OIL: OPIS Points Towards Crude Oversupply in 2025
Oct-10 12:38
Temperatures moderating in Saudi Arabia and Iraq will open up around 600,000-700,000 bpd of crude for export in the short term according to OPIS energy head Tom Kloza.
- He added that the return of barrels by OPEC+ towards the end of the year will also place pressure on crude.
- Theres a possibility of a wider conflict in the Middle East but it’s not a probability.
- “I think oil is destined for much lower values, all the balances point to more oil than needed in 2025,” Kloza said.
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EU-BOND SYNDICATION: Dual-tranche: New Dec-31 / 3.25% Oct-50 Green: Allocations
Sep-10 12:38
New long 7-year Dec-31
- Spread set at MS+24bps (guidance was: MS+26 bps area)
- Final books in excess of E54bln (inc E4.25bln JLM interest)
- Size confirmed at E5bln in line with initial guidance (MNI expected E5-6bln)
- ISIN: EU000A3L1DJ0
- Maturity: 4 December 2031
- Hedge ratio 110% vs 0% Aug-31 Bund
3.25% Oct-50 Green Tap
- Size confirmed at E5bln (up from initial guidance of E4bln; MNI expected E3-4bln)
- Final books in excess of E77bln (inc E4bln JLM interest)
- Spread set at MS+90bps (guidance was: MS+92 bps area)
- ISIN: EU000A3K4EU0 (Immediately fungible)
- Hedge ratio: 126% vs 0% Aug-50 Green Bund
For both:
- Settlement: 17 September 2024 (T+5)
- JLMs: Citi (DM/B&D) / Deutsche Bank / J.P.Morgan / Societe Générale / UniCredit
- Timing: Hedge deadline 13:55BST / 14:55CET
From market source
US: MNI POLITICAL RISK - A High-Stakes Presidential Debate
Sep-10 12:38
- The first presidential between Vice President Kamala Harris and former President Donald Trump will take place this evening at 21:00 ET 02:00 BST. The debate is likely to attract upward of 50 million viewers and, if there is no second debate, could be the last major opportunity to swing wavering voters as early voting gets underway later this month.
- Harris comes into the debate riding a wave of enthusiasm that has recalibrated the race after President Biden’s faltering candidacy. Harris has a slight lead in the national polls, and all seven likely battleground states are within the polling margin of error. However, recent surveys have hinted at a plateau in Harris’ momentum and raised some concerns over the risk-averse strategy employed by her team.
- Harris must convince voters she occupies the centre ground and rebut Trump’s arguments that her moderate policy pledges belie a politician who is, at her core, more liberal than voters in the key battleground states.
- The equation for Trump is relatively straightforward: He must associate Harris with the unpopular policies of the Biden administration and impress on voters that Harris is responsible for an economy that has left many Americans feeling poorer than they did during his presidency.
- House Speaker Mike Johnson’s (R-LA) plan to fund the government appears on the brink of collapse.
- Poll of the Day: Inflation, health care, and border security are the issues voters most want to see raised at the debate.
Full article: US Daily Brief
MNI EXCLUSIVE: MNI INTERVIEW: US Inflation Resurgence Still Possible- Koenig
Sep-10 12:34
Former Dallas Fed economist Evan Koenig discusses the economic outlook..- On MNI Policy MainWire now, for more details please contact sales@marketnews.com
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