POWER: Poland Sets 4Q Power Tariff at PLN572.64/MWh, Household Price Frozen
Oct-01 08:18
Poland’s URE has approved 4Q25 electricity tariffs for five major suppliers at an average of PLN 572.64/MWh, although households will continue to pay the frozen rate of PLN 500/MWh, according to the regulator.
- URE approved firms PGE Obrot, Tauron Sprzedaz, Tauron Sprzedaz, GZE, Enea, and Energa Obrot.
- However, E.ON’s tariff application was rejected, but this does not affect household prices, which are still at the frozen rate of PLN 500/MWh.
- The legal basis is the Act of 23 April, 2025, amending consumer protection measures in the electricity market.
- Under the Act, energy companies had until 31 July 31 2025 to submit tariff change requests—all submitted on time,
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GILTS: Goldman Sachs: Gilt 2s5s To Steepen Further
Sep-01 08:07
Late on Friday Goldman Sachs noted that “gilts underperformed other major bond markets in August, following upside surprises to inflation and activity data”.
- They go on to write that “BoE Governor Bailey repeated the risk of inflation persistence, and the concern that low productivity growth and labour supply weakness necessitates restrictive policy. At the same time, ongoing weakening on the demand side of the labour market is a reminder of the downside skew of risks to the policy rate. We believe that disinflation in 2H25 will ultimately allow for deeper BoE cuts, but the onus is for the upcoming inflation data to give signs that inflation persistence is fading (the next inflation release comes on September 17)”.
- As a result, Goldman Sachs recommend 2s5s gilt curve steepeners given their base case for “deeper cuts, as well as the possibility that terminal rate expectations may be revised higher if data remains resilient”.
- Furthermore, their model suggests 2s5s screens flat vs. macro factors.
AUD: FX Exchange Option
Sep-01 08:07
FX Exchange traded Option, Risk Reversal:
- AUDUSD (5th Dec) 64/67.5RR, bought the put for 0.17 in 1k.
Doesn't cover the last RBA 9th December meeting for this Year.
MNI: EUROZONE AUG MANUF PMI 50.7 (50.5 FLASH, 49.8 JUL)
Sep-01 08:00
- MNI: EUROZONE AUG MANUF PMI 50.7 (50.5 FLASH, 49.8 JUL)
