POWER: NorNed Cable to Undergo Maintenance in April, May 2025
Nov-21 13:04
The 723MW NorNed power interconnector between Norway (NO2) and the Netherlands will undergo planned maintenance from 1 April until 30 May, remit data showed.
- There will be no transmission capacity during the time of the maintenance.
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STIR: Effective Fed Funds Rate
Oct-22 13:03
FRBNY EFFR for prior session:
- Daily Effective Fed Funds Rate: 4.83% (+0.00), volume: $96B
- Daily Overnight Bank Funding Rate: 4.83% (+0.00), volume: $258B
GILTS: 10-year Gilt/Bund Spread Reverses Early Widening, Bailey Eyed At 1425BST
Oct-22 13:02
The 10-year Gilt/Bund spread has reversed this morning’s light widening, now 1.5bps tighter at 184bps. Domestic focus remains on BoE Governor Bailey’s speech at 1425BST/1525CET.
- The main thing the market will be watching for is whether he repeats the language he used in his Guardian interview earlier this month when he said that if the inflation data surprised to the downside the MPC would need to be “more activist”.
- Gilt futures have steadily recovered intraday lows through the session, last -20 ticks at 97.02.
- The earlier geopolitics-driven uptick in Brent crude futures stalled just above 75$/bbl, relieving some pressure on core FI.
- SONIA futures are +1.5 to -2.5 ticks through the blues, while BoE-dated OIS price 104bps of cuts through the May ’25 meeting (vs 101bps this morning).
CANADA DATA: Raw Materials Prices Post Biggest YOY Decline In More Than a Year
Oct-22 13:02
- Canada's Industrial Product Price Index -0.6% MOM in September. The fall was driven by energy, -6.5%.
- IPPI -0.9% YOY, first such decline since March, led by diesel fuel -28%.
- Raw Materials Price Index -3.1% MOM in September after -3% in August. September RMPI largest MOM decline since December 2023.
- RMPI -8.8% YOY in September, biggest drop since July 2023 led by crude oil and canola.
