EMISSIONS: UKAs Prices Too Low To Incentivise Carbon Capture Developments
Mar-21 13:38
Current UKA prices are well below the cost required to develop carbon capture, utilisation, and storage (CCUS), thus delaying large-scale deployment, according to Carbon Herald.
- UKA DEC 25 down 0.52% at 46.3 GBP/t CO2e
- The UK government launched a consultation in Nov 2024 on expanding the UK ETS to include CCUS and is currently reviewing responses, though no date has been set for official conclusions.
- The UK government target 20-30mn ton CO2e per year in emissions capture and storage by 2030.
- However, DNV’s latest forecast shows the UK’s carbon capture capacity will only reach 5mn ton CO2e per year by 2030, falling short of the target. Capacity is projected to rise to 42mn ton CO2e by 2035 and peak at 54mn ton CO2e annually in the mid-2040s.
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US: MNI POLITICAL RISK - Senate Takes The Lead On Trump's Agenda
Feb-19 13:35
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- Senate Majority Leader John Thune (R-SD) opened floor action on a budget resolution to underpin a USD$300 billion reconciliation bill, escalating a showdown with the House over President Donald Trump's agenda. The move signals the Senate is sceptical Speaker Mike Johnson (R-LA) can corral his conference behind a single 'megabill' that includes deep spending cuts and a debt ceiling hike.
- President Trump added another layer of complexity to the House reconciliation plan, telling Fox News’ Sean Hannity that Medicaid will be ringfenced from cuts, leaving few options for achieving spending cuts required to fund Trump's tax agenda.
- President Trump issued a fresh tariff threat yesterday, telling reporters that he is likely to impose a 25% tariff on automobile, semiconductor, and pharmaceutical imports as soon as April 2, when an interagency trade review is completed.
- Trump signed an executive order that would give him more authority over agencies that operate with some independence from the White House.
- The Trump administration upended years of US policy towards Russia, pledging to restore lines of communication with Moscow and appearing to endorse several key Kremlin talking points over the war in Ukraine.
- Trump’s hardline position on Ukraine, although telegraphed on the presidential election campaign trail, may be a difficult sell to Senate Republicans – many of whom have spent years advocating for Ukraine funds and bolstering NATO.
- Poll of the Day: 70% of voters believe tariffs will raise prices.
Full article: US DAILY BRIEF
BONDS: Italian Futures are keeping EGBs under pressure
Feb-19 13:34
- The Italian BTP is helping EGBs take another leg lower, there's also likely been some interest in fading the BTP/Bund spread ahead of the 100bps level Yesterday and into Today.
- Looking at the outright future, some will look for next support below the figure at 118.65 (24th Jan low).
- In Yield terms, that 24th January high of 3.682%, equates to 118.72 Today.
MNI: US JAN HOUSING STARTS 1.366M; PERMITS 1.483M
Feb-19 13:30
- MNI: US JAN HOUSING STARTS 1.366M; PERMITS 1.483M
- US DEC STARTS REVISED TO 1.515M; PERMITS 1.482M
- US JAN HOUSING COMPLETIONS 1.651M; DEC 1.534M (REV)
