EMISSIONS: Britain Submits Carbon Emissons Reduction Plan to UN
Britain has formally submitted its carbon emission reduction plan to the UN, outlining how it will meet the ambitious climate targets, including an 81% reduction in greenhouse gas emissions by 2035, the government said, cited by Reuters.
• The plan outlines how the country will achieve the ambitious climate targets set by Prime Minister Keir Starmer last year.
• Climate Minister Ed Miliband stated that the submission includes information on the scope, timing, sectors, and greenhouse gases covered by the targets.
• Additionally, it also includes high-level details on the policies and measures to be implemented to meet the Nationally Determined Contributions (NDC).
• The full details of the submission have not yet been published.
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EURIBOR OPTIONS: Put ladder buyer
ERZ5 98.00/97.75/97.50p ladder, bought for flat in 2.25k total.
GILTS: Extending gains ahead of the close
- Overall it is a fairly decent move in Gilt, the contract continues to gain, the lower volume has been helping, but there's been a pick up in the past few minutes with just under 30 minutes left for the trading session.
- Around 2k cumulative lots have been bought in the past few minutes, multiple clips.
US TSYS: Yields Slip to 10D Lows Into Year End, Early Cash Close
- Treasuries added to Monday's rally overnight -- back near December 20 levels before drawing some sell interest in early London trade. Average to small year-end duration extensions: US +0.07Y, EU: +0.04Y, UK -.02Y (Bbg).
- The Mar'25 10Y contract trades 109-03 last (+4) vs. -06 high on modest year end volume of just over 135k. Tsy 10Y yield tapped 4.5027% low overnight, curves are looking modestly flatter: 2s10s .966 at 28.317, 5s30s -1.864 at 37.011.
- Projected rate cuts into early 2025 look steady to slightly higher vs. late Monday levels (*) as follows: Jan'25 steady at -2.8bp, Mar'25 -14.6bp (-13.6bp), May'25 -21.3bp (-19.5bp), Jun'25 -30.8bp (-28.8bp).
- Today's economic data (prior, est) limited to FHFA House Price Index MoM (0.7%, 0.4%) and S&P CoreLogic CS 20-City MoM SA (0.18%, 0.20%) at 0900ET, followed by Dallas Fed Services Activity (9.8, --) at 1030ET.
- Reminder: early cash Tsy close at 1400ET, futures at normal time of 1600ET.
- For next week: the NYSE Group markets will close on January 9 in observance of the National Day of Mourning for President Carter (New York Stock Exchange, NYSE American Equities, NYSE American Options, NYSE Arca Equities, NYSE Arca Options, NYSE Chicago and NYSE National), while the CME Group has opted for early close, link HERE. FI open outcry will close at 1300ET, GLOBEX shortly after at 1315ET next Thursday.
