POWER: Slovakia Eyes Nuclear Tender for Mid-2025
Nov-20 16:11
Slovakia plans to launch a tender for the construction of a new nuclear power plant in mid-2025 to pick a supplier in 2027, the Economy Ministry said, cited by Reuters.
- The tender could be launched in June next year with the winner to be chosen in April 2027.
- Test operation could start in 2038 with full operations eyed for 2040.
- "We are trying to accelerate the schedule for the preparation and construction of the new power plant as much as possible, because examples from around the world clearly confirm that time makes construction more expensive," Economy Minister Denisa Sakova said in a statement.
- The Slovak government in spring this year approved the construction of another nuclear plant with a capacity of up to 1.2GW, Bloomberg reported previously.
- New plans, approved by the government on Wednesday, would allow a unit of up to 1.7GW.
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FOREX: Latest Greenback Strength Sees Cable Slip Back Below 1.3000
Oct-21 16:04
- As noted, GBP has been among the poorer performers in G10 Monday, being outpaced by only the higher beta AUD and NZD. Alongside the latest greenback strength, GBPUSD (-0.56%) has slipped back below the 1.3000 handle, narrowing the gap to last week’s low at 1.2974.
- Last Wednesday’s break lower confirmed a resumption of the current bear cycle and an important support at 1.3002, the Sep 11 low, has been breached, reinforcing the current theme. Price action initially targets 1.2959, a Fibonacci retracement point, and below here markets will turn their focus to 1.2890, the Aug 18 low.
- Evidence that the move is greenback driven can be shown by trend signals for EURGBP remaining bearish and resistance in the cross remaining intact. However, demand for EURGBP off the lows Friday helped the cross rally well off new pullback lows. Friday’s activity highlights a possible early reversal signal and if correct, a short-term base, that will be monitored in coming session.
- BOE Governor Bailey is due to speak three times during the week (and then again on Saturday). 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”.
FRANCE: Budget Debate To Start Amid Major Political Risks For Barnier Gov't
Oct-21 15:58
Deputies in the National Assembly will begin debate on the 'revenue' side of the Barnier gov'ts 2025 national budget this evening at 2130CET (1530ET, 2030BST). The 'draft finance law' (PLF) has almost 3,500 amendments attached, although this is lower than the 2024 total of 5,238. The gov't faces a number of challenges with regard to the controversial document that envisages spending cuts and tax hikes that intend to bring the budget deficit under control, to 2.8% of GDP in 2029 from 6.1% in 2014.
- Looming over the entire debate is the prospect of the budget being defeated due to the lack of a parliamentary majority for the gov't. This in turn could see the gov't push the fiscal plans through without a vote under Art49.3 of the French constitution. If the gov't chooses this path it then opens itself up to a no-confidence vote that could risk a collapse of the conservative administration of PM Michel Barnier.
- Crucial will be the actions of the far-right Rassemblement National, whose abstentions or support are essential to avoid the leftist New Popular Front parties defeating the gov't. Speaking to CNews earlier, RN leader Jordan Bardella said "If red lines were crossed, of course the government exposes itself and would expose itself to censure from us. This budget has neither direction nor coherence. It weakens savers, the France of work and businesses ,"
BOC: MNI BoC Preview - Oct'24: Touch and Go
Oct-21 15:56
- The BoC is mostly priced to ramp up its easing pace with a 50bp cut on Wednesday after three consecutive 25bp cuts having started cutting in June
- We think it’s a closer call with another 25bp cut than the 45bp priced implies, but narrowly go with a 50bp cut this month with the market presenting an opportunity to step rates closer to higher estimates of neutral and trim elevated real rates
- If the Governing Council does opt for a 50bp cut, we expect an attempt at downplaying odds of a second 50bp cut in December to avoid an overly large FI rally and CAD depreciation.
Full Preview including exclusive analysis, summary of sell-side views and MNI Policy coverage here: https://mni.marketnews.com/3BTzNPh
