, with 30-year yields ~4.5bps lower today.
  • 10-year EGB spreads are within 0.5bps of yesterday’s closing levels. French PM Bayrou is expected to survive two censure motions later this afternoon.
  • Eurozone January services/composite PMIs were broadly in line with flash prints, while December PPI was close to consensus.
  • The ECB wage tracker was little changed compared to the December release, still pointing to a deceleration of wage growth this year.
  • ECB Vice President de Guindos played down the role of the neutral rate in setting near-term policy an interview. This comes ahead of an ECB staff report on the concept on Friday.
  • Global focus turns to the US Quarterly Refunding Announcement at 1330GMT/1430CET, with US services sentiment data also due this afternoon.