POWER: Datteln 4 Has Unplanned Outage on Thursday

• The G10 FX themes present overnight, that of a softer US dollar and Japanese Yen are prevailing in late European trade Tuesday. Price action has seen EURUSD briefly climb back to the 1.0300 handle, rising 0.5% on the session. Higher German yields have been supportive of the single currency at the margin, while lower front-end yields in the US have been weighing on the greenback.
• The ICE USD index sits 0.6% lower on the session, and now 0.85% off the Monday highs, at 109.25 as market participants await the key CPI report tomorrow. It is clear that the Fed will hold in January, with the first plausibly “live” meeting not until March. But with pricing having shifted so quickly away from 2025 cuts, it’s a good juncture to assess whether markets have gotten too hawkish, with the greenback potentially vulnerable to a deeper correction.
• Broad pressure on core fixed income continues to weigh on the Japanese yen, with EURJPY extending its intra-day advance to 0.8% and now 260 pips above the Monday lows around the psychological 160.00 mark.

• Date $MM Issuer (Priced *, Launch #)
• 01/14 $3B *KFW +5Y +40
• 01/14 $2.5B #BNG Bank 5Y SOFR+47
• 01/14 $2.5B *CADES 5Y SOFR+68, upsized from $2B
• 01/14 $2B IFC 3Y SOFR+29
• 01/14 $2B CAF 5Y SOFR+82
• 01/14 $500M #Hyundai 3Y +80
• 01/14 $Benchmark Blackstone Private Cr Fund 7Y +190a
• 01/14 $Benchmark LifePoint Health 7NC3 
• 01/14 $Benchmark Adobe 3Y +50a, 5Y +60a, 10Y +80a
• 01/14 $Benchmark British Colombia 3Y SOFR+45
• 01/14 $Benchmark BFCM 5Y +120a, 5Y SOFR

US Secretary of State Antony Blinken, speaking at an event hosted by the Atlantic Council, has confirmed that a Gaza ceasefire-for-hostage deal is "ready to be concluded and implemented" if Hamas accepts the conditions of the framework. 

• Blinken says: "We believe the Palestinian Authority should invite international partners to help establish and run an interim administration in Gaza after a ceasefire deal," adding that an "interim security mission would be made up of forces from partner nations and vetted Palestinian personnel."
• Blinken notes that the Biden administration, "will hand off plan for post-war Gaza to the Trump administration to carry forward."
• Blinken's remarks are consistent with recent comments from US officials and Qatari mediators suggesting a ceasefire deal is closer than it has been in months, however, a final deal appears to hinge on Hamas approval, which in turn depends on how credible Hamas leadership deems a proposed Israeli military withdrawal from Gaza. As noted in earlier bullets (ISRAEL: WSJ-Israel, Hamas Finalising Gaza Deal, Could Come This Afternoon) there is some domestic uncertainty on the Israeli side, "in the form of the requirement for any deal to be approved by Israel's security cabinet and the full gov't."
• The Jerusalem Post reported a short time ago: "No final answer was given from Hamas regarding a hostage deal, an Israeli official [said]."
• A Qatari statement earlier today read: "We have overcome the major differences. This is the closest point we have been to a deal over the past months,"