EMISSIONS: EU Must Strengthen 2040 Target to Meet 1.5C Climate Goal:WWF
Feb-12 09:34
WWF warns that the EC’s proposed 90% emissions reduction by 2040 lacks the ambition needed to fairly align with the 1.5C goal, with weaker interim targets for 2030 and insufficient action in key sectors—energy, industry, transport, agriculture, and land use, WWF said.
- The EU’s 2030 target aims for a 55% reduction in emissions, falling short of the IPCC’s recommended 57% and highlighting an ambition gap, WWF added.
- Additionally, the proposed 2040 target of a 90% emissions cut is more in line with IPCC guidance but still fails to fully account for historical emissions and the EU’s fair share of global climate efforts.
- And the EU’s 2050 climate neutrality goal aligns with IPCC guidance, but weaker earlier targets risk excessive emissions, threatening the 1.5C limit.
- To bridge these gaps, the EU must implement stronger policies, accelerate emission reductions, and ensure fair and equitable climate action, WWF said.
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USD: The EUR and the Pound are breaking through their support
Jan-13 09:34
- Watch the EUR and the Pound, both falling through new lows, but the Dollar is seeing a broader bid, Risk Off tone and Elevated Yield have been supportive of the Greenback, and also a continutaion since Friday's data.
- EURUSD is through the initial 1.0201 61.8% of the Sep ‘22 - Jul ‘23 bull leg, further momentum opens to 1.0138 1.764 proj of the Sep 25 - Oct 23 - Nov 5 price swing
- Cable sees 1.2087 0.764 proj of the Sep 26 - Nov 22 - Dec 6 price swing next.
CROSS ASSET: Bid In Energy Prices Factors Into Bond Weakness
Jan-13 09:31
WTI & Brent have registered the highest levels seen since August, factoring into the weakness in core global FI markets.
- Next resistance of note in WTI located at $79.59, while resistance in Brent is seen at $83.79.
- Our commodities team continues to point to the deepening of U.S. sanctions against Russia as the major bullish factor for crude oil, although Platts have noted that sanctioned barrels still seem to find a way to market.
- Demand for Middle East crude is also noted, as judged by benchmark premiums paid.
- The bid in European natural gas prices will also be having a hawkish impact on EUR STIRs, factoring into EGB weakness.
US: SFR Put Spread seller
Jan-13 09:24
SFRU5 95.62/95.50ps sold at 3.5 in 9k.
