The People Bank of China promises to support the Chinese economy through a variety of measures, including easing credit conditions for small businesses, lowering the reserve ratio for banks’ foreign currency holdings, or ending regulatory action against technology companies. But lower rates are hampered by the need to clean up the housing sector and, above all, monetary policy…
Prices were down again yesterday in most European gas markets, pressured by the increase in pipeline supply. Indeed, Norwegian flows rebounded, averaging 305 mm cm/day, compared to 269 mm cm/day on Friday. Russian flows were also higher, at 220 mm cm/day on average, compared to 209 mm cm/day on Friday. The drop in coal prices…
The European power spot prices climbed above 220€/MWh for today, supported by a combination of decreasing temperatures, dropping wind output and much weaker nuclear availability with the French production expected to fall near 30GW and the Belgian reactor Tihange 1 shut for maintenance since last Friday. The day-ahead prices hence averaged 222.46€/MWh in Germany, France,…
Brent 1st-nearby declined on Friday, by 1.6% to $106.65/b while the NYMEX WTI went 1.7% down to end the week at $102.07/b. Prices are further down this morning, the Brent now trading below $103/b, mainly due to renewed worries about the pandemic in China (see the Daily Eco). Oil benchmarks have slipped by an average…
There is no sign of euphoria either in the population or on the markets after the re-election of Emmanuel Macron in France: the bond yield spread against Germany is stable and the very brief surge of the euro has given way to a plunge to a new 2-year low against the USD, just above 1.07. His victory…
