EMISSIONS: Energy Think Tank Calls For Stronger 2030 National Renewable Targets
{EU}{2QEmber, a global energy think tank, is calling for stronger 2030 national renewable energy targets, warning that current ambitions will fall short of the COP28 pledge to triple global renewable generation capacity to at least 11,000 GW by 2030 versus 2022 levels, it said.
- The current national targets amount to just a 2% increase over pre-pledge levels, putting the world on track to double 2022 capacity by 2030, rather than triple.
- In total, 22 countries have updated their targets, with 16 raising their ambition, while six lowered it. Among them, 15 countries are within the EU.
- Half of the world’s top 20 electricity markets have yet to update their targets.
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CROSS ASSET: Selling Orders are emerging in Treasuries
- Some order flow are hitting the Treasuries, but nothing big, TYU5 is sold in 4k, FVA 3k, USA 1k.
- US Emini is seeing some small momentum selling, now targets Yesterday's low at 6223.25, which is also Yesterday's Open.
- This is helping the USDJPY back at the 143.00 figure, but all within ranges across multi Assets.
US TSYS: Early SOFR/Treasury Option Roundup: Call Plays Up as Est Rate Cuts Rise
SOFR & Treasury option volumes turning heavy in the lead up to the NY open, better put interest earlier. Some large at-the-money call condors in Sep'25 SOFR, 5Y midcurves with various dealers upping their rate cut calls (GS sees 3 by Dec). Underlying Tsy futures firmer, SOFR mixed with front end firmer after decent buying over the last hour. Projected rate cut pricing gaining vs. late Monday (*) levels: Jul'25 steady at -5.3bp, Sep'25 at -29.3bp (-28.6bp), Oct'25 at -47.3bp (-46.3bp), Dec'25 at -68.4bp (-66.8bp).
- SOFR Options:
- +5,000 SFRU5 96.00/96.25/96.50 call flys, 4.0 vs. 95.985/0.15%
- Block, 10,000 SFRH6 96.00/96.50 put spds, 18.0
- over +45,000 SFRU5 95.87/95.93/96.00/96.12 broken call condors, 0.0 ref 96.00
- 2,000 0QN5 96.68/96.87 put spds ref 96.94
- 2,000 SFRN5 96.00/96.25 call spds ref 96.005
- Block, 12,000 SFRQ5 96.00/96.12/96.25/96.37 call condors, 2.5 ref 96.005
- Block/screen 6,000 SFRU5 95.68/95.75/95.87 2x3x1 put flys, 1.25 net
- 4,000 0QN5 97.06/97.18 call spds vs. 96.68/96.81 put spds, 0.5 net - call spd over
- +4,000 SFRZ5 96.00 straddles, 48.0 vs. 96.35/0.52%
- +2,000 SFRQ5 95.81/95.87/96.00 broken put trees, 4
- +8,000 SFRU5 96.00/96.12 put spds, 8.5 ref 96.00
- +2,000 SFRZ5 96.00/96.25 2x1 put spds, 3.25 ref 96.325
- Treasury Options:
- 10,000 TYU5 108/110 put spds, 12 ref 112-07.5
- -15,000 wk1 FV 109.25/109.5/109.75/110 call condors, 3.5 vs. 109-03.5/0.10%
- +2,500 FVU5 105/106.5 put spds, 2.5 vs. 109-01.25/0.04%
- +5,000 TYQ5 112.5 calls, 39 vs. 112-10/0.46%
- +2,000 TYQ5 110.5/112 call spds vs. 109.5/111.5 put spds, 50 net vs. 112-10/0.54%
- +2,000 TYQ5 109 puts, 3 ref 112-04/0.08%
- +2,500 TYU5 109.5 puts, 13
- -1,500 FVQ5 108.5 puts, 14.5 vsd. 109-01.5/0.29%
- +5,000 TYU5 107/108 put spds, 2 ref 112-10.5
- +10,000 FVQ5 108 puts, 6.5 ref 109-03.25
- +2,000 TYQ5 113.25 calls, 23 vs. 112-10/0.60%
- +5,000 wk1 TY 111.25/111.5 put spds, 3 vs. 112-04.5/0.10
JPY: FX Exchange traded Options
FX Exchange traded Option, looking for Yen Upside, covers all the July CB Meetings, even the BoE's 7th Aug meeting.
- JPYUSD (8th Aug) 73.5c, bought for 0.28 in ~1.2k.
- Underlying trades at 70.60.
