POWER: Italy to Unveil €3bn Energy Support, Lift Nuclear Ban and Explore SMRs
Italy is set to unveil a €3bn support package to help households and SMEs manage high energy costs, with additional measures aimed at reviving nuclear power, Deputy Prime Minister Matteo Salvini said, cited by Yahoo News.
- The package will provide €2bn for households and €1bn for SMEs set to last three months.
- The length is due to Salvini hoping that gas prices will fall as summer approaches and that a potential ceasefire in the Russia-Ukraine conflict could offer relief to energy markets.
- Additionally, legislation to lift the 40-year nuclear ban is also on the agenda – including introducing SMRs, a representative of the energy ministry said.
- Italy is in discussions with companies like Westinghouse and EdF to collaborate on nuclear energy projects to decarbonise industries such as steel, glass, and tile manufacturing, the government said, previously reported by MNI.
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STIR: Net Short Cover Seen In Most SOFR Futures On Monday
OI data points to net short cover in most SOFR futures on Monday, as markets reacted to DeepSeek’s AI advances.
- Net long setting was only seemingly seen in a handful of contracts through the blues.
| 27-Jan-25 | 24-Jan-25 | Daily OI Change |
| Daily OI Change In Packs |
SFRZ4 | 1,050,808 | 1,057,493 | -6,685 | Whites | -31,512 |
SFRH5 | 1,210,779 | 1,198,189 | +12,590 | Reds | -74,073 |
SFRM5 | 1,035,081 | 1,038,150 | -3,069 | Greens | -14,444 |
SFRU5 | 751,938 | 786,286 | -34,348 | Blues | -13,974 |
SFRZ5 | 998,779 | 1,027,153 | -28,374 |
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SFRH6 | 691,236 | 689,049 | +2,187 |
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SFRM6 | 645,904 | 672,660 | -26,756 |
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SFRU6 | 603,134 | 624,264 | -21,130 |
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SFRZ6 | 712,849 | 720,952 | -8,103 |
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SFRH7 | 481,562 | 486,186 | -4,624 |
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SFRM7 | 401,422 | 399,895 | +1,527 |
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SFRU7 | 289,288 | 292,532 | -3,244 |
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SFRZ7 | 265,401 | 277,016 | -11,615 |
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SFRH8 | 212,543 | 213,396 | -853 |
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SFRM8 | 181,731 | 183,807 | -2,076 |
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SFRU8 | 116,741 | 116,171 | +570 |
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LOOK AHEAD: Tuesday Data Calendar: Durables/Capital Goods, 7Y Auction
- US Data/Speaker Calendar (prior, estimate)
- 28-Jan 0830 Durable Goods Orders (-1.2%, 0.6%), ex-trans (-0.2%, 0.3%)
- 28-Jan 0830 Cap Goods Orders Nondef Ex Air (0.4%, 0.3%), ship (0.3%, 0.2%)
- 28-Jan 0900 FHFA House Price Index MoM (0.4%, 0.3%)
- 28-Jan 0900 S&P CoreLogic CS 20-City MoM (0.32%, 0.30%)
- 28-Jan 1000 Conf. Board Consumer Confidence (104.7, 105.9)
- 28-Jan 1000 Richmond Fed Mfg Index (-10, -10)
- 28-Jan 1030 Dallas Fed Services Activity (9.6, --)
- 28-Jan 1130 US Tsy $30B 2Y FRN, $85B 42D CMB auctions
- 28-Jan 1300 US Tsy 44B 7Y note auction (91282CMK4)
US TSY FUTURES: Net Long Setting Dominated Again On Monday
OI data points to another round of meaningful net long setting on Monday, as markets reacted to DeepSeek’s AI advances.
- Net long setting was seen in FV, TY, US & WN futures, with modest net short cover seen in both TU and UXY futures.
- The curve-wide net long setting wasn’t quite as pronounced as what was seen on Friday, totaling ~$5.2mln in DV01 equivalent terms vs. the ~$8.0mln seen on Friday.
- Over $3.0mln DV01 equivalent of fresh net longs were added in TY futures.
| 27-Jan-25 | 24-Jan-25 | Daily OI Change | OI DV01 Equivalent Change ($) |
TU | 4,198,793 | 4,218,276 | -19,483 | -732,950 |
FV | 6,274,716 | 6,252,332 | +22,384 | +930,055 |
TY | 4,866,435 | 4,818,730 | +47,705 | +3,055,982 |
UXY | 2,273,537 | 2,281,049 | -7,512 | -655,873 |
US | 1,962,582 | 1,951,182 | +11,400 | +1,426,026 |
WN | 1,789,168 | 1,782,665 | +6,503 | +1,224,840 |
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| Total | +60,997 | +5,248,080 |
