EMISSIONS: Think Tank Criticizes EU's Clean Industrial Deal
Clean energy think tank Transport and Environment (T&E) has criticized the EU Clean Industrial Deal, Action Plan for Affordable Energy, and Omnibus proposal, saying the delayed announcement of the 2040 climate targets send worrying signals.
- The European Commission still needs to release its planned proposal on the 2040 climate targets.
- The think tank added that lowering the recommended 90% emissions reduction target would weigh on the industry’s investment security for clean technologies.
- T&E further stated that the simplification of sustainability reporting rules under the Omnibus proposal weakens companies’ accountability over their environmental and social impacts.
- “While there is space for simplification, today’s proposal throws Europe into reverse, erasing a decade of gains in sustainability and global competitiveness. If approved, the new sustainability reporting obligations will only apply to 0.02% of European companies,” Giorgia Ranzato, sustainable finance manager at T&E, said.
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EQUITIES: Estoxx Put Fly
SX5E (21st Mar) 5000/4900/4800p fly, bought for 5 in 5k.
AUSTRIA: FPÖ & ÖVP Struggle To Reach Consensus Amid Bank Levy Speculation
Talks continue between the far-right Freedom Party (FPÖ) and the conservative Austrian People's Party (ÖVP) as they seek to reach consensus on a programme for gov't. There are reports of disagreement between the parties over the FPÖ's alleged demand for a bank levy, first reported in Kronen Zeitung. The report claims the measure would be "a temporary "special levy" on excess profits, with which up to seven billion euros could be skimmed off from the profits of banks for the duration of the seven-year budget consolidation."
- Der Standard reports the levy "has not been an issue in the negotiations between the FPÖ and the ÖVP, according to the ÖVP. "Perhaps it will come," shrugged an ÖVP negotiator, "we will find out." And then we will just have to talk about it."
- Representatives from each party meet in the tax and finance subgroup tomorrow (29 Jan). For the FPÖ, former State Secretary of Finance Herbert Fuchs will be lead rep. The ÖVP will be represented by Chamber of Commerce President Harald Mahrer and Raiffeisen Secretary General Clemens Niedrist. Niedrist formerly served as cabinet chief for then-Finance Minister Magnus Brunner, and his presence has raised questions about the closeness of the ÖVP to the banking sector.
- Der Standard report claims "Neither the FPÖ nor the ÖVP negotiators can imagine that there will be a government next week," with the party leaders yet to meet during the course of talks.
CROSS ASSET: MONTH END EXTENSION (Updated) - Huge for the UK
Massive for the UK, decent for Europe, and small for the US.
The Bloomberg UK one is a January record.
Bloomberg Bonds projected:
- US Tsys: +0.07yr (small, average).
- EU Govies: +0.10yr (decent).
- UK Govies: +0.23yr (HUGE).
MS Bonds:
- US Tsys: +0.05yr (small).
- EU Govies: +0.07yr (small, average).
- UK Govies: +0.17yr (LARGE).
Citi Bonds:
- EU Govies: +0.10yr (decent).
- UK Govies: +0.19yr (HUGE).
Barclays FX:
- Their rebalancing model indicates a moderate dollar-selling signal against most majors and the signal for Cable is borderline strong.
