EMISSIONS: UKAs Auction Clears Lower, Weaker Participation
Oct-01 13:06
UKA ICE auction cleared at 53.50/ton CO2e, compared with 57.25/ton CO2e in the previous auction on 1...
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GOLD: Latest Move Higher Stops Short Of All-Time Highs
Sep-01 13:04
The London morning rally in gold topped out around $3,490, with bulls unable to force a test of April’s all-time high at $3,500.10.
- USD weakness, ongoing questions surrounding Fed independence and focus on the potential for a potential impending round of Fed easing supported precious metals early today, before the USD stabilised and bullion moved away from best levels, spot last ~$3,470 still +$22 on the day.
- Bulls remain in technical control, targeting the all-time high mentioned above.
- Conversely, first major support comes in at the 20-day EMA ($3,371.9).
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.
