EMISSIONS: Rising Cement Imports Can Weigh On UKAs Demand
{GB}A combination of rising cement imports, weaker domestic production, and a slower reduction in free allocation could undermine UKAs demand from the sector.
- The Mineral Products Association (MPA) said that UK concrete and cement emissions have fallen 63% since 1990 amid rising imports and falling domestic production.
- Imports now account for one-third of the UK market. The MPA urged contractors and supply chains to prioritise low-carbon domestic products and called for a robust CBAM to level the playing field.
- The verified emissions under UK ETS for manufacture of cement in 2024 was at 55.5mn tonnes, down 10% year-on-year and 24% since 2021.
- The sector received 22mn UKAs as free allocation in 2025, covering nearly 40% of emissions in the prior year. Free coverage rose compared with 2024, when the allocation covered only 36% of emissions in the prior year.
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BONDS: US Tsys and Gilt Roll Views
US Treasury and Gilt Rolls Views: This is a repeat, in case missed.
JPM:
- WNA: Mildly Bullish.
- USA: Mildly Bullish.
- UXY: Bearish.
- TYA: Bearish.
- FVA: Mildly Bearish.
- TUA: Neutral.
Barclays:
- WNA: Neutral.
- USA: Bullish.
- UXY: Neutral.
- TYA: Neutral.
- FVA: Bearish.
- TUA: Bearish.
Deutsche:
- USA: Bearish.
- UXY: Bearish.
- TYA: Bearish.
- FVA: Bearish.
- TUA: Bullish.
Gilt View:
- Barclays is mildly Bullish.
US: MNI POLITICAL RISK - Cautious Optimism After Ukraine Summit
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- President Donald Trump will sign a congressional bill at 13:00 ET 18:00 BST. Across the West Wing, Press Secretary Karoline Leavitt will brief reporters at the same time.
- Yesterday, President Trump convened an extraordinary meeting of European leaders at the White House to discuss the next steps for ending the Ukraine war. The summit promised security guarantees for Ukraine and calmed nerves in Europe, following the Trump-Putin summit in Alaska. Please find a comprehensive analysis of the summit inside.
- The House Republican Study Committee is hosting GOP staff this week for more discussions on a second reconciliation package.
- Hamas yesterday accepted an updated US-brokered ceasefire proposal for Gaza, in a last-ditch effort to avoid a major new Israeli offensive in Gaza.
- India, China, Russia, and Brazil have signalled closer cooperation in response to Trump’s trade war.
- Poll of the Day: The global political risk outlook worsened slightly month-on-month
Full Article: US DAILY BRIEF
CANADA: Core CPI Latest Trends
Core CPI (median & trim av - BoC focus):
% M/M: 0.18 in Jul'25 after 0.23 in Jun'25
% 3mth ar: 2.43 in Jul'25 after 3.39 in Jun'25
% 6mth ar: 3.01 in Jul'25 after 3.16 in Jun'25
% Y/Y: 3.05 in Jul'25 after 3.00 in Jun'25
CPI xFE (ex food & energy):
% M/M: 0.06 in Jul'25 after 0.19 in Jun'25
% 3mth ar: 2.09 in Jul'25 after 3.16 in Jun'25
% 6mth ar: 2.65 in Jul'25 after 3.05 in Jun'25
CPIX (ex 8 most volatile & indirect taxes):
% M/M: 0.06 in Jul'25 after 0.32 in Jun'25
% 3mth ar: 2.3 in Jul'25 after 3.87 in Jun'25
% 6mth ar: 2.46 in Jul'25 after 3.12 in Jun'25
Source: Bloomberg Finance L.P., MNI
