POWER: Unplanned Outage at Sweden's 450MW Gas-Fired Power Plant Extended
Jan-23 13:30
The unplanned outage at Sweden's 448MW Oresundsverket, Malmo gas-fired power plant, has been extende...
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MNI: US 20 DEC INITIAL JOBLESS CLAIMS 214K (224K 13 DEC)
Dec-24 13:30
- MNI: US 20 DEC INITIAL JOBLESS CLAIMS 214K (224K 13 DEC)
- US 13 DEC CONTINUING CLAIMS 1923K (1885K 06 DEC)
STIR: Repo Reference Rates
Dec-24 13:03
- Secured Overnight Financing Rate (SOFR): 3.66% (-0.02), volume: $3.255T
- Broad General Collateral Rate (BGCR): 3.64% (-0.02), volume: $1.306T
- Tri-Party General Collateral Rate (TCR): 3.64% (-0.02), volume: $1.272T
- (rate, volume levels reflect prior session)
US DATA: Mortgage Applications Slip Further Despite Latest Spread Tailwind
Dec-24 12:31
- MBA composite mortgage applications slipped another -5.0% (sa) last week after the -3.8% in the week prior, on balance more than reversing a refi-driven increase in early December.
- Refis fell -5.6% after -3.6% and +14.3%, whilst new purchases fell -3.7% after -2.8% and -2.4%.
- Relative levels to 2019 averages: 62% for composite, 66% for new purchases (this peaked at 72% in late November) and 62% for refis (this peaked at 93% in a mid-September spike).
- There was little sign of response from a 7bp decline in the 30Y conforming rate to 6.31%, reversing the 5bp increase the week prior to come close to the 6.30% in October that was the lowest since Sep 2024.
- There could however be some distortion ahead of Christmas, with an unusually sharp divergence with jumbo rates which increased 8bp on the week to 6.52%. That 21bp spread over conforming was the widest since Oct 2024.
- There continues to be an increasingly significant tailwind from narrowing spreads over swap rates, with the 30Y conforming to the average 10Y swap rate spread narrowing 6.5bps to 255bp for a fresh low since Mar 2022.
- It compares with the peak of 315bp in May in post-tariff disruption, 285bp averaged in 1Q25 and 302bp averaged in 2024.
