LNG: Japanese Utilities Increase LNG Stocks in Week to Sept. 8
Sep-11 07:49
LNG stockpiles held by Japanese utilities increased 14.2% w/w to 2.09m tons in the week to Sept. 8, according to data released by the trade ministry.
- Stocks have recovered from the lowest since April seen last week.
- Storage is above the five year average of 1.99m tons for the end of September and 27.4% higher than 1.64m tons this time last year.
- LNG Imports to Japan rose by 0.59m tons last week recovering from multi week lows the previous week, according to BNEF.
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GOLD: Gains $58 in the past 3 sessions
Aug-12 07:36
- The precious metal has cleared Friday's high, gaining $58 in just the past 3 sessions, and the early price action is now supporting Silver, Palladium and Platinum.
- Next resistance in Gold is seen towards 2458.80, but the Globe will be watching 2483.7 High Jul 17 and the bull trigger, not only the July high, but the record high.
ECB: Back To Pricing 2 Further Cuts For 2024
Aug-12 07:16
ESTR OIS is back to pricing in two full ECB cuts for the remainder of 2024, having last week gone as far as to price in three including an October cut.
- Last week's dovish re-pricing was risk-driven and did not reflect a material shift in fundamentals facing the ECB.
- Commitment to the 'meeting-by-meeting' and 'data dependent' approach suggest that the GC will look through market volatility, unless there are signs of systemic stress that could undermine growth and inflation.
- Given President Large's repeated assertions that the ECB will not necessarily lower policy rates in a linear fashion ( which would otherwise imply back-to-back cuts), an October cut would require a material change in assessment of the inflation outlook - particularly the trajectory of wages and domestic price pressures.
- Market based measures of inflation expectations such as the EUR 5y5y forward inflation swap and inflation breakevens continue to hover around recent lows. However, as we stressed last week, the ECB's focus on the in-house inflation criteria has further deprioritised market expectation measures.
CROSS ASSET: US and EU Yields edge higher
Aug-12 07:14
- Bund and Tnotes are drifting lower, paring some of Friday's gain, after both contract edged higher on Friday to reverse US IJC's sell off.
- Both contracts are also seeing way below average volumes with desks on the sidelines awaiting this week's data.
- For TYU4, support will be seen at 112.16+, Friday's low.
- USDJPY takes another leg higher, as Yields push higher.
