OIL PRODUCTS: EU to Ban New Combustion Engine Vehicles by 2035
The European Parliament and Council reached a preliminary deal to ban the sale of new gasoline and diesel engine vehicles by 2035.
- No new combustion engines cars and vans are to be sold in the European Union from 2035.
- There is no restriction on driving combustion engine vehicles from 2035.
- Co-legislators agreed to a 55% CO2 emission reduction target for new cars and 50% for new vans by 2030 compared to 2021 levels, and 100% emissions cut by 2035.
- Cars currently account for 12% of the bloc’s CO2 emissions, overall transport accounts for 25%.
- As part of the regulatory incentive mechanism for zero- and low-emission vehicles (ZLEV) until 2030, manufacturers can be rewarded with less strict CO2 targets, when meeting certain benchmarks for sales of ZLEVs.
- The share of the EU-27’s new vehicle registrations of electric cars has risen to 17.8% in 2021, compared with 10.7% in 2020, according to EEA data.
- The ban is part of the EU’s climate change package “Fit for 55”, submitted to the Council in July 2021, aiming to reduce the bloc’s GHG emissions by 55% by 2030, compared with 1990Want to read more?
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BUND TECHS: (Z2) Bearish Activity Resumes
- RES 4: 142.62 20-day EMA
- RES 3: 142.58 High Sep 20
- RES 2: 142.02 High Sep 22
- RES 1: 139.29/140.99 High Sep 27 / 23
- PRICE: 136.61 @ 05:18 BST Sep 28
- SUP 1: 135.41 4.236 proj of the Aug 2 - 12 - 15 price swing
- SUP 2: 135.27 Low Mar 2012 (cont)
- SUP 3: 134.76 4.382 proj of the Aug 2 - 12 - 15 price swing
- SUP 4: 134.24 4.50 proj of the Aug 2 - 12 - 15 price swing
Bund futures remain in a downtrend and the extension lower this week once again confirms a continuation of the bear cycle that started early August. A major support at 140.67, Jun 16 low (cont), has been cleared. The break strengthens the broader bearish outlook and confirms a resumption of the primary downtrend. Attention is on 135.27 next, the Mar 2012 low (cont). The 20-day EMA, at 142.62 is a firm resistance.
EUROZONE T-BILL ISSUANCE: Date for first Austrian green bill auction set
"The ATB dual-auction on October 18, 2022 will include the inaugural issuance of a Green Austrian Treasury Bill." - Austrian Treasury
BONDS: Looking at UK 10yr Yield
- With UK 20yr and 30yr above 5%, albeit off their highs.
- Looking at 10yr part of the strip, still trades at highest level since October 2008, and next resistance will be seen at 4.798%, the October 2008 high.
Reference 92.19:
- 4.60% = 90.97
- 4.70% = 89.85
- 4.80% = 88.73
