REFINING: Croatia's Rijeka Refinery Set for Upgrade mid-Dec till Spring
Dec-08 12:59
Croatia’s Rijeka refinery will complete an upgrade next year according to Bloomberg reports from a company official.
- A recent turnaround is expected to be scheduled from mid-December until early-Spring.
- The plant was shut down in November for upgrade and to increase the capacity of its sulphur recovery unit and hydrocracking unit according to reports.
- The refinery is yet to complete construction of a DCU.
- The hydrocracker and sulfur recovery unit have already been upgraded to support the upcoming DCU construction. Those units have already started operation.
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CANADA: USDCAD Continues Climb Towards 1.38 But Analysts Eyeing 1.345
Nov-08 12:59
- USDCAD at 1.3786 has climbed further today as part of continued USD gains, touching a high of 1.3793. CAD outperforms high beta peers, although to less extent than yesterday.
- The technical trend is higher for the pair, with moving average studies in a bull-mode position and a bull trigger at 1.3899 (Nov 1 high).
- In contrast, a Reuters poll of 36 foreign exchange analysts through Nov. 3-7 saw the Canadian dollar strengthening 2.3% to 1.345 per U.S. dollar in three months (vs 1.340 in an October poll). This decline in USDCAD is then seen building to 1.30 over a year (vs 1.29 in October).
- Today sees building permits and the BoC minutes on the local docket (plus 5Y supply) whilst further heavy Fedspeak including Powell headlines the USD leg.
Source: USDCAD
US TSYS: What to Watch: Busy Fed Speaker Docket Continues
Nov-08 12:44
- A busy Fed speaker docket resumes Wednesday, Fed Gov Lisa Cook already spoke on financial stability at a financial stability conference in Dublin, comments on geopolitical tensions in Middle East were not market moving.
- Fed Chairman Powell to make opening remarks at a Fed statistics conference, followed by keynote remarks by NY Fed Williams (1340ET) at the same venue, while Fed VC Jefferson makes closing remarks for the conference at 1645ET. Fed VC Barr attends a moderated discussion at Community Reinvestment Act event at 1400ET
- FINAL REMINDER: MNI Webcast with Richmond Fed President Tom Barkin tomorrow from 1100-1215ET. To register please go to: MNI Webcast Registration
- Economic data: MBA Mortgage Applications (0700ET) Composite reported at 2.5% vs. -2.1% prior -- helped by a large 25bp decline in the 30Y conforming mortgage rate to 7.61% from 7.86%. Wholesale Trade Sales and Inventories wraps up the session's data releases at 1000ET.
- US Treasury auctions: $56B 17W Bill auction at 1130ET, $40B 10Y note auction (91282CJJ1) at 1300ET.
SWITZERLAND: Federal Council-Prep To Start On Mandate For EU Negotiations
Nov-08 12:40
The Swiss Federal Council (the country's joint executive) has released a statement confirming that it will be drawing up a negotiating mandate to begin negotiations with the European Union on a wide-ranging package including, "new agreements on electricity, food safety and health, participation in EU programmes (in particular Horizon Europe), the resumption of dialogue on financial regulation and the establishment of structured political dialogue."
- Exploratory talks between Bern and Brussels are deemed to have concluded following the latest round on 27 Oct, with the Federal Council now set to decide on adopting the forthcoming draft mandate by year-end. If it does adopt the mandate, this will be submitted to the Swiss parliament's foreign affairs committees and the Conference of Cantonal Gov'ts for consultation.
- Statement: "The package also provides for institutional solutions under existing agreements on single market participation [...] It also provides for the inclusion of state aid rules in the agreements on air transport, land transport and electricity, as well as Switzerland's regular contribution towards greater cohesion within the EU."
