COAL: Poland's JSW Secures Coal, Methane Concession Extension to 2042
Poland’s JSW has secured an extension of its concession to extract hard coal and methane from the Borynia deposit until 2042, ensuring long-term mining operations and supporting future investments, it said, cited by ISB News.
- The Borynia deposit contains nearly 40 mn/t of high-quality coking coal and over 80mn cubic meters of methane, important for steel production and energy use.
- The concession extension followed a multi-year preparation, including an environmental report and development plan created by the Central Mining Institute
- The decision comes amid Poland’s energy minister Milosz Motyka, saying the country may allow some coal-fired power generation by 2040, MNI previously reported.
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AUDNZD: Westpac Look To Enter Longs
Westpac look to enter long AUD/NZD.
- They write “in the wake of this week’s trans-Tasman central bank decisions, we are inclined to adopt a bullish bias for the weeks ahead. The RBA clearly surprised markets in a hawkish direction, while the RBNZ’s pause and guidance were largely as expected and resulted in a muted reaction.”
- Westpac note that “the cross broke above month-old resistance at 1.0845 yesterday, and while we are loathe to chase it, we would buy on any pullback to that break level. We’d target 1.1000, with a stop-loss at 1.0795”.
CHINA-EU: Foreign Min-EU Needs To Readjust Attitude, Not China
(MNI) London - Reuters reports comments from a spox from China's Foreign Ministry regarding trade concerns from the EU. Says that China, "hopes the EU can look at bilateral economic and trade relations comprehensively and positively". Says China "hopes the EU can uphold a more positive and practical China policy." Spox says that the EU "needs to reajust its attitude, not China and not China-EU trade relations." Claims that "the EU's public procurement market is far from being fair and open as the EU claims."
- These comments come amid an apparent deterioration in relations between Beijing and Brussels, only two weeks before a high-profile EU-China summit on 24 July. Even the Beijing summit itself signals the cooling of ties, with the second day of the summit focused on business ties cancelled and Premier Li Qiang set to helm the event rather than President Xi Jinping, according to Politico.
- Speaking to the European Parliament on 8 July, Commission President Ursula von der Leyen claimed that “China has an entirely different system, [it has] unique instruments at its disposal to play outside the rules,” that enables it “to flood global markets with subsidized overcapacity — not just to boost its own industries, but to choke international competition.”
- On 6 July, China announced restrictions on the purchase of medical devices made in the EU, in response to Brussels shutting China out of the bidding process for certain gov't contracts for medical devices. This tit-for-tat comes alongside more long-running disputes over EU duties on Chinese-made EVs and Chinese levies on EU spirits.
SONIA OPTIONS: Put strip seller
SFIU5 96.00p with SFIZ5 96.05p, sold the strip at 5.5 in 4k.
