EMISSIONS: Czech Republic Disagree with EU 2040 Climate Target
Jul-02 12:24
Czech Prime Minister Petr Fiala said today that he disagrees with the EC’s new 2040 climate target of a 90% emissions reduction by 2040 versus 1990 levels, according to Reuters.
- Prior to the announcement today, Czechia, Italy, Hungary, and Slovakia had expressed opposition toward the 90% emissions target, calling it too ambitious and proposed a weaker reduction target of 80–85%.
- The proposal will now be submitted to the European Parliament and the Council for discussion and adoption under the ordinary legislative procedure, where the oppositions may push back and seek to amend by leveraging their votes.
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EGB OPTIONS: Option Package in Buxl, Bund, Bobl, Schatz
Jun-02 12:22
- DUU5 107.30p, sold at 21.5 in 6.75k
- DUU5 107.20p, sold at 17.5 in 6.75k.
- UBU5 119.00p, sold at 280 in 500.
vs
- RXU5 130.00p, bought for 115 in 2k.
- OEU5 117.75p, bought for 64.5 in 4k.
GILTS: Citi Still Look For Further Curve Steepening
Jun-02 12:19
Citi note that “the 5s30s curve has become range-bound, with a propensity to ‘twist’. It has been resistant to flattening in the May sell-off, despite the DMO’s cut to 15-Year+ issuance”.
- Theu go on to suggest that the “supply reduction may yet be undone by QT. Meanwhile, the upcoming Spending Review will likely reiterate the fiscal challenge”.
- Ultimately, they suggest that “with little left to take out of MPC cut pricing, in our view, bear-flattening pressure may fade. All in, our bias remains for further steepening well beyond the forwards”.
SOFR OPTIONS: Morning Option Trades
Jun-02 12:17
- SFRM5 95.81/95.75ps, traded for 6 in 10k total (8k was done on Block).
- SFRZ5 95.75/95.62ps 1x2, traded flat in 2k.
- 0QM5/2QM5 96.87c spread, traded for -1 in 1.5k.
