EMISSIONS: German Council Passes Resolution To Support Steel Decarbonisation
The German Federal Council has passed a resolution urging the Federal Government to implement the EU Action Plan for Steel and Metals adopted in March 2025, aiming to strengthen competitiveness and climate alignment amid rising decarbonisation and trade pressures, according to Bundesrat.
- The EU action plan seeks to support decarbonisation while preserving European industrial capacity.
- It urged the EU to lower grid charges and rapidly expand renewables-linked transport and storage infrastructure.
- It welcomed enhancements to the EU CBAM but urged the EC to close existing loopholes and reduce administrative burdens.
- It called for stronger trade protection measures beyond June 2026 to guard against unfair imports, price dumping, and subsidised foreign competitors.
- The resolution will now be forwarded to the Federal Government, which there are no legal requirements regarding when and how it should address the proposals.
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LOOK AHEAD: Wednesday Data Calendar: CPI, Tsy 10Y Auction Re-Open
- US Data/Speaker Calendar (prior, estimate)
- 11-Jun 0700 MBA Mortgage Applications (-3.9%, --)
- 11-Jun 0830 CPI MoM (0.2%, 0.2%), YoY (2.3%, 2.4%)
- 11-Jun 0830 CPI Ex Food and Energy MoM (0.2%, 0.3%), YoY (2.8%, 2.9%)
- 11-Jun 0830 CPI Index NSA (320.795, 321.732)
- 11-Jun 0830 CPI Core Index SA (326.430, 327.319)
- 11-Jun 0830 Real Avg Hourly Earning YoY (1.5% rev, --)
- 11-Jun 0830 Real Avg Weekly Earnings YoY (1.8% rev, --)
- 11-Jun 1130 US Tsy $60B 17W bill auction
- 11-Jun 1300 US Tsy $39B 10Y Note re-open (91282CNC1)
- 11-Jun 1400 Federal Budget Balance ($258.4B, -$314.0B)
- Source: Bloomberg Finance L.P. / MNI
STIR: Short Setting Dominated In Front Of SOFR Strip On Tuesday
OI data suggests that net short setting dominated through the SOFR reds on Tuesday (5/8 contracts in that area saw relatively heavy net shorts added), before a mix of net long setting and short cover came to the fore in SSFRZ7 through SFRZ8
| 10-Jun-25 | 09-Jun-25 | Daily OI Change |
| Daily OI Change In Packs |
SFRH5 | 1,067,243 | 1,068,096 | -853 | Whites | +27,563 |
SFRM5 | 1,432,476 | 1,431,730 | +746 | Reds | +117,169 |
SFRU5 | 1,169,347 | 1,153,856 | +15,491 | Greens | -3,970 |
SFRZ5 | 1,144,414 | 1,132,235 | +12,179 | Blues | +1,014 |
SFRH6 | 914,573 | 867,533 | +47,040 |
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SFRM6 | 862,434 | 827,191 | +35,243 |
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SFRU6 | 787,983 | 750,132 | +37,851 |
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SFRZ6 | 861,686 | 864,651 | -2,965 |
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SFRH7 | 660,039 | 676,524 | -16,485 |
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SFRM7 | 600,624 | 590,189 | +10,435 |
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SFRU7 | 426,208 | 422,239 | +3,969 |
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SFRZ7 | 404,689 | 406,578 | -1,889 |
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SFRH8 | 305,079 | 302,377 | +2,702 |
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SFRM8 | 218,742 | 219,274 | -532 |
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SFRU8 | 169,586 | 168,860 | +726 |
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SFRZ8 | 169,072 | 170,954 | -1,882 |
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OUTLOOK: Price Signal Summary - S&P E-Minis Trend Needle Points North
- In the equity space, the trend condition in S&P E-Minis remains bullish and the contract has again traded to a fresh cycle high, today. The recent break of 5993.50, the May 20 high and a bull trigger, highlights a resumption of the uptrend and maintains a price sequence of higher highs and higher lows. Sights are on 6057.00 next, the Mar 3 high. Key support to watch lies at 5808.04, the 50-day EMA.
- EUROSTOXX 50 futures continue to trade at their recent highs. The trend condition is bullish - moving average studies are in a bull-mode position, highlighting a clear dominant uptrend. Sights are on 5516.00, the Mar 3 high and the key bull trigger. Clearance of this level would strengthen the bull theme. Key support to watch lies at 5291.25, the 50-day EMA. A clear break of this average would signal a possible reversal.
