POWER: German Gov Eyes Offshore Wind Framework Overhaul

Download Full Report Here

(MNI) London – All timings are subject to change.

Monday 15 December

• Ukraine: German Chancellor Friedrich Merz holds a bilateral meeting with Ukrainian President Volodymyr Zelenskyy in Berlin to discuss economic links and the status of the war. In the evening, European heads of government and state, and EU and NATO leaders, will join for a broader conversation regarding the nascent peace plan framework, as well as the 5+ hours of talks between Ukrainian and US delegations over the weekend that are due to continue into the morning. The German government has confirmed the US delegation is invited to attend, but at the time of writing it is unclear if this will be taken up.

• Treasuries bounce back near late overnight highs after Empire Mfg data came out lower than expected - Mar'26 10Y contract trades 112-13 to -13.5 (+7.5-8), 10Y yield -.0234 at 4.1606%.
• A bearish theme in Treasuries remains intact and short-term gains appear corrective. The rally last Thursday topped out at 112-23, meaning resistance at the 20-day EMA, currently at 112-21, remains intact. A continuation lower would refocus attention on key short-term support at 111-29, the Dec 10 low.
• Clearance of this level would confirm a resumption of the bear leg and signal scope for an extension towards 111-19, a Fibonacci projection.

• CANADIAN NOV CPI UNCHANGED AT 2.2% YOY VS FORECAST 2.3%
• CANADA NOV TRIM AND MEDIAN CORE CPI BOTH SLOW TO 2.8% FROM 3%
• CANADA NOV CPI EX FOOD & ENERGY -0.4% MOM; 2.4% YOY