OIL PRODUCTS: China’s State-Owned CDU Rates to Fall 3% in April: OilChem
Apr-02 09:40
CDU capacity utilization rates at China’s state-owned refineries are expected to fall 3-4 percentage points on the month in April, according to OilChem,
- This is because around 35% of state-owned refineries set their scheduled maintenance turnaround during April and May.
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UK: Call spread buyer
Mar-03 09:35
0RJ5 98.25/98.50cs, bought for 3.75 in 5k.
BUNDS: /SWAPS: Talk Of Larger Special Funds Drives Long End ASWs Lower
Mar-03 09:33
Bund & Buxl ASW spreads (vs. 3-month Euribor) are ~1.5bp tighter on the day.
- Intraday cycle lows in both Bund & Buxl ASWs remain intact.
- No surprise to see narrowing in the long end of the German ASW curve after RTRS sources suggested that “the parties in talks to form Germany's new government are considering quickly setting up two special funds potentially worth hundreds of billions of euros, one for defence and a second for infrastructure”.
- The piece went on to note that “economists advising the parties that will likely form a new government coalition estimate around EUR400bln are needed for the defence fund and EUR400-500bln for the infrastructure fund”.
- This is much more sizeable than the ~EUR200bln defence fund size that markets had been discounting previously.
- We've written a lot on how fundamentals continue to screen bearish for German long end swap spreads, confirmation of a larger-than-previously-expected special fund would add weight to this view.
- However, we continue to note that debt brake negotiations and already short positioning in spreads are likely to promote vol.
MNI: UK FINAL FEB MANUF PMI 46.9 (FLASH: 46.4); JAN 48.3
Mar-03 09:30
- MNI: UK FINAL FEB MANUF PMI 46.9 (FLASH: 46.4); JAN 48.3
