EMISSIONS: Germany Could Cut 65 mn/t CO2 Annually by Restarting Nuclear Plants
Germany could cut up to 65 mn/t CO2 emissions annually by restarting six nuclear power plants, a move that experts say is technically feasible and would help stabilise energy costs, according to nuclear association Kerntechnik Deutschland today.
- Additionally, reactivating six plants would reduce dependence on electricity imports, which reached 32TWh in 2024, according to the association.
- The sooner the decision is made, the lower the costs and the faster plants can be restarted, Kerntechnik added.
- The group also stated that the nuclear industry and research institutions in Germany are prepared to support the safe reactivation.
- Dr. Martin Pache of Westinghouse Germany stated that a nuclear restart before 2030 is feasible without compromising safety and would serve as a valuable complement to renewable energy sources.
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US DATA: Stronger Richmond Fed Manufacturing Offset By Expectations Drop
The Richmond Fed's regional manufacturing survey bucked the softening trend seen elsewhere, with the headline index picking up for the 3rd consecutive month to positive 6, vs -4 prior. But expectations fell back sharply.
- That was the first positive reading since October 2023 and the highest outright since April 2022. Shipments jumped to 12 from -9, with new orders up to 0 from -4 and employment to 9 from 3.
- But in sharp contrast to stronger current conditions, we note that expectations for future local business conditions collapsed to a 5-month low 2 from 32 prior, with new orders, backlogs, and capex expectations all moving lower.
- Expected and current prices paid/received mostly ticked higher but weren't as noteworthy as jumps in other regional Fed surveys.
- It seems as though post-election expectations were too optimistic with current conditions potentially having been depressed by hurricane activity in the region in the fall.
- Overall it's hard to read the signals for early 2025 activity but expectations are still elevated versus the last couple of years even after the drop, and it does appear that there will be at least some pickup vs very weak conditions in late 2024.
SCANDIS: NOKSEK Narrows Gap To Multi-year Support At 0.9500
This afternoon’s pullback in crude oil and natural gas futures (the former in response to the weaker-than-expected US consumer confidence reading) has weighed on the Norwegian krone. NOKSEK is down 0.5% today (now at its lowest since August 5th), narrowing the gap to key multi-year support at 0.9500.
- This level has contained downside in tthe cross on three occasions since March 2023, and also provided strong support back in 2016.
- A clear breach of 0.9500 would signal scope for a deeper retracement towards 0.9274, the June 2020 low.
- Meanwhile, SEK continues to outperform the G10 basket, trading resiliently despite today’s European equity volatility.
- Tomorrow’s Scandinavian calendar includes tier 2 data (Swedish PPI and Norwegian credit growth).
Figure 1: NOKSEK Weekly Chart
STIR: May/June SOFR Put Condor Strip
- +5,000 SFRK5/SFRM5 95.68/95.75/95.81/95.87 put condor strip, 2.5 ref 95.915
