The 3.7% rebound in the Nasdaq yesterday has all the characteristics of the so-called “dead cat bounce”, a brief moment of respite in a bear market. It was linked to some improvement in the bond market for not very obvious reasons, the US 10-y bond yield easing below 1.55%. But inflation fears should quickly reappear.…
The European power spot prices edged down yesterday on forecasts of slightly higher wind output and temperatures. Prices reached 60.91€/MWh on average in Germany, France, Belgium and the Netherlands, -0.69€/MWh dod. The French power consumption rose by 2.58GW from Friday to 63.26GW on average. The nuclear generation continued to improve at 43.62GW, +1.40GW from Friday. …
ICE Brent crude prompt future dipped to 67.7 $/b after a reaching 71$ yesterday following the Houthis attack on Ras Tanura terminal. With no material impact on the Saudi oil infrastructure, the rally was poised to be short-lived. Yet, this could be a new hindrance to the normalization of the US-Iran relationship. The current softness…
European spot gas prices were mixed yesterday, torn between conflicting fundamentals. Temperatures fell below normal, but they are expected to rise significantly from Thursday. On the pipeline supply side, due to maintenance works, Norwegian flows weakened yesterday, averaging 316 mm cm/day, compared to 323 mm cm/day on Friday. Russian flows were stable, at 323 mm…
Higher bond yields and stronger growth expectations are driving investors away from assets that have benefited from the crisis to assets that have been left behind. The Nasdaq lost 2.5% again yesterday. Bond yields seem stabilizing for the time being nevertheless, which may offer some respite. The USD kept on strengthening, pushing the EUR/USD to…
