EMISSIONS: US Tariff Weighs On Long-Term EUAs Prices Forecasts
Sep-04 15:21
BNEF said that following the new 15% US tariff on the EU, if EU industrial demand weakens due to slowing trade, a 2.5% emissions cut by 2035 would lower the average EUA price forecast by €25/t to €84/t by 2030.
- A 5% emissions cut would reduce prices by nearly €50/t to €59/t.
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FED: US TSY 52W AUCTION: NON-COMP BIDS $1.116 BLN FROM $50.000 BLN TOTAL
Aug-05 15:15
- US TSY 52W AUCTION: NON-COMP BIDS $1.116 BLN FROM $50.000 BLN TOTAL
SWEDEN: Weak July Services PMI Keeps An August Rate Cut Possible
Aug-05 15:12
This morning’s services PMI was weak, falling 5.5 points to 48.8 – the largest one month drop since April 2020. While less closely followed than the Economic Tendency Indicator, the PMI has still contributed to a 1.6bp fall in 2-year SEK swap rates today.
- Thursday’s flash July CPI report will be key in determining the likelihood of a Riksbank August rate cut. Markets currently price just a 20% implied probability of such a move, but we have noted for several weeks that a cut cannot be ruled out before seeing the inflation data, particularly with activity signals still weak.
- Although new orders (51.5 vs 59.5 prior) and production (50.1 vs 57.3 prior) PMI components remained in expansionary territory in July, the falls relative to June were sharp.
- More alarmingly, the employment component fell to a 5-year low of 37.8 (vs 36.7 prior). The downward trend is more volatile than, but still broadly consistent with, the signal from the Economic Tendency Indicator’s services employment series.
PIPELINE: Corporate Bond Update: Issuance List Expands
Aug-05 15:05
- Date $MM Issuer (Priced *, Launch #)
- 08/05 $500M CNA Financial WNG 10Y +125a
- 08/05 $500M Freedom Mortgage 7.75NC3
- 08/06 $500M Travel + Leisure 8NC3
- 08/05 $Benchmark MSCI 10Y +140a
- 08/05 $Benchmark Essential Utiites 10Y +130a
- 08/05 $Benchmark Macquarie Bank 11NC10 +170a
- 08/05 $Benchmark Standard Chartered 11NC10 +145a
- 08/05 $Benchmark Tennessee Valley Authority 5Y +25a
- 08/05 $Benchmark Daimler Truck 2Y +90a, +5Y +115a, +7Y +130a
- 08/06 $Benchmark PetSmart 7NC3, 8NC3 investor calls
