EMISSIONS: Airbus Summit Will Focus On Sustainable Fuel, Non-CO2 Emissions
Mar-07 11:59
Airbus will host a summit on 24-25 March, with a focus on sustainable aviation fuels, non-CO2 emissions mitigation, fuel consumption reduction technologies, following the Clean Industrial Deal announcing an upcoming supporting plan, it said.
- The lifetime emissions from Airbus commercial aircraft deliveries in 2023 were estimated at 549mn tons CO2e, a year-on-year growth of 11%, according to Statista data.
- Airbus has committed to reducing scope 1 and scope 2 emissions by 63% by 2030 compared to 2015 levels, it said.
- In the latest Clean Industrial Deal announced late February, it said that a Sustainable Transport Investment Plan will outline short-and medium-term measures to support low-carbon fuels for aviation.
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US TSYS: TY Testing Resistance, Refunding and ISM Services Headline The Docket
Feb-05 11:51
- Treasuries have extended yesterday’s rally that received a helping hand from lower-than-expected jobs openings, with today’s gains amidst broader FI rallies including from EGBs and Gilts.
- Today’s calendar focus is primarily on Treasury’s QRA at 0830ET (MNI Refunding Preview here) before ISM services for January at 1000ET. US policy headlines will also be closely watched, especially on US-China trade relations.
- Cash yields are 2.3-4.2bp lower, with declines led by 7s.
- 2s10s is within recent ranges at 28.5bps (-1.6bp).
- TYH5 sits close to session highs of 109-15 (+ 08+) on solid cumulative volumes of 410k.
- It challenges resistance, having cleared 109-10 (50-day EMA) and now eyeing 109-15+ (Feb 3 high). A clear break of the 50-day EMA would strength a short-term bullish case and open 109-31 (Dec 18 high).
- Data: MBA mortgages (0700ET), ADP employment Jan (0815ET), Trade bal Dec (0830ET), S&P Global US serv/comp PMI Jan final (0945ET), ISM services Jan (1000ET)
- Fedspeak: Barkin BBG TV (0730ET), Barkin fireside chat (0900ET), Goolsbee at automotive conference (1430ET), Bowman update on economy and bank regulation (1500ET), Jefferson gives lecture after the close (1930ET) in remarks likely to heavily resemble yesterday’s speech – see STIR bullet.
- Bill issuance: US Tsy $64B 17W bill auction (1130ET)
NORWAY: January House Prices Well Above Norges Bank Forecast
Feb-05 11:50
Norwegian secondary house prices rose a notable 1.4% M/M SA in January, up from 1.0% in December and well above Norges Bank’s 0.5% M/M projection in the December MPR. All else equal, this will be a hawkish input into Norges Bank’s March rate path, but is unlikely to deter a well-signalled 25bp cut.
- Low supply of new built homes since the pandemic has shifted demand towards existing homes, and continues to be a key driver of existing home price rises.
- Eiendom Norge also point to “less uncertainty about the household economy going forward” alongside “moderate relief in lending regulations”.
- There were record numbers of home listings and sales in January, according to the press release.
- There was little reaction in NOK to the data, with NOKSEK extending session lows at typing amid continued SEK strength, now 0.3% lower today,
OAT: Block trade
Feb-05 11:48
OAT Block trade, suggest buyer:
- OATH5 ~1k at 124.62.
