LNG: Indonesia Eyes: LNG Imports from Q3: Platts
The Indonesian government is considering LNG imports starting in Q3 or Q4 of 2025, with quarterly ev...
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EQUITIES: Stoxx 600 1% Lower On The Day
The EuroStoxx 600 index is now 1% lower on the day, hitting a fresh session low.
- The latest tick lower for e-minis is not helping bulls, with no real bounce in Novo Nordisk (third largest name in the Stoxx 600 index) after the previously covered move lower.
- Feb 13 low and 23.6% retracement of the Dec-Mar rally breached during the sell off. Next support in the EuroStoxx 600 futures contract at the Feb 12 low (544.90).
CROSS ASSET: U.S. E-Minis Lower & Bonds Higher, No Respite From Hassett
Comments from White House economic advisor Hassett do little to alleviate worry surrounding the economic growth outlook. S&P 500 e-minis tick to fresh session lows following the comments, although remain above Friday’s worst levels, while TY futures hit fresh session highs, but similarly remain shy of Friday’s peak.
GERMAN DATA: January Industrial Production Higher On Cars, Weak February Outlook
German industrial production outperformed expectations in January, at 2.0% M/M, compared to consensus of 1.5% following an upwardly revised December rate of -1.5% (-2.4% unrevised). On a yearly basis, IP came in at -1.6% (vs -2.8% cons; -2.2% Dec revised, from -3.1% unrevised).
- The less volatile 3M/3M measure was neutral this month, printing 0.0%, having remained in negative territory since April 2024.
- On a broad sectoral view, manufacturing was the driver behind the overall sequential uptick, at 2.6% M/M, while energy was -0.5% M/M and construction came in at +0.4%.
- Within manufacturing, the main driver was automotive production at +6.4% M/M, which however could not make up for December's 10.0% drop in the sector. Automotive production has been volatile recently in Germany but overall remains well below its pre-pandemic highs, and around levels seen before the global financial crisis.
- Looking a month ahead, the truck toll index published today for February looks weak at -2.5% M/M - and also more generally, sentiment in industry continues to be pessimistic, with the German manufacturing PMI continuing to print in contractionary territory, where it has been ever since July 2022 (however, it did increase recently, reaching its highest level since January 2023, at 46.5).
