The avalanche of statistics published yesterday in the US before the long Thanksgiving weekend confirmed the reacceleration of activity and growing inflationary pressures: higher than expected household spending and income in October, rebound in investment (durable goods orders), lowest level of unemployment claims since 1969, but a drop in household confidence due to inflation whose…
Markets are hesitant: US bond yields eased after approaching their recent highs yesterday. The 10-year bond touched 1.68%. The economic indicators continue to show a solid global economic recovery, which carries serious inflationary risks, and which could change the hitherto very confident analysis of central banks on the transitory nature of these risks. Thus, the PMIs came…
European gas prices rebounded yesterday, supported by cold weather and the US State Department decision to impose sanctions on a Russia-linked company and its work ship involved in finishing the Nord Stream 2 gas pipeline. The rise in Asia JKM January 2022 prices (+6.08%, to €109.455/MWh, while spot prices dropped slightly by 0.49% to €102.916/MWh)…
The European power spot prices continued to rise yesterday, supported by forecasts of weaker wind and solar generation and colder temperatures strengthening the power demand. The day-ahead prices averaged 276.17€/MWh in Germany, France, Belgium and the Netherlands, +26.36€/MWh day-on-day. The EUAs failed to set a new record for the first time in two weeks yesterday…
The US finally announced the release of 50 mb of crude oil into the market, coordinated with Japan, South Korea, the UK and China. ICE Brent crude rallied strongly, and snapped back to 82 $/b at the front, while font time spreads rallied to 100 cents. In total, the volumes released globally amounts to 65 mb, which…
