POWER: Estonia Cancels €2.6bn of Offshore Wind Funding
Estonia has scrapped up to €2.6bn in state funding for offshore wind farms, meaning the country will lose its state aid permit by April, though the Ministry for Climate will continue exploring development options, the government has decided, cited by ERR News.
- Despite the setback, Climate Minister Yoko Alender is committed to offshore wind development and negotiations for a new state aid permit.
- The climate ministry aims to launch an offshore wind auction in early 2026, ensuring projects remain on track for operation by 2033.
- However, the government will continue onshore wind subsidies, adding 2TWh of capacity with a €240mn fund.
- Additionally, a nuclear power plant plan is still in progress, with an analysis of storage capacities—including the Paldiski pumped hydro storage facility—expected by April.
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US STOCKS: Chip Stocks, Media & Entertainment Buoy Eminis Near New Highs
- Stocks are gaining early Wednesday, support for semiconductor stocks helping SPX Eminis climb back near early December all-time highs (6178.75).
- Currently, the DJIA trades up 115.25 points (0.26%) at 44143.15, S&P E-Minis up 50.25 points (0.83%) at 6134.5, Nasdaq up 303.7 points (1.5%) at 20060.89.
- Information Technology and Communication Services sectors outperformed in early trade, chip stocks supporting the former as noted: Monolithic Power +8.48%, Lam Research +4.07%, Applied Materials +3.62% while Nvidia gained 3.55%.
- Interactive media and entertainment stocks led gainers in the Communication Services sector: Netflix rallying over 11% in the first half as subscriptions soar, Meta +2.57%, Warner Bros +1.54%.
- On the flipside, Utilities and Real Estate sectors underperformed in the first half, gas and multi-energy providers weighing on the former: Edison International -3.63%, Dominion Energy -3.45%, Ameren -3.03% while PG&E declined 3.01%.
- Investment trusts, particularly health care and residential REITs weighed on the Real Estate sector: Ventas -2.59%, Healthpeak Properties -2.27%, and Equity Residential -2.05%.
US 10YR FUTURE TECHS: (H5) Remains Below The 50-Day EMA
- RES 4: 110-25 High Dec 12
- RES 3: 109-31 High Dec 18
- RES 2: 109-16+ 50-day EMA
- RES 1: 109-04/109-06 High Jan 21 / High Dec 31
- PRICE: 108-17+ @ 16:52 GMT Jan 22
- SUP 1: 108-00/107-06 Low Jan 16 / 13 and the bear trigger
- SUP 2: 107-04 Low Apr 25 ‘24 and a key support
- SUP 3: 107-00 Round number support
- SUP 4: 106-11 2.00 proj of the Oct 1 - 14 - 16 price swing
The medium-term trend condition in Treasury futures remains bearish and the recovery that started Jan 13, appears to be a correction. The contract has traded through the 20-day EMA, at 108-17+. This exposes 109-06, the Dec 31 high, and 109-16+, the 50-day EMA. A clear break of the 50-day EMA is required to strengthen a bullish theme. The bear trigger is unchanged at 107-06, the Jan 13 low.
EURIBOR OPTIONS: Another Upside ERM5 Structure
ERM5 98.00 / 98.125 / 98.25 call fly, bought for 1.25 in 11.5k
- The latest upside ERM5 option structure this week.
- Calls outnumber puts by 4.5 to 1 today.
