EMISSIONS: EC Disburses €42.8BN to Five Member States To Support Clean Energy
Aug-08 12:45
The EU Commission has disbursed a total of €42.8bn under the Recovery and Resilience Facility (RRF) to Italy, Spain, Portugal, Cyprus, and Malta, supporting reforms and investments that include measures to expand renewable energy generation and distribution, it said.
- Spain received €23.1bn, boosting investment in renewable energy, streamline permitting, and enhance grid connectivity for clean power sources, as well as establishing a Council on Sustainable Finance to promote public-private cooperation in green projects.
- Italy received €18.3bn, with milestones including an increase in renewable energy distribution capacity by 1,848MW through the installation of new substations, modernisation of existing ones, and reinforcement of distribution lines to improve clean energy integration into the grid.
- Portugal, Cyprus and received €1.34bn, €76mn and €48.7mn respectively to support investments in renewable energy infrastructure.
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FED FUNDS FUTURES: Outsized Buyer Aug'25 FF
Jul-09 12:43
- +100,000 FFQ5 at 95.685 (+0.00), the Aug'25 serial contract goes bid there.
- Total volume 137,965, more than twice the first 5 contract volume combined.
US: MNI POLITICAL RISK - Trump Punts Tariffs And Pivots On Ukraine
Jul-09 12:23
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Executive summary:
- President Donald Trump will hold a White House lunch today with the leaders of Gabon, Guinea-Bissau, Liberia, Mauritania, and Senegal to discuss “commercial opportunities”.
- Markets have largely shrugged off Trump’s latest tariff ultimatum, likely assessing that major trade partners will strike preliminary agreements before the new August 1 deadline or receive another extension.
- Markets have been less sanguine about the prospect of a punitive new tariff on copper imports, designed to reshore copper production in the United States.
- South Korea is eyeing an in-person meeting between Trump and President Lee Jae-myung. Japanese Prime Minister Shigeru Ishiba said Tokyo and Washington will "swiftly proceed with negotiations towards the newly set August 1 deadline".
- Trump told reporters yesterday he would "probably" tell the European Union within two days what tariff rate it can expect.
- Trump's economic advisor, Kevin Hassett, has emerged as the slight favourite to be nominated as the next Fed chair.
- Senate leaders are expected to meet with Israeli Prime Minister Benjamin Netanyahu this afternoon as negotiators in Qatar struggle to make a breakthrough on a Gaza ceasefire.
- Trump is leaning closer to endorsing a new Russia sanctions package. The primary concern for the White House is how to calibrate secondary sanctions without dramatically increasing tensions with China and India.
- Poll of the Day: Very few Americans support reducing or eliminating funding for social services.
Please find the full article attached below: US DAILY BRIEF
FOREX: Westpac Recommend Short GBP/AUD On Move Higher
Jul-09 12:22
Westpac recommend entering GBP/AUD shorts on a move to 2.0920, with a stop loss at 2.1050 and target of 2.0500.
- They note that “GBP/AUD has been repeatedly cresting into well-defined resistance in recent weeks. The RBA, against expectations, kept rates on hold in July and markets have since shifted to a full cut for August, though crucially it depends on Q2 CPI (30 July) not surprising too much on the upside.”
- Meanwhile, “UK PM Starmer suffered a damaging rebellion over proposed welfare reforms, damaging his authority, and raising the potential for a renewal of the “political risk” premium in GBP/Gilts”.
