REFINING: Process Interruption at Sarnia Refinery Unit
Dec-11 08:36
Suncor Energy is safely shutting down a unit at its 85kbpd Sarnia refinery in Ontario due to a process interruption.
- The community alert was cited by Reuters on Dec. 11.
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**CHINA YTD NEW LOANS CNY16.52 TRLN VS MEDIAN CNY16.7 TRLN: PBOC
Nov-11 08:34
**CHINA END-OCT M2 +7.5% Y/Y VS MEDIAN +7.0%; END-SEP +6.8% Y/Y
CROSS ASSET: USDJPY extends towards 154.00, US Treasuries are lower.
Nov-11 08:28
- The small push lower in Treasuries is helping the USDJPY to it session high, but initial resistance is seen a lot further out, up to 154.71 High Nov 7.
- The price action in the US, is led by the shorter end, as the SOFR strip challenges its intraday low.
- The Dollar is in turn pushing higher, new high vs CAD, EUR, NOK, MYR, SGD, CNY, GBP, AUD, NZD, CHF.
BUNDS: /SWAPS: Long End & ASWs Bid On Scholz's Vote Movement & Risk To Budget
Nov-11 08:22
Increased odds of an expedited domestic election process and risks to the ruling government’s supplementary Budget plans seem to be supporting the long end of the curve this morning, albeit with Bunds off highs in recent trade.
- Bund vs. 3-month Euribor ASW extends its move back above 0bp as a result, peaking at ~1.2bp so far.
- A reminder that the break below 0bp in that spread triggered notable Bund selling last week.
- In terms of the details, Chancellor Scholz has indicated a willingness to hold a pre-Christmas confidence vote, which would bring the election timing forward to February from the previously touted March.
- This would reduce some of the political & fiscal risk that was priced into the German curve last week.
- Elsewhere, further tailwinds come from German press reports suggesting that the government’s plan to deploy an extra EUR11.3bln in net new debt during the current fiscal year is in doubt, as opposition parties threaten to block the supplementary budget.
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