RUSSIA: Novak Says Russia Will Raise Seaborne Oil Export Capacity by 2026
Nov-22 08:44
- Oil export capacity at Russia’s key western and eastern ports will grow by 32m tons per year by 2026, Deputy Prime Minister Novak said in a speech to Russian senators that was cited by Bloomberg. Russia’s oil production this year is seen at 527m tons, down 7m tons compared to 2022, he said, adding that the domestic fuel market has stabilised.
- The ruble may strengthen further, but any significant deviations of the exchange rate from the current level are unlikely, Maxim Oreshkin, the Kremlin’s aide for the economy said in an interview to local newspaper Moskovsky Komsomolets. He added that the share of the euro and dollar in Russia’s international payments is now about 25%, and that about a third of all imports are paid for in rubles.
- President Putin takes part in a virtual summit of the Group of 20 leaders while Foreign Minister Lavrov attends a meeting of the Collective Security Treaty Organization in Belarus. PPI data and weekly CPI data is on the docket later this afternoon.
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BONDS: Early Weakness Holds
Oct-23 08:37
Little in the way of respite for core global FI markets, with the major 10-Year benchmarks at/around session cheaps, albeit with futures contracts off last week’s lows,
- There hasn’t been much in the way of meaningful headline flow since London trade got underway, after the lack of an Israeli ground invasion of Gaza and the latest BoJ sources report applied pressure to bonds overnight.
- U.S. Tsy yields are 4.5-7.0bp higher, German yields are 1-5bp higher and UK yields are 1-4.5bp higher.
- Block flow in the form of a 4K seller of TY futures helped keep the pressure on.
GILTS: Goldman: Hurdle In The UK Disinflation Process
Oct-23 08:29
Goldman Sachs write “ongoing monthly data releases point to a mixed picture for UK disinflation. “
- “We do not think recent/upcoming releases will bring BoE tightening in the near term, given the revealed preference to hold rates at current levels which are seen as sufficiently restrictive.”
- “However, we believe mixed (or slow) progress on inflation could further illustrate the BoE's relatively higher inflation tolerance compared to G3 peers.”
- “We expect this to fuel rates volatility at intermediate maturities and to potentially threaten the recent outperformance of UK duration.”
MNI EXCLUSIVE: INTERVIEW: FY25 Prices Key To BOJ Policy Change – Sekine
Oct-23 08:26
MNI interviews former BOJ chief economist Toshitaka Sekine -- on MNI Policy MainWire now, for more details please contact sales@marketnews.com.
