LNG: Second Arctic LNG 2 Tanker Looks to be Heading to China
Sep-05 08:04
The Voskhod LNG tanker appears to be the second vessel carrying a cargo from the US-sanctioned Arctic LNG 2 export facility in Russia to be heading to southern China, according to Bloomberg ship-tracking.
- The tanker, which is also sanctioned, is heading in the direction of the Beihai import terminal.
- The first laden vessel docked at China’s Beihai port on 28 August while at least five more Arctic LNG 2 cargoes are en route to Asia, Kpler said earlier this week.
- Regular purchase of cargoes from Arctic LNG 2 could add to the upcoming wave of new global LNG supply. The sanctioned project is a key export hub for achieving Russia’s goal of tripling LNG production by 2030 and penetrate new gas markets around the world.
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JAPAN: Potential Next PM Says BoJ Must Be Cautious With Rate Hikes
Aug-06 08:00
Japan's former trade minister and a potential front-runner for the LDP leadership and PM role Saito stated that the BoJ must be cautious in raising interest rates.
- Possibly more consequentially, Saito "urged Prime Minister Shigeru Ishiba to step down after last month's huge election loss, saying the ruling Liberal Democratic Party (LDP) must seek a third coalition partner under a new leader."
- "Saito pushed back against opposition calls to cut Japan's sales tax, saying that Japan must instead focus on growth policies aimed at creating a cycle of rising wages and prices." - Reuters
BONDS: Long End Govies are heavy ahead of supply
Aug-06 08:00
- There's way below average volumes at the start of the European session, Buxl is at times quoted as wide as 4 ticks wide.
- Looking at the UK Gilt, only a 12 ticks range in one hour of trading, since its Open.
- The Initial selling in Bond futures has been led by the long end 30yr part of the curve, the German long end supply equates to 19.2k Buxl, and given the much lower liquidity could be weighing.
- The Cash USTs is cheaper and steeper, and the US will also sell 10yr Notes later Today.
CHF: JP Morgan Remain Short GBPCHF
Aug-06 07:44
JP Morgan continues to recommend short GBPCHF "into what could be a dovish BoE on Thursday and given the constrained SNB and expected global growth slowdown in H2-25" in a note released yesterday evening:
- "The CHF reaction to US imposed tariffs on Switzerland shouldn’t be as bad as feared given product exemptions, company mitigations, potential for negotiations and other factors"
- "Corporate preparation for tariffs also limits the impact on CHF [...] there is some element of the market assuming ample room for these tariff rates to be negotiated down, which limits the initial currency response."
- "A risk scenario for CHF would be if global growth surprises to the upside and accelerates at the same time as Switzerland struggles with domestic growth woes from being singled out on tariffs, but our economists are still looking for a H2-25 global growth slowdown [...] The growth hit to Switzerland, if tariffs are sustained, would imply a significant headache for the SNB, which has been hesitant to cut into negative territory and is likely even more constrained on FX intervention if tariff negotiations are still in play"
