EMISSIONS: EUA Auction Calendar Week Ahead (Calendar Week 40)
Sep-25 12:35
A total of 20.2mn EUAs will be auctioned next week, with 5 auction sessions will be held. The latest EU ETS auction cleared at €75.56/ton CO2e, down -2.15% w/w, falling below the 10-day average for the first time since 20 Aug, indicating a downward pressure as buying momentum eases with the surrender deadline approaching.
- A total of 470mn EUAs has been auctioned so far this year, accounting for 69% of the 2025 total volume.
- The mean and median market forecasts for EUAs spot price in 2025 Q3 are at €72.59/t and €72.92/t, below the latest auction price, according to Bloomberg.
- The latest auction was at a €0.15/ton CO2e discount to the futures contract, compared with a €0.13/ton CO2e discount in the previous round.
- EUA DEC 25 down 0.64% at 75.53 EUR/t CO2e
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US TSYS: Post-Data React
Aug-26 12:34
- Treasury futures pare gains after higher than expected Durable/Cap Goods Orders, Philadelphia Fed Non-Mfg Activity declines.
- Tsy Sep'25 10Y futures currently trades +1.5 at 112-00.5 vs. 112-03 high. Sights are on 112-15+, the Aug 5 high and the bull trigger. Clearance of this hurdle would resume the uptrend and pave the way for a climb towards 112-23 initially, the May 1 high.
- Curves twist steeper: 2s10s +2.367 at 57.312, 5s30s +4.066 at 114.350.
- Little react in US$ after scaling back Monday's late gain, BBDXY -2.76 at 1204.85.
GILTS: Roll Pace Update
Aug-26 12:33
- A decent clip in the Gilt spread, ~20k trades on legs at 3.
- The spread has mostly been bought, but remains in its tight 1/5 low/range seen in the past 11 sessions.
- Gilt roll Pace is at 82% completion, and expect for the December to be front Month by the end of day, or at the very least Tomorrow.
MNI: US AUG PHILADELPHIA FED NONMFG INDEX -17.5
Aug-26 12:31
- MNI: US AUG PHILADELPHIA FED NONMFG INDEX -17.5
