It is almost certain that the Turkish Central Bank will announce a 3rd consecutive and significant rate cut today (-100 to -150bp). Since September, the key rate has plunged below the inflation rate which should soon cross the 20% mark due to the collapse of the currency: -30% since the beginning of the year vs USD and especially…
DOWNLOAD OUR SPECIAL REPORT EUAs broke all-time high : sustainable upward trend or temporary bullish run ? EUA prices have broken their all-time high of 65.77€/t on Nov.15th on a combination of rising gas prices, option trading and some positive sentiment from the COP26 amid a lack of sellers. Despite the current strong bullish trend, the…
The European spot prices started to fall yesterday, driven down by forecast of surging wind output, and should drop further today with a German wind generation expected to reach 28GW tomorrow. The day-ahead prices for today averaged 202.12€/MWh in Germany, France, Belgium and the Netherlands, -31.07€/MWh day-on-day but in line (+2€/MWh) with last week. The…
European gas prices increased strongly yesterday, supported by the Germany’s energy regulator (the Bundesnetzagentur) to suspend the procedure to certify Nord Stream 2 AG as an independent transmission operator, which brings new uncertainty over when the pipeline will begin commercial operations. The rise in Asia JKM prices (+8.82%, to €102.492/MWh, on the spot; +0.42%, to…
The publication of very good activity data in the US reinforced the rise in bond yields (the US “10 year” has recovered 20bp in 4 sessions) and pushed the dollar to its highest level since July 2020. Retail sales rose by 1.7% in October and industrial production rose by 1.6%. The NAHB housing market index rebounded by 3…
