US GDP growth came out just below consensus expectations at +6.4% on a qoq annualized basis, which pushed bond yields a bit higher but also US equities to new record-high levels. The euro area figures will be released today and they should confirm the comeback in recession, despite the activity rebound in France. Chinese PMIs…
The power spot prices edged down yesterday in north western Europe, torn between forecasts of stronger wind output but weaker solar generation and slightly lower temperatures. Prices reached 62.50€/MWh on average in Germany, France, Belgium and the Netherlands. The EUA prices continued to climb to new highs on Wednesday, driven by the surging gas prices,…
ICE Brent crude oil gained a dollar, to 67.7 $/b at the prompt, supported by a relatively constructive EIA weekly report but also strengthening cracks globally. US demand remained strong, despite a pullback in gasoline consumption, while US refiners processed 15 mb/d of crude last week. US crude production remained pegged to 11 mb/d, which…
European gas prices were slightly up overall yesterday. Although the bullish impact of Gazprom’s decision not to book additional shipping capacity to Ukraine for May started to fade, low European gas stock levels remained a source of concern. The rise in Asia JKM prices and parity prices with coal for power generation (both EUA and…
Optimism should prevail on financial markets: the Fed was more confident about activity recovery but committed to let its policy unchanged, as the inflation spike should remain “transitory”. Joe Biden unveiled his new $1.8tn stimulus package focused on social measures and tax fairness. The plan will now be debated at the Congress and will likely…
