POWER: Centrica Expects Sizewell C Decision in Spending Review
Feb-20 09:17
Centrica is expecting the UK government to announce a decision for the planned 3.2GW Sizewell C nuclear reactor in the next spending review, it said, cited by Bloomberg.
- This is in line with previous expectations. Officials told the FT in January, the Treasury is expected to decide whether to go ahead with the project in this year’s multiyear spending review.
- The UK Spring Statement for 2025 will take place on 26 March.
- The firm added that several investors are still interested in in the project.
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NORGES BANK: MNI Norges Preview-Jan '25: March Cut Still The Base Case
Jan-21 09:12
EXECUTIVE SUMMARY
- Norges Bank is unanimously expected to keep rates on hold at 4.50% in January. At the December decision, the bank signalled that the policy rate would most likely be cut at the March meeting. There has not been enough new information domestically to shift consensus away from this guidance.
- Markets are well priced for an uneventful rate decision and guidance paragraph. As such, the scope for a material reaction in NOK FX and rates appears limited at this stage.
- The latest pullback in inflation has further increased the real policy rate, which has helped dampen mainland economic activity since 2023. As such, even if Norges Bank wants to maintain a restrictive policy stance for a little longer, it will need to cut the nominal policy rate soon to ensure rates do not pull too far away from the top of its 0-1% real neutral rate estimate band.
- Looking ahead, analysts expect the first rate cut to be delivered in March (in line with Norges Bank’s guidance). The median forecast still favours quarterly cuts through 2025, but some analysts flag the risk of fewer cuts.
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EURIBOR OPTIONS: ERM5 98.00/98.50 1x2 Call Spread Lifted
Jan-21 09:12
ERM5 98.00/98.50 1x2 call spread paper paid 2.5 on 2.5K.
SONIA: SFIM5 95.60 Pus Sold
Jan-21 09:09
SFIM5 95.60 puts 5K given at 7.0
