EMISSIONS: Denmark Sets the Schedule for 2030 and 2040 Climate Target Progresses
Jul-11 14:38
{The EU’s informal meeting of environment ministers, hosted by the Danish Council Presidency, concluded today, setting a schedule to present environmental policy plans toward 2030 in Aug and to reach an agreement on the 2040 climate target by Sept, according to the official press release.
- The two-day meeting discussed the EU’s priorities for COP30, where Denmark will represent the EU in global negotiations, preparations to talks on the 2040 emissions target.
- Wopke Hoekstra stated that the proposed 3% limit on the use of international carbon credits to meet the 2040 climate target has received majority support from participants, according to Carbon Pulse.
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OPTIONS: Expiries for Jun12 NY cut 1000ET (Source DTCC)
Jun-11 14:34
- EUR/USD: $1.1350(E1.9bln), $1.1395-00(E1.3bln), $1.1425-35(E1.4bln), $1.1440-50(E2.7bln), $1.1500(E2.4bln), $1.1525(E835mln)
- USD/JPY: Y143.00($1.3bln), Y143.85-00($1.0bln)
- GBP/USD: $1.3400-15(Gbp690mln)
- AUD/USD: $0.6475-85(A$1.1bln), $0.6500(A$532mln), $0.6520-30(A$992mln), $0.6600(A%643mln)
- USD/CAD: C$1.3750($833mln)
- USD/CNY: Cny7.1600($515mln), Cny7.2200($831mln)
MNI: US EIA: CRUDE OIL STOCKS EX SPR -3.64M TO 432.4M JUN 06 WK
Jun-11 14:30
- US EIA: CRUDE OIL STOCKS EX SPR -3.64M TO 432.4M JUN 06 WK
- US EIA: DISTILLATE STOCKS +1.25M TO 108.9M IN JUN 06 WK
- US EIA: GASOLINE STOCKS +1.5M TO 229.8M IN JUN 06 WK
- US EIA: CUSHING STOCKS -0.4M TO 23.7M BARRELS IN JUN 06 WK
- US EIA: SPR +0.24M TO 402.1M BARRELS IN JUN 06 WK
- US EIA: REFINERY UTILIZATION WEEK CHANGE +0.9% TO 94.3% IN JUN 06 WK
US: Bessent Says "Rebalancing" Between US And China Is Possible
Jun-11 14:22
US Treasury Secretary Scott Bessent is delivering testimony to the House Ways and Means Committee on President Donald Trump’s tax and trade agenda and the President’s budget request for FY26. The hearing is ongoing. Questions from lawmakers are likely to be dominated by the trade framework struck with China in London. LIVESTREAM
- Per prepared remarks, Bessent said in his opening address: “…Treasury has just completed its most successful tax filing season in years—and we did so while improving efficiencies and cutting costs at the IRS.”
- Bessent noted that, “April receipts this year were up 9.5% over the previous year. And receipts in May were up 14.7% over the previous year... against the backdrop of one of the most consequential tax proposals ever to come before Congress,” referring to the One Big Beautiful Bill.
- Bessent said OBBB, "will make the 2017 tax cuts permanent," adding: “The legislation will provide 100% expensing for new factories, as well as existing factories that expand operations and support Made-in-America. And it will streamline burdensome permitting processes...”
- On trade, Bessent touted “the historic US-UK trade deal,” which he claimed “is a preview of what’s to come. Dozens of countries have engaged the administration thus far with offers to improve their trade relations with the United States. This includes China.”
- On China, Bessent said: “If China will course-correct by upholding its end of the initial trade agreement we outlined in Geneva last month, then a big, beautiful rebalancing of the world’s two largest economies is possible.”
