POWER: Investment Funds Net Short Positioning in German Power Falls to Dec Low
Feb-12 08:52
Investment Funds positioning in ICE German power futures reduced their net short positioning for the third consecutive week, with short positioning hitting its lowest since the week of 27 December 2024, according to the latest COT data as of 7 February.
- Investment Funds net short positioning declined to -12.38mn from -12.47mn in the week of 31 January. This is the lowest net short positioning over January 2025 and since the week of 27 December 2024 at -10.76mn.
- Investment Firms net short positioning rebounded on the week to -737,664 from -609,090 the week prior.
- Commercial Undertakings raised their net long positioning slightly, with positioning now at 13.46mn from 13.16mn in week of 31 January.
- German March power contract climbed by around 1.6% on the week at the end of 7 February similar on week price moves in the energy complex.
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EGBS: /SWAPS: Commerzbank Maintain Short Recommendation In Long End ASWs
Jan-13 08:51
German ASWs stabilise this morning, despite fresh weakness in core global FI markets
- However, Commerzbank warn that “fiscal fears still linger as the underlying political frictions are very difficult to resolve. At the same time, DMOs think in terms of absolute yields and need ultra-long issuance for their funding mix. Hence, ultra-long issuance run-rates should remain on record highs.”
- They also suggest that “a 'white knight' in the form of increased ALM buying is also unlikely to emerge.” As a result, they “don’t see a quick fix and remain short long-end Bunds ASW and OATs.”
BUNDS: German 10yr Yield Targets the July high
Jan-13 08:45
- The German 10yr got close to that July high, noted at 2.642%, so far printed a 2.634%.
- This level is slightly lower Today, was at 130.56 on Friday, but at 130.50 Today.
- Further out, and a clear break through that area would open risk towards the 2024 high printed in June at 2.706%.
- 2.706% = 129.83 today.
GERMAN AUCTION PREVIEW: On offer tomorrow
Jan-13 08:42
DFA has announced the coupon of the new Apr-30 Bobl (ISIN: DE000BU25042) at 2.40%. E5bln of that Bobl will be on auction tomorrow, January 14.
