EMISSIONS: UKA ICE Auction Clears at £53.50/ton CO2e
Oct-01 13:03
The UKA ICE auction cleared at £53.50/ton CO2e, compared with £57.25/ton CO2e in the previous round on 17 September, according to ICE. More information to follow shortly.
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FRANCE T-BILL AUCTION RESULTS: 14/19/27/49-Week BTFs
Sep-01 12:55
| Type | 14-week BTF | 19-week BTF | 27-week BTF | 49-week BTF |
| Maturity | Dec 10, 2025 | Jan 14, 2026 | Mar 11, 2026 | Aug 12, 2026 |
| Amount | E3bln | E400mln | E1.753bln | E1.89bln |
| Target | E2.6-3.0bln | E0.0-0.4bln | E1.4-1.8bln | E1.5b-1.9bln |
| Previous | E3.198bln | E498mln | E2bln | E2bln |
| Avg yield | 1.984% | 1.981% | 2.009% | 2.020% |
| Previous | 1.974% | 3.357% | 1.995% | 1.994% |
| Bid-to-cover | 3.01x | 6.35x | 4.64x | 3.79x |
| Previous | 2.43x | 7.43x | 2.82x | 3.37x |
| Previous date | Aug 25, 2025 | Sep 02, 2024 | Aug 25, 2025 | Aug 25, 2025 |
SWITZERLAND DATA: Retail Sales Pull Back In July After A Strong June
Sep-01 12:53
- Swiss retail sales started Q3 on a soft note, with volumes dipping -0.5% M/M in July although it did follow an upward revised 1.9% M/M in July (initially seen at 1.5%).
- On a broader view, the three-month average of the Y/Y at 1.5% continues to print around its long-term average having pared some of its drop seen earlier in Q2 (this average needed having swung from 0.0% Y/Y in May to 3.9% Y/Y in June and then 0.7% Y/Y most recently in July).
- Sequential retail sales weakness was rather broad-based in July, with only the "others" category (excl. fuel. clothing, food) printed positively this time. Clothing underperformed at -4.0% M/M, more than reversing July's 3.7% jump.
- Market expectations for the September SNB meeting have recently tilted further towards a hold at the current 0% policy rate, with a mere 2bp being priced at the time of writing. Data-wise, the print with the highest potential to challenge these assumptions is Thursday's Swiss August CPI print, with consensus for an unchanged 0.2% Y/Y.
EGB FLOWS: Latest notable calendar spreads
Sep-01 12:46
The Vast majority of the Volume is spread related in Eurex, Investors are taking advantage of the lighter start of the Week to roll their September Position into December, latest notable clips size are:
- Schatz is sold at -10 in 12.5k, was bought few minutes ago for -9.5 in 12.5k.
- Bobl trades on legs at mid price, -64.5 in 12k.
