POWER: UK’s Green Party Plans to Up Offshore Wind, Solar Targets
Jun-12 13:46
The UK’s Green Party has launched its manifesto, with plans to increase the UK’s offshore wind target to 80GW by 2035 from 50GW by 2030, with its solar targets upped to 100GW from 70GW for the same deadline, according to Bloomberg.
- If these targets are met, that would mean 70% of the UK’s generation mix would come from wind.
- Fossil fuels would also be phased out, with the party advocating to end all gas, and oil subsidies and end to new North Sea oil and gas licensing.
- The plan also includes giving £2bn of support for business decarbonisation annually and implementing a carbon tax of £120/t CO2e applied to fossil fuel and heavy industry before increasing it to £500/t CO2e and expanding to other sectors over the next decade.
- Additionally, £9bn will be allocated over 5 years to subsidise the transition of heat pumps for homes and non-domestic buildings.
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EQUITIES: SPX gaps higher on the open
May-13 13:41
- As expected, SPX sees a small gap higher on the open, Cash also saw a program buyer with 1440 names, the most in a week.
- Most Investors will be keeping their eyes on the 5264.85 level, the record high.
FED: Jefferson On Dot Plot Limitations
May-13 13:40
- Mester: Any suggestions that will make the SEP more useful?
- Jefferson: As a user, it is sometimes a challenge to know what to make of the SEP. We sometimes hear it’s representative of the views of the 19 members and told that it’s not a consensus forecast in any way. When you’re on the outside it can be a challenge to believe that, but from the inside I can tell you that it’s definitely true. It’s important we continue to do it but it’s important to ask ourselves if there’s more to do in this direction.
- Mester: We do the dot plot four times a year. A survey showed half of market participants don’t think it’s useful. Do you think it’s interpreted as useful more broadly?
- Jefferson: The dot plot is useful if appropriately interpreted. It’s a snapshot of a point in time forecast by 19 different people with 19 different forecasts. I want to emphasize that a lot can happen since then. It’s a snapshot. If you can allow for developments since then, then the SEP and the dot plot in particular can be useful for understanding where individual members were at a particular point in time.
CORN TECHS: (N4) Bullish Structure
May-13 13:30
- RES 4: $512.50 - High Dec 6
- RES 3: $502.00 - High Dec 26
- RES 2: $480.25 - High Jan 24 / 25
- RES 1: $472.00 - High May 7
- PRICE: $469.50 @ 14:28 BST May 13
- SUP 1: $435.75/422.25 - Low Apr 18 / Low Feb 26
- SUP 2: $400.00 - Psychological round number
- SUP 3: $391.13 - 1.50 proj of the Jun 21 - Jul 13 - Jul 24 price swing
- SUP 4: $375.69 - 1.618 proj of the Jun 21 - Jul 13 - Jul 24 price swing
Resistance in Corn futures at the 50-day EMA has been breached. Furthermore, $460.00, the Mar 28 high, has also been cleared and the break highlights a stronger bullish theme that opens $480.25 next, the Jan 12 high. On the downside, first support to watch lies at $435.75, the Apr 18 low. Clearance of this level would reinstate a bearish threat and open $422.25, the Feb 26 low.
