EMISSIONS: German Carbon Spot Permit Price Falls W/W
Feb-07 10:04
The latest weekly German EUA CAP3 auction cleared lower at €80.71/ton CO2e, compared with €81.11/ton CO2e in the previous auction a week ago according to EEX.
- The cover ratio stood at 2.25, compared with 2.24 in the previous auction and near the five-year maximum.
- The mean price stood at €80.56/MWh and the median price stood at €80.12/MWh.
- There was a total of 24 bids with 12 successful bids.
- EU ETS December 2025 allowances are tracking a weekly net decline of just under 2% with the potential of US tariffs on Europe and weak economic data out of Europe weighing on sentiment, weighed against some weekly gains in EU gas. EUAs recovered earlier losses to trade higher on the day with a recovery in EU gas prices.
- EUA DEC 25 up 0.5% at 82.32 EUR/MT
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GILT AUCTION RESULTS: New 4.375% Mar-30 Gilt
Jan-08 10:03
| 4.375% Mar-30 Gilt* | Previous | |
| Amount | GBP4.25bln | GBP3.75bln |
| Avg yield | 4.490% | 4.348% |
| Bid-to-cover | 3.00x | 2.90x |
| Tail | 0.5bp | 0.8bp |
| Avg price | 99.464 | 99.075 |
| Low price | 99.440 | 99.042 |
| Pre-auction mid | 99.455 | 99.075 |
| Previous date | 17-Dec-24 | |
| Previous issue | GB00BQC82B83 | |
| Previous ISIN | 02-Jan-00 |
EUROZONE DATA: PPI Slightly Higher Than Expected Though Y/Y Remains in Deflation
Jan-08 10:00
Eurozone PPI in November printed slightly above expectations at -1.2% Y/Y (vs -1.4% consensus, -3.3% revised prior) and 1.6% M/M (vs 1.5% consensus, 0.4% prior). This is the nineteenth consecutive month of Y/Y deflation, though the highest reading since mid 2023 as energy base effects still work their way out of the Y/Y comparison. Note that excluding energy the PPI index level has been broadly unchanged since April whereas including energy it has been increasing since May.
- Three of the five sub-components saw Y/Y pickups, whilst one saw a marginal softening and one sub-component was unchanged.
- Energy producer prices fell at a further slower pace of 5.3% Y/Y (vs -11.2% in Oct and -11.6% in Sep).
- Intermediate goods also fell at a slower pace of 0.3% Y/Y (vs -0.5% in October) - the highest print of 2024 to date.
- Durable consumer goods prices softened marginally to rise 0.6% Y/Y (vs 0.7% prior).
- Non-durable consumer goods rose at the same pace as October printing 1.9% Y/Y.
MNI: EUROZONE NOV PPI +1.6% M/M, -1.2% Y/Y
Jan-08 10:00
- MNI: EUROZONE NOV PPI +1.6% M/M, -1.2% Y/Y
