POWER: Greek PM Asks EU For Support Amid Surging Power Prices
Sep-13 13:15
The Greek Prime Minister has sent a letter to the European Commission to create a bloc-wide regulator with powers to inspect energy markets across the EU due to soaring power prices in central and eastern Europe according to a letter seen by Reuters.
- He also urged the EC to support cross-border infrastructure projects within Europe.
- Power prices in Greece have soared from €60/MWh in April to €130/MWh in August, the letter said.
- The reasons for high power prices in the region are hot temperatures in summer, infrastructure outages, low hydro stocks due to drought conditions and higher demand from Ukraine for power imports.
- "The new Commission should take up the task of pushing through more cross-border capacity," Mitsotakis said.
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EQUITIES: Estoxx Futures is through the intraday high
Aug-14 13:12
- Estoxx futures (VGU4) is back above its intraday high, highest level in a week, could now target the small resistance situated at 4776.81, the very short term 61.8% retrace of the August fall.
- US Emini (ESU4), would target 5487.29, the very short term 76.4% retrace of that same period.
SECURITY: Zelenskyy Discusses Setting Up Military Administration For Kursk
Aug-14 13:12
Reuters reporting that Ukrainian President Volodymyr Zelenskyy says he discussed with top officials the humanitarian situation in Kursk region, and "creation of military administrations if necessary."
- Zelenskyy's comments appear to suggest that Ukraine may be preparing for longer-term control in the Kursk region, a strategy considered by military analysts unlikely in the early days of the Kursk operation due to the high risk of losing soldiers and matériel.
- Military expert Mick Ryan noted on Aug 12: "Option 1 for the Ukrainian [operation] is to consolidate on the terrain they have seized so far and then defend it until some form of negotiation takes place. This is the highest risk option because, as the maps show, the Ukrainian dispositions feature multiple small salients which would be easily cut off and destroyed by even a semi-competent Russian commander."
- Open-source intelligence analysis, corroborated by Sky News, has noted that Russian forces are digging defence lines 45kms behind the Ukrainian border. Such a line would cede considerable territory to Ukraine in the event of a Russian withdrawal, supporting suggestions that the Ukrainian incursion may have exposed a shortage of Russian reserve troops.
- Bloomberg reports that, "The situation [in Kursk] may force Russia to consider a new mobilization, according to two of the people. Officials may present it as a rotation measure to rest frontline troops, one of the people said, while another said a draft may be ordered as soon as the end of this year."
EURIBOR OPTIONS: Call fly buyer
Aug-14 12:57
ERX4 97.00/97.12/97.25c fly, bought for 2 in 6.5k.
