A lower-than-expected ISM in services in June (down from 64 to 60.1) in the US triggered a sharp fall in bond yields. Despite recent tensions on oil prices, the markets really seem to gradually abandon the reflation trade. As shown by the Graph of the day, the US 10y has declined from 1.6% to 1.35% since early June.…
The power spot prices dropped in northwestern European yesterday amid forecasts of surging wind output , stronger solar generation and improved French nuclear availability for today. The day-ahead prices hence reached 76.98€/MWh in Germany, France, Belgium and the Netherlands, -16.49€/MWh day-on-day. The European carbon prices jumped by nearly 1€/t and above 58€/t in the first…
On Monday, after a two-hour-long delay, the OPEC+ meeting was cancelled. Divergences between the UAE and the rest of the group, particularly Saudi Arabia, were too large to have a constructive meeting. The group’s agreement fallback clause remained in place, no increase of production was authorised for August to this date. Needless to say, as most…
European gas markets experienced another strong upward move on Monday as transport capacity auctions for the next gas year closed at noon with no capacity booked at key entry points for Russian gas flows. TTF Cal+1 prices settled at a new 8-year high at €26.50/MWh: last time they traded at this level, Brent 1st nearby…
Limited moves on financial markets, as US markets were closed yesterday and the release of the Fed minutes, tomorrow, should be the main event this week. The German ZEW survey, the euro area retail sales and the purchasing manager indices in services in the US will be the main economic reports today. The unexpected fall in…
