REFINING: China to Cap Oil Processing Capacity in 2025
Oct-25 07:05
China intends to cap its crude oil processing capacity at 1 billion metric tons by 2025 according to the country’s state planning agency.
- It plans to strictly control new oil refining capacity, promote the upgrading and optimisation of refineries and accelerate the elimination of small and outdated plants.
- Refineries with capacity of 10 million metric tons or more will account for 55% of capacity by 2025.
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US TSYS: A Little Steeper, Higher For Longer Fed & Potential Government Shutdown Still Dominate
Sep-25 06:59
Cash Tsys have ticked further away from Friday’s best levels, with the major benchmarks sitting 1-3.5bp cheaper on the day and light steepening apparent.
- TYZ3 is 0-03+, 0-01+ off the low of a 0-08+ range.
- Continued focus on the higher for longer narrative/potential need for further tightening in Friday’s Fedspeak probably provided downward impetus in Asia-Pac hours.
- FOMC-dated OIS is little changed to 4bp higher through the liquid area of the curve, with steepening of the strip seen (terminal policy rate of ~5.45% seen come January, before ~35bp of cuts are priced through July).
- Elsewhere, headlines pointing to seemingly ever-increasing odds of a government shutdown continue to do the rounds.
- Regional Fed survey data headlines the NY docket on Monday, with Minneapolis Fed President Kashkari set to speak in the NY-Asia handover.
EQUITIES: EU Cash opening calls
Sep-25 06:55
- Estox 50: -0.23%.
- Dax: -0.16%.
- CAC: -0.32%.
- FTSE -0.13%.
- SMI -0.20%.
BUNDS: German 10yr Yield levels
Sep-25 06:50
With the German 10yr Yield quoted, and after printing a 2.779% high on Thursday, with a 129.11 low in futures, today reference 129.37:
- 2.779% = 129.13.
- 2.800% = 128.92.
- 2.850% = 128.41.
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