POWER: French Nexans Stays Cautious on Delayed Great Sea Interconnector
French cable maker Nexans is cautious on the stalled 1GW Great Sea Interconnector project between Greece and Cyprus, as it awaits fresh studies and political signals, it said, cited by EnergyPress.
- As a result, the firm has decided to keep its exposure limited amid growing financial and regulatory uncertainty.
- Additionally, the company is closely watching the 15 December meeting between the Greek and Cypriot energy ministers and EU Energy Commissioner Dan Jorgensen, which could influence next steps.
- The project remains stuck in a financial and regulatory deadlock between Greece and Cyprus, while Turkey’s objections to regional initiatives that exclude it add further complications.
- Both Greek operator IPTO and Nexans recognise that the schedule cannot slip into 2026 without firm decisions.
- The news comes as Greece and Cyprus agreed to update the financial and technical parameters of the Great Sea Interconnector in a bid to attract new investors and strengthen regional energy ties, according to the Greek government, cited by Bloomberg, on 12 November.
- Meanwhile, grid operator IPTO also said it would focus on three major interconnection projects over the next five years — linking with Italy, the Dodecanese, and the North Aegean — as part of a €6bn investment plan, CEO Manos Manousakis said.
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COMMODITIES: Downleg in Gold That Started Oct 20 Appears to Have Been Correction
Recent weakness in WTI futures appears to be a flag formation - a bullish continuation pattern. This suggests that a bullish corrective cycle remains intact for now. Price has recently traded through the 50-day EMA, at $60.87, signalling scope for a stronger recovery. Note too that resistance at $62.34, the Oct 8 high, has been pierced. A clear move through it would expose key resistance at $65.77, Sep 26 high. The bear trigger is $55.96, the Oct 20 low. The downleg in Gold that started Oct 20 appears to have been a correction and has allowed an overbought condition to unwind. Price remains above a key support area at the 50-day EMA, at $3880.7. Clearance of this EMA would strengthen a short-term bear theme and signal scope for a deeper retracement. Initial resistance is at $4161.4, the Oct 22 high. A stronger recovery would refocus attention on $4381.5, the Oct 20 high and bull trigger.
- WTI Crude up $0.64 or +1.07% at $60.38
- Natural Gas up $0.19 or +4.43% at $4.506
- Gold spot up $79.14 or +1.98% at $4080.24
- Copper up $8.7 or +1.76% at $504.45
- Silver up $1.6 or +3.31% at $49.9061
- Platinum up $31.34 or +2.03% at $1577.26
EQUITIES: Medium-Term Bull Trend in Eurostoxx Futures Intact
A medium-term bull trend in Eurostoxx 50 futures remains intact and recent weakness is considered corrective. Price has managed to find support below two important price points; the 50-day EMA, at 5576.77, and 5571.50, the base of a bull channel drawn from the Aug 1 low. A clear break of both levels would strengthen a bear theme and highlight a stronger reversal. The bull trigger is 5742.00, the Oct 29 high. The trend condition in S&P E-Minis remains bullish and the pullback since the Oct 30 high appears corrective. The contract has managed to find support below the 50-day EMA, currently at 6710.28 and a key support. Friday’s activity also highlights a potential reversal signal - a bullish doji candle. This defines key support at 6655.50, the Oct 7 low. A continuation higher would signal the end of a correction and open 6953.75, Oct 30 high and bull trigger.
- Japan's NIKKEI closed higher by 635.39 pts or +1.26% at 50911.76 and the TOPIX ended 18.57 pts higher or +0.56% at 3317.42.
- Elsewhere, in China the SHANGHAI closed higher by 21.041 pts or +0.53% at 4018.597 and the HANG SENG ended 407.23 pts higher or +1.55% at 26649.06.
- Across Europe, Germany's DAX trades higher by 410.03 pts or +1.74% at 23978.42, FTSE 100 higher by 83.98 pts or +0.87% at 9766.47, CAC 40 up 110.91 pts or +1.4% at 8061.11 and Euro Stoxx 50 up 94.47 pts or +1.7% at 5661.04.
- Dow Jones mini up 206 pts or +0.44% at 47292, S&P 500 mini up 66 pts or +0.98% at 6820, NASDAQ mini up 387.25 pts or +1.54% at 25555.
BONDS: Peripheral & OAT Outperformance Noted As Equities Rally, Bonds Off Lows
Nothing in the way of meaningful headline flow to explain the recovery from lows in wider core global FI markets.
- It looks like cross-market cues driving outperformance in peripheral EGBs & OATs, with equities rallying, pulling wider core global FI off worst levels of the day.
- 10-Year OAT/Bunds now 2bp narrower on the session, with French paper outperforming EGB peers.
