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August 3 – Strategists suggest the U.S. Treasury may use euros instead of dollars to fund its yen-buying program to avoid currency depreciation and jeopardize its strong dollar policy. Two sources familiar with the matter revealed that the Federal Reserve Bank of New York requested inquiries from at least two major U.S. banks last Friday regarding the yen-euro exchange rate. “The U.S. likely doesn’t want to appear to be selling dollars,” said David Forrest, senior strategist at Credit Suisse in Singapore. He added, “The U.S. maintains a strong dollar policy because they don’t want to be seen as trying to gain a competitive advantage by weakening their own currency, as this would violate the G20 consensus on foreign exchange policy.” “It wouldn’t look good for the U.S. Treasury to sell dollars, hence the choice to use euros,” said Jason Wang, currency strategist at Bank of New Zealand in Wellington. He noted, “The end result is essentially the same, because the funds will need to be reallocated back to euros at some point in the future, which could mean the U.S. will eventually sell dollars, just in a less transparent way.”Euro Stoxx 50 futures and German DAX futures both rose by more than 1%.August 3rd - It has been learned that Ant Groups AI subsidiary, Ant Lingbo Technology, may be launching an independent financing round. This marks the official transition of this "physical AI special forces" backed by Ant Group from being wholly incubated by the group to facing scrutiny from the external capital market. The aforementioned source revealed to Blue Whale Technology that the core reason for Ant Lingbos independent financing is the internal resource constraints within the group: "Ant Group has invested heavily in AI, and its computing power budget is facing pressure."Biren Technology (06082.HK) announced that it has completed the "Day0" adaptation and optimization of MiniMax H3 on the flagship general-purpose GPU product Biren series based on the SGLang inference framework.The China Earthquake Networks Center officially reported that a magnitude 3.6 earthquake occurred at 11:11 on August 3 in Gao County, Yibin City, Sichuan Province (28.54 degrees north latitude, 104.67 degrees east longitude), with a focal depth of 5 kilometers.

Flattening gas futures in Europe During Nord Stream Pipeline Upkeep

Haiden Holmes

Jul 12, 2022 11:18

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On Monday, European natural gas prices remained relatively stable as market participants braced for a complete cessation of Russian gas exports to Germany, the largest gas market in Europe.


Monday marked the start of a maintenance period for the Nord Stream 1 pipeline, essentially halting the flow of Russian gas to the largest market in Europe. The move was nominally routine, but it followed what the German government described as a politicized Russian decision to cut supplies by 60 percent last month. This has stoked fears that Gazprom (MCX:GAZP) will refuse to bring the pipeline back online at the end of the period, thereby aggravating Europe's energy crisis.


Dutch TTF Natural Gas Futures for August, the benchmark for north-west Europe, were trading at 174.40 euros per megawatt-hour at 5:40 a.m. ET (9:40 a.m. GMT), down 0.5% on the day but up more than sixfold from their average level in the first half of 2014, before Russia began serious preparations for the invasion of Ukraine.


In the past two weeks, prices have increased to near all-time highs as the reduction of Russian gas supply has made it difficult for European buyers to continue stocking winter storage facilities. Gas Infrastructure Europe said on Saturday that EU storage was just 61,6 percent filled, the lowest level for early July in the past three years. To avert winter shortages, the EU has stipulated that it must be at least 90 percent full by the beginning of October.


The European energy infrastructure gained some relief over the weekend when the Canadian government permitted the return of compression equipment used on the Nord Stream pipeline to Russia after maintenance at a Canadian repair facility. However, the German government rejected this argument.


Siemens Energy noted in a press release, "The political export permission is a crucial and necessary first step for the delivery of the turbine." "Our professionals are presently intensively working on all further official approvals and logistics" so that it may be brought back up as soon as possible.


Regardless of the technical details, many European legislators are concerned that Russia would not reopen the Nord Stream 1 pipeline, which delivers gas from the far north of Russia to Germany beneath the Baltic Sea, once maintenance is complete. Bruno Le Maire, the French Minister of Finance, warned over the weekend that a total supply cutoff is "the most likely scenario."


Le Maire has warned that France, similar to Germany, must prepare for industrial gas limits.


Le Maire addressed Rencontres Économiques, on the periphery of a business conference, "It takes a very specific study of each company and each industry." Which enterprises should reduce their energy use, and which cannot?


He singled out Saint Gobain SA (EPA:SGOB) as a company that would require privileged supplier access. Monday saw a 1.7% decline in Saint Gobain shares, which have already lost a third of their value this year owing to similar fears.


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