LNG: Train Shut at Australia's Ichthys LNG Plant Since Aug. 20
Aug-22 08:14
One of the two trains at the Ichthys LNG plant in Darwin, Australia, has been shut since Aug. 20, according to Inpex Corp in an email to Reuters on Thursday.
- "Train 2 at Ichthys LNG was temporarily halted on the evening of August 20. The impact is currently being evaluated," Inpex said.
- The plant also had a train outage in July.
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EGBS: /SWAPS: ING Continue To Favour 20s30s Swap Steepeners On Pension Reform
Jul-23 08:09
ING continue to favour a 20s30s swap steepener, as demand for fixed receivers amongst Dutch pension funds remains elevated ahead of the transition to a defined contributions model.
- Since ING’s last update in May, “more pension funds have delayed their intended transition date to a defined contributions model”.
- “The new defined contribution model reduces the need for fixed receiver swaps for 30 years and beyond”.
- “We therefore believe that funds will already move to 20y tenors to steer interest rate risks until the transition”.
- “Our fair value model for the 20s30s on the swap curve suggests a potential steepening of around 20bp in the coming months”
- “A key risk to our steepener view would be a revival of eurozone or US inflation, but the momentum seems to be in the right direction at the moment”.
OPTIONS: Sizeable Strikes, Quiet Calendar Keeping Spot G10 Contained
Jul-23 08:04
- EUR/USD's fade through early European hours puts spot within close proximity of the most sizeable strike rolling off in the pair today: E1.0bln at 1.0875-85, while USD/JPY is also narrowing in on $787mln at Y155.85.
- Lastly, AUD/NZD trade is of note - the contained price action so far Tuesday keeps the cross within range of N$1.1075, at which A$660mln is set to expire today.
- The pipeline is busier for the rest of the week, with the highlights including:
EUR/USD: Jul24 $1.0990(E3.2bln), $1.1000(E1.0bln)
USD/JPY: Jul24 Y156.00-05($2.3bln); Jul25 Y158.00($1.5bln)
AUD/USD: Jul24 $0.6600(A$1.6bln)
USD/CNY: Jul24 Cny7.3000($1.2bln)
GILTS: Underperform Bunds Again, Tomorrow’s PMIs In Focus
Jul-23 07:50
Gilt futures are -16 at 97.78 after finding support around 97.63 (July 11 low). Slippage below this level would refocus attention on 96.57, the July 1 low and a key short-term support.
- Bulls would need to breach key short-term resistance at 99.23 (June 21 high) to turn the technical tide back in their favour.
- A reminder that yesterday’s weakness was in part due to new Chancellor Reeves' indications of above-inflation pay rises for UK public sector workers.
- The DMO will kick off issuance for the week this morning with GBP1.0bln nominal of the 15-year 0.125% Mar-39 linker on offer.
- SONIA futures are flat to -2.5 ticks through the blues, while BoE-dated OIS have continued to pare back interest rate cut expectations a little.
- OIS show 9bps of easing through the upcoming August 1 BoE meeting, and ~43bps of easing through the remainder of this year.
- The BoE has entered its pre-meeting quiet period, leaving focus on tomorrow’s July flash PMI data.
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