ising equities, slightly easing bond yields, falling USD: optimism prevails despite the sharp slowdown in the Chinese economy highlighted yesterday by the Q3 national accounts. Concerns about rising inflation pushed the US 10-year yield up to 1.62%, but it then eased back to 1.57%. The EUR/USD exchange rate returned to its highest level since late September,…
European gas prices were mixed yesterday, torn between concerns on Russian supply after auction results for November gas transport capacity indicated that Gazprom did not intend to increase its deliveries via Ukraine and Poland (see news) and profit taking. Asia JKM prices (-2.09%, to €105.358/MWh, on the spot; +0.21%, to €100.933/MWh, for the December 2021…
Crude prices continued to rally, at 85.7 $/b at the prompt for ICE Brent Dec-21 contract, as Asian nations multiplied calls to oil producers to boost production, as gasoline pump prices soared in the East. Indeed, The Japanese prime minister urged oil producers globally to ramp up production over the weekend, as gasoline prices in…
Despite a strong retreat of clean gas costs, the European power spot prices rose towards 200€/MWh for today, buoyed by forecasts of rather weak wind production and decent power demand. The day-ahead prices hence averaged 193.57€/MWh in Germany, France, Belgium and the Netherlands, +10.98€/MWh from Friday. After a very short-lived bullish opening, the carbon prices…
China’s GDP growth fell to +4.9% yoy in Q3, but more importantly, GDP grew by only 0.2% qoq compared to the 2%+ variations in the summers prior to the 2020 crisis. Anti-Covid measures weighed on growth in August and power cuts took over to depress industrial activity in September. This can be seen from the monthly…
