EMISSIONS: EC Delays 2040 Climate Target Release Until Summer 2025
Apr-03 12:15
The European Commission has pushed back the release of its 2040 climate target proposal, now expected “before summer”, it said.
- EUAs remain stable following the announcement, as the delay aligns with market expectations.
- The proposal aims to cut emissions by 90% from 1990 levels by 2040, initially set to be released in Q1 2025.
- The delay results from concerns from member states’ concerns over the economic and industrial impact of the target, with stakeholders calling for greater flexibility.
- “Clearly we need a bit more time,” said the Climate Commissioner Wopke Hoekstra, adding he would need weeks or months to find a majority for the legal proposal.
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OPTIONS: Larger FX Option Pipeline
Mar-04 12:03
- EUR/USD: Mar05 $1.0294-10(E1.6bln), $1.0430-50(E1.3bln); Mar06 $1.0400-10(E1.7bln), $1.0440(E1.1bln), $1.0500(E1.5bln), $1.0535-50(E1.4bln)
- USD/JPY: Mar05 Y151.00($1.1bln), Y151.85-00($1.2bln)
- GBP/USD: Mar05 $1.2500-20(Gbp1.1bln)
- EUR/JPY: Mar05 Y161.75(E1.2bln)
- AUD/USD: Mar05 $0.6350(A$1.3bln); Mar07 $0.6300(A$2.2bln)
- NZD/USD: Mar07 $0.5795(N$1.1bln)
- USD/CAD: Mar05 C$1.4495-00($1.9bln); Mar07 C$1.4350-61($2.6bln)
- USD/CNY: Mar06 Cny7.2000($1.3bln), Cny7.2800($1.4bln); Mar07 Cny7.3600($1.3bln)
EGB OPTIONS: Bund Put Spread buyer
Mar-04 12:02
RXM5 125/122ps, bought for 8 in 4k.
BUNDS: /SWAPS: Modest Upside Pressure In 30-year Bunds Post Syndi Mandate
Mar-04 11:59
Modest upside pressure in 30-year Bund yields following the syndication mandate, helping the 5s30s curve reach its steepest level since July 2022, now up 6.0bps today at 64.7bps.
- The long-end German syndication has been on the cards for some time, but we had little conviction over the timing. The previously uncertain timing is what’s driving the immediate market reaction.
- Buxl ASW (vs 3-month Euribor) remains within this morning’s range at -43.7bps. The contained reaction probably reflects already short positioning in spreads, particularly given existing week-to-date tightening on the back of increased German defence spending prospects.
