EMISSIONS: EU Mid-Day Carbon Summary: EUAs/UKAs Fall On TTF Losses
EUAs/UKA Dec25 are on track for 3.41% and 2.66% weekly losses respectively, weighed by 3% losses in TTF amid higher LNG imports, while focus remains on the outcome of today’s Trump/Putin meet. Meanwhile, the gains in EU equities on optimism over Federal Reserve rate cut in September are limiting carbon downsides. EUA/UKA Dec25 are edging down to the lowest levels since late July and a one-week low respectively. EUAs have fallen below both the 10- and 50-day averages since Tuesday, while UKAs slipped below the 10-day average, signalling short-term downward pressure.
- EUA DEC 25 down 0.51% at 70.6 EUR/t CO2e
- UKA DEC 25 down 0.7% at 50.79 GBP/t CO2e
- TTF Gas SEP 25 down 4% at 30.87 EUR/MWh
- NBP Gas SEP 25 down 3.7% at 75.92 GBp/therm
- Estoxx 50 up 0.3% at 5450.74
- The latest Germany ETS CAP3 auction cleared at €70.13/ton CO2e, down 2.79% compared with the previous Germany auction at €72.14/ton CO2e according to EEX.
- European gas prices have dropped to the lowest in a year on higher LNG imports and cooler weather. Focus also remains on the outcome of today’s Trump/Putin meet.
- Companies representing over 40% of global market capitalisation now have emissions reduction targets validated by the SBTi (Science Based Targets initiative), typically set for 2030. The number with verified near-term targets rose 97% in Q2 2025 compared with Q4 2023, according to the SBTi tracker.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
US TSYS: Fresh Steepening In UST Curve On Trump vs Powell Headlines
Fresh steepening in the US 2s10s curve on the latest headline, now at 61bps for the steepest since May 22. 10s30s also 4bps steeper today at 57.5bps, a fresh multi-year high.
- 2-year yields now down 8bps at 3.86%, but 10-year yields are down 1bp and 30-year yields up 3bps.
- A less politically independent Fed requires a higher risk premium for holding US Treasuries, and is driving the twist steepening of the curve here.
FED: NY Times: "Trump Has Drafted Letter to Fire Fed Chair"
The New York Times (link) adds some more color to the Powell firing saga, further to the Bloomberg and CBS reports earlier:
- "The president waved a copy of a draft letter firing Jerome H. Powell at a meeting in the Oval Office with House Republicans...Some advisers to and allies of Mr. Trump insist he’s simply trolling Mr. Powell and hoping to torment the Fed chair but won’t actually follow through with trying to fire him. But the existence of the letter — and Mr. Trump’s interest in discussing it — suggests that the president is engaging in the type of moves that he often does ahead of ultimately making a major decision."
FED: US TSY 17W BILL AUCTION: HIGH 4.230%(ALLOT 80.28%)
- US TSY 17W BILL AUCTION: HIGH 4.230%(ALLOT 80.28%)
- US TSY 17W BILL AUCTION: DEALERS TAKE 37.74% OF COMPETITIVES
- US TSY 17W BILL AUCTION: DIRECTS TAKE 6.18% OF COMPETITIVES
- US TSY 17W BILL AUCTION: INDIRECTS TAKE 56.08% OF COMPETITIVES
- US TSY 17W BILL AUCTION: BID/CVR 3.02
