ENERGY SECTOR: Harbour Energy Equity Rises
Oct-30 15:18
HBRLN Budget Precludes Changes Further Energy Levy Relief Changes
- Harbour Energy equity saw a bounce from the UK budget though has pared some of the move. Spreads steady.
- We think related to the commitment to make no additional changes to Energy windfall tax relief until 2030. The increase in tax was as expected.
- “From 1 November 2024, the Energy Profits Levy (EPL) rate will rise by 3 percentage points to 38%, the investment allowance will be abolished, and the rate of the decarbonisation allowance will be set at 66% so its cash value is maintained. To provide certainty and to support a stable energy transition, the government will make no additional changes to tax relief available within EPL. The levy will end on 31 March 2030”
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US TSYS: US TSY 26W AUCTION: NON-COMP BIDS $1.705 BLN FROM $72.000 BLN TOTAL
Sep-30 15:15
- US TSY 26W AUCTION: NON-COMP BIDS $1.705 BLN FROM $72.000 BLN TOTAL
US TSYS: US TSY 13W AUCTION: NON-COMP BIDS $2.131 BLN FROM $79.000 BLN TOTAL
Sep-30 15:15
- US TSY 13W AUCTION: NON-COMP BIDS $2.131 BLN FROM $79.000 BLN TOTAL
EGBS: Bunds Off Highs After Lagarde-induced Rally
Sep-30 14:58
Bund futures rallied following ECB President Lagarde’s seemingly dovish remarks (see earlier commentary for details), but have since moved away from intraday highs, now +5 ticks today at 134.86.
- Friday’s high at 135.19 capped upside, and this level remains the first resistance before 135.49 (Sep 11 high).
- German cash yields are now little changed. The curve had bear flattened after the state-level inflation data this morning, though this was more a function of dovish positioning heading into the releases, rather than the numbers themselves.
- 10-year peripheral spreads to Bunds remain wider, as European equities unwind a little of last week’s strong rally.
- Tomorrow’s regional data calendar includes the Eurozone-wide flash PMI estimate (MNI’s current tracking for headline is ~1.7% Y/Y) and the final September manufacturing PMIs.
- ECB-speak from de Guindos, Nagel and Rehn will also be consequential, given the dovish shifts in broader ECB communique in recent days.
