EMISSIONS: EUA Speculator Net Long Positionings Rise for Sixth Week
Feb-05 08:44
Speculator positioning in EU ETS futures on the ICE exchange turned again more bullish for the sixth consecutive week with net long positionings still at the highest since the week of 10 September 2021, the latest COT data as of 31 January showed.
- Investment Funds net long positionings increased by 2,478 to +55,566.
- Investment Firm net short positionings increased by 17,589 to -315,443,896.
- Commercial Undertaking net long positionings were increased by 14,837 +196,457.
- EU ETS Dec25 allowances saw a weekly net increase of around 2.7% last week, largely mirroring moves in EU gas markets as cooler weather with low wind and curtailed Norwegian pipeline flows raised concerns for low storage and summer refill requirements.
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GILTS: Under Pressure Alongside Peers
Jan-06 08:31
A sell off in wider core global FI markets weighs on gilts.
- Futures as low as 91.81.
- Bearish trend in the contract remains intact, next support seen at the Dec 19 low/bear trigger (91.64).
- Yields 2-3bp higher, curve steepens.
- 2s10s last 17.8bp, ~2bp off last week’s multi-month high.
- 5s30s ~77.1bp, 3-4bp below December’s multi-month high.
- SONIA futures under fresh pressure as gilts sell off, last flat to -4.0.
- SFIZ5 11.5 off its December low.
- BoE-dated OIS prices 55.5bp of cuts through year-end vs. 56-57bp early today.
- The BoE will sell GBP725mln of medium-term gilts from its APF this afternoon.
- Calendar ’25 DMO issuance gets underway tomorrow, via GBP2.25bln of 4.375% July 54 gilts.
CROSS ASSET: EUR extends gains post Spanish PMIs
Jan-06 08:21
- A good beat from Spain, but no real impact in Bund, with desks likely more focussed on the German CPIs.
- The EURUSD has extended higher, but the initial push higher was more a function of the Dollar, as its tests broader lows against the GBP, CZK, PLN, MXN, SGD, CHF, ZAR, SEK and NOK.
MNI: SPAIN DEC SRVCS PMI 57.3 (FCAST 54.1); NOV 53.1
Jan-06 08:15
- MNI: SPAIN DEC SRVCS PMI 57.3 (FCAST 54.1); NOV 53.1
