FRANCE: EdF Reduces Strike-Related Outages
Dec-05 09:10
EdF has reduced hydropower unavailability due to industrial action on Thursday, remit data showed.
- French hydropower production is currently curtailed by 1.49GW and 470MW pumping output. That compares to 2.65GW hydro generation and 470MW pumping curtailed earlier.
- So far, no nuclear generation has been affected by industrial action.
- Workers at EdF are undergoing strike action until 21:00CET Thursday.
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MNI EXCLUSIVE: MNI: China Stock Stabilisation Fund Talk Premature-Advisors
Nov-05 08:42
Chinese advisors discuss the prospects for a stock market stabilisation fund.- On MNI Policy MainWire now, for more details please contact sales@marketnews.com
FOREX: FOREX: USD Ticks Lower, AUD Outperforms On China Data & Hawkish RBA Hold
Nov-05 08:29
USD edges lower as e-minis firm a little in early London trade.
- BBDXY to fresh session lows, sticking within the upper half of Monday’s range thus far, USD bulls unable to force a move back towards Friday’s multi-month closing high in the index.
- G10 FX pairs generally stick to contained ranges,
- Overnight implied vols have surged to reflect U.S. election risk.
- Firmer-than-expected Chinese Caixin services PMI data supported Antipodean FX & Chinese equities in Asia.
- AUD outperformance vs. G10 peers was further supported by a ‘hawkish hold’ from the RBA.
- Initial resistance in AUD/USD located at the 20-day EMA (0.6648), spot last ~0.6610. Bear cycle intact.
- ISM services data headlines the macro calendar today, with final services & composite PMIs from both the U.S. & UK also due.
- On the central bank front, comments from ECB’s Schnabel & Vujcic are scheduled, while we will also receive the summary of deliberations from the latest BoC decision.
- Last-minute U.S. election set up is also set to play a part, particularly with the race being so tight.
- Our political risk team’s full election viewing guide can be found here: https://media.marketnews.com/MNIPOLITICALRISK_US_Election_Viewing_Guide_aeef486881.pdf
GILTS: Tracking Weakness In Bunds
Nov-05 08:24
Weakness in bonds outlined elsewhere (seemingly driven by a confluence of minor factors) weighs on gilts this morning.
- Futures through yesterday’s low, bearish trend intact.
- Lows of 93.56 seen thus far, initial support at the Oct 31 low (93.18).
- Yields 3bp higher across the curve, in a parallel shift.
- 30+-Year yields register fresh cycle highs.
- Gilts track Bunds on the opening move, with the 10-Year spread steady at 206bp.
- No reaction to lower tier UK data/BBG inflation calculations released overnight, which read dovishly.
- GBP/STIRs roughly in line with levels flagged ahead of the gilt open, see that bullet for greater colour on pricing and some background information heading into Thursday’s BoE decision.
- Final services & composite PMI data due today.
- Supply-wise, the DMO will come to market with GBP3.75bln of the 4.25% July-34 gilt.
- Eyes also on spillover from any potential last minute pre-U.S. election positioning.
