EMISSIONS: EUAs Speculators Grow Net Long Positions
Aug-27 08:14
Investment funds grew net long positions in EU ETS futures on the ICE exchange as of 22 August, rebounded from the previous steep cut, according to the latest COT data.
- Investment Funds net long positions increased by 5,595 to +25,801.
- Investment Firms net short positions decreased by 16,548 to -414,883.
- Commercial Undertakings net long positions decreased by 10,170 to +315,480.
- EUAs Dec25 rose by around 2.62% in the week to 22 August, supported by 8.19% gains in EU gas amid supply concerns and hope of a Ukraine ceasefire reduced.
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GILTS: /STIR: Goldman Hold Long SONIA Vs Euribor, Eye On QT & Reduced Gilt Risk
Jul-28 07:53
Goldman Sachs note that “despite the previous week’s inflationary speed bump, the UK curve outperformed last week, as soggy activity data insulated gilts from bearish price action in other markets. This muted spillover points to the continuing calming in UK-specific risk premium that had been a feature of UK macro assets in recent years. As inflation risk subsides, the half-life of bouts of gilt volatility seems to be shrinking”.
- They go on to suggest that gilts should “get additional support as the BoE slows the pace of QT from October onwards. Although the pace of active sales picks up in our forecasts, we expect the BoE to skew away from long-end sales. As a result, we maintain our constructive GBP vs EUR rates and continue to recommend long SFIZ6 vs. ERZ6”.
EQUITIES: Estoxx outright Put Buyer
Jul-28 07:47
SX5E (15th Aug) 4900p, bought for 4.70 in ~8.4k.
US TSY OPTIONS: Weekly TY Option
Jul-28 07:45
TY Weekly Option, Friday NFP Expiry:
- TY 111p, bought for '22 in ~5.11k.
