The European power spot prices edged up yesterday as the forecasts of weaker production were partly offset by the expectations of stronger solar and nuclear production. The day-ahead prices for today hence reached 91.44€/MWh on average in Germany, France, Belgium and the Netherlands, +1.08€/MWh day-on-day. The carbon prices observed another volatile session on Monday, climbing…
Falling inflation expectations, combined with collapsing equities globally, likely triggered a sell-off in crude and refined products futures. ICE Brent prompt contracts for September delivery went from 73 $/b to 69 $/b at the European close. All other futures prices from the oil complex experienced a similar decline. 10-year bond yields at 1.20% continue to reflect…
European gas prices extended gains yesterday, supported by rising temperatures, ongoing weak supply and strong Asia JKM prices (+2.59% on the spot, to €41.291/MWh). On the pipeline supply side, Russian flows remained stable at 163 mm cm/day on average yesterday, with the Nord Stream 1 gas pipeline still shut for a 10-day planned maintenance that…
European equities had their worst day of the year and US equities plunged the most in two months. Bond yields were sharply down, the US 10y falling below 1.2%, its lowest level since February. Implicit inflation expectations fell as well and the yield curve flattened further… etc. To sum up, the exit from the reflation trade sharply…
After US equities recorded their first decline in 4 weeks last week, Asian markets fell on growing concerns over the quick spread of the Covid delta variant. US 10-year bond yields continue to fall, now below 1.3% and the USD is strengthening, with the EUR/USD below 1.18. The UK example shows that despite a still rather low rate…
