POWER: What to Watch: EUA German Auction
May-24 08:43
- The German EU Primary Auction CAP 3 will end today 11:00 CET. The last auction cleared at an auction price of €69.46/ton CO2e at a cover ratio of 1.98.
- The minimum bid price was €66.67/t CO2e, with the maximum bid at €120/t CO2e.
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UK: GERMANY-Sunak Unveils Major Defence Spending Plans On Germany Visit
Apr-24 08:36
UK Prime Minister Rishi Sunak has outlined plans for a major increase in gov't spending on defence that would have a significant impact on the UK defence sector as well as the gov'ts fiscal outlook. Sunak pledged that by 2030, 2.5% of the UK's national income would go on defence spending, which would allow a major increase in production of ammo to restock increasingly-barren reserves, as well as develop new military tech. Speaking in Poland on 23 Apr, Sunak announced an additional GBP75bn in military spending that would take the UK's total to GBP87/annum by the end of the decade.
- The main opposition centre-left Labour Party - seen as almost certain to come to power at the next general election - has also committed to hitting 2.5% of GDP on defence spending, but only 'when economic conditions allow', rather than setting a target date.
- Sunak travels to the German capital Berlin on 24 April for the first time since becoming PM in Oct 2022 for talks with Chancellor Olaf Scholz. The German leader is set to press Sunak on offering a more concrete plan for defence spending increases. However, this risks a backlash from the UK, given that it is fairly recently that Germany has significantly ramped up its spending on security following Russia's invasion of Ukraine while the UK has long exceeded the 2% of GDP NATO spending floor.
EQUITIES: Estoxx call buyer
Apr-24 08:35
SX5E ( 19th July) 5250c, bought for 35.50 and 35.60 in 15k.
GILT SYNDICATION: 4.375% Jul-54 gilt tap
Apr-24 08:32
- Size: GBP Benchmark (MNI expects GBP4.75-6.00bln)
- Books in excess of GBP67bln (inc GBP4.5bln JLM interest)
- Price Guidance unchanged: 3.75% Oct-53 gilt (GB00BPCJD997) +1.75/+2 bps
- Expected Settlement Date: 25-Apr-2024 (T+1)
- ISIN: GB00BPSNBB36
- Joint Leads: BNPP/GSIB/HSBC/MS(B&D/DM)/UBS
- Timing: Books open, today’s business
From market source
