EMISSIONS: EU States Seek to Delay EU ETS 2 Launch to 2030
{EA group of EU member states, led by Cyprus and several central and eastern European countries, plan to urge EU Commission to postpone the launch of the EU ETS 2 from to 2030 from 2027, according to Bloomberg.
- Leaders will discuss the proposal during next week’s Brussels summit, alongside the 2040 climate target.
- BNEF estimated EU ETS 2 prices could reach €149/t by 2029.
- The draft letter didn’t specify how a delay would affect the Social Climate Fund, which is currently set to begin operations next year using EU ETS 2 revenues.
- ICE and EEX EU ETS 2 futures contract remain muted as the open interest currently stood at 15 and 1 contracts respectively.
- ICE EU ETS 2 Dec28 was priced at €86.36/t on 16 Oct
- EEX EU ETS 2 Dec28 was priced at €88.99/t on 16 Oct
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IMF: NY Post-Bessent Chief Of Staff Set To Become Seniormost US Off. At IMF
The New York Post reports that, according to its sources, US Treasury Secretary Scott Bessent's chief of staff, Dan Katz, is set to leave the administration to take up the post of first deputy managing director of the International Monetary Fund (IMF). Speaking on the sidelines of the IMF and World Bank spring meetings in Washington, D.C., earlier this year, Bessent criticised both organisations, claiming that “mission creep has knocked these institutions off course".
- Bessent argued the IMF has the mission of "promoting global monetary cooperation and financial stability", but instead is focused on progressive social issues. Bessent: "The IMF and World Bank serve critical roles in the international system. And the Trump Administration is eager to work with them — so long as they can stay true to their missions.”
- If appointed, Katz would become the seniormost US official at the IMF, second only to Managing Director Kristalina Georgieva. Historically, the IMF has always been led by a European, while an American has served as president of the World Bank, although this is not a formalised split. The appointment of a senior Trump administration figure to such an influential role at the IMF would draw attention towards the global lender of last resort.
EUR: EURCAD hits a fresh 16yrs High
- Just a 19 pips swing for now in the USDCAD, initially fell but remains fairly close to where it trading at pre decision.
- The one to watch is the EURCAD that did managed a new 16yrs high, highest since July 2009.
- Immediate resistance is still right here at 1.6330, this was the June and July 2009 highs.
(Chart source: MNI/Bloomberg Finance LP).
BOC: Statement Comparison - Sept 2025 Vs July 2025
A comparison of September's rate announcement vs prior (July) in link below:
