SECURITY: Finnish Police Confirm Damage To Gulf Telecoms Cable, Vessel Seized
Finnish police have confirmed that, as part of a joint operation with Estonia, a vessel has been seized by Finnish authorities after it was suspected of damaging telecoms provider Elisa's cable running under the Gulf of Finland between Helsinki and Tallinn. The Finnish police say that the damage to the cable occurred within the waters of Estonia's exclusive economic zone, and that the seized vessel's anchor chain was found to have been lowered into the sea. It is now known at present which country the vessel is associated with.
- Posting on X, Finland's President Alexander Stubb said, "We are monitoring the situation in close cooperation with the government. Finland is prepared for security challenges of various kinds, and we respond to them as necessary."
- Helsingin Sanomat: "The disruption has no impact on Elisa's services in Finland or Estonia "due to the network's reliable structure," Elisa said in a statement. However, the disruption may have had an impact on customers who have purchased direct transmission connections from cable."
- Earlier in 2025, crew from a Cook Island-flagged vessel believed to be part of Russia's 'shadow fleet' were charged over an incident in Dec 2024, when five cables running between Finland and Estonia were damaged by an anchor dragged for 90km.
- Russia hawks in Europe have warned that such incidents are likely to continue as part of 'hybrid attacks' by Moscow intended to unnerve, distract, and disrupt European nations amid the ongoing war in Ukraine.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
LOOK AHEAD: Monday Data Calendar: S&P Mfg PMI, ISM Mfg, Tsy Bills, Fed Blackout
The Fed entered policy blackout after midnight tonight through December 11, the day after the final FOMC of 2025. That said, Chairman Powell speaks at a memorial event this evening. Also of note, without announcing who or when, Pres Trump said Sunday he has decided who will be the next Fed Chair. Powell's 4 year term ends May 15, 2026.
- US Data/Speaker Calendar (prior, estimate). All times ET
- 12/01 0945 S&P Global US Mfg PMI (51.9, --)
- 12/01 1000 ISM Manufacturing (48.7, 49.0)
- 12/01 1000 ISM Prices Paid (58.0, --)
- 12/01 1000 ISM New Orders (49.4, --)
- 12/01 1000 ISM Employment (46.0, --)
- 12/01 1130 US Tsy $86B 13W & $77B 26W bill auctions
- 12/01 2000 Fed Chair Powell open remarks memorial event, panel discussion (text, Q&A)
- Source: Bloomberg Finance L.P. / MNI
SOFR: Mix Of Limited Positioning Swings Seen In Futures Around Thanksgiving
OI data points to a mix of net positioning swings in the white pack of the SOFR futures strip between Wednesday’s close and Friday’s settlement
- SFRZ5 seemingly saw net short cover, while SFRH6 seemingly saw net short setting and SFRM6 saw net long cover.
- A mix of net short setting and long cover was then seen further out the strip.
- A reminder that volume was hampered by the presence of the Thanksgiving holiday and Friday’s technical issues at the CME, with the latter resulting in a further shortening of trading hours.
| 28-Nov-25 | 26-Nov-25 | Daily OI Change |
| Daily OI Change In Packs |
SFRU5 | 1,363,486 | 1,355,698 | +7,788 | Whites | -6,365 |
SFRZ5 | 1,690,713 | 1,709,755 | -19,042 | Reds | -496 |
SFRH6 | 1,351,866 | 1,343,237 | +8,629 | Greens | +4,814 |
SFRM6 | 1,126,543 | 1,130,283 | -3,740 | Blues | -4,571 |
SFRU6 | 1,099,480 | 1,106,614 | -7,134 |
|
|
SFRZ6 | 1,146,277 | 1,151,846 | -5,569 |
|
|
SFRH7 | 853,559 | 836,203 | +17,356 |
|
|
SFRM7 | 788,258 | 793,407 | -5,149 |
|
|
SFRU7 | 855,248 | 854,727 | +521 |
|
|
SFRZ7 | 864,928 | 855,845 | +9,083 |
|
|
SFRH8 | 432,490 | 438,271 | -5,781 |
|
|
SFRM8 | 407,543 | 406,552 | +991 |
|
|
SFRU8 | 374,486 | 374,061 | +425 |
|
|
SFRZ8 | 331,561 | 334,331 | -2,770 |
|
|
SFRH9 | 202,639 | 207,073 | -4,434 |
|
|
SFRM9 | 206,969 | 204,761 | +2,208 |
|
|
OUTLOOK: Price Signal Summary - Trend Needle In Gold Points North
- On the commodity front, the trend condition in Gold remains bullish and the bear phase between Oct 20 and 28 appears to have been a correction. Note that the recovery since Oct 28 signals the end of the corrective cycle. Key support to watch lies at the 50-day EMA, at $3991.7. Clearance of this EMA would signal scope for a deeper retracement. Sights are on key resistance and the bull trigger at $4381.5, the Oct 20 high.
- Recent weakness in WTI futures highlights a bearish theme. A resumption of the bear leg would open the key support and the bear trigger at $55.99, the Oct 20 low. Clearance of this level would resume the downtrend. Note that it is still possible a bullish corrective cycle remains in play. The contract has recovered from its latest low, resistance to watch is $61.84, the Oct 24 high. A clear break of this hurdle would signal scope for a stronger correction.
