External broker reports(aggregated public sources), ABN AMRO

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External broker reports(aggregated public sources)

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Macroeconomics

<ul><li>Dutch economy grew by 1% qoq – The Dutch economy shattered consensus and our expectations (+0 2 qoq) for second quarter GDP growth</li><li>The Dutch economy grew by 1% qoq, driven by increasing exports and to a lesser extent government consumption</li><li>This followed a -0.3% qoq contraction in Q1. Quarterly figures have been characterized by high volatility: first quarter GDP initially was -0.1% qoq, subsequently was revised down to -0.5% qoq and was revised up again today to -0.3%.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Dutch economy grew by 1% qoq – The Dutch economy shattered consensus and our expectations (+0 2 qoq) for second quarter GDP growthThe Dutch economy grew by 1% qoq, driven by increasing exports and to a lesser extent government consumptionThis followed a -0.3% qoq contraction in Q1. Quarterly figures have been characterized by high volatility: first quarter GDP initially was -0.1% qoq, subsequently was revised down to -0.5% qoq and was revised up again today to -0.3%.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Dutch economy shatters expectations in volatility ridden figures

<ul><li>United States – Wednesday sees the release of the July Fed minutes. In the press conference, Powell confirmed a rate cut had already been discussed for the July meeting.</li><li>Markets will be looking for the tone and arguments in that discussion to gain greater insight into the upcoming meeting.</li><li>Considering the market reaction to the latest figures, the discussion on the labour market and its claimed 'normalization' will be particularly important. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

United States – Wednesday sees the release of the July Fed minutes. In the press conference, Powell confirmed a rate cut had already been discussed for the July meeting.Markets will be looking for the tone and arguments in that discussion to gain greater insight into the upcoming meeting.Considering the market reaction to the latest figures, the discussion on the labour market and its claimed 'normalization' will be particularly important. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>Geopolitical risks put upward pressure on EUA prices through their impact on energy markets.</li><li>EUA demand from main sectors remains low as emissions from power generation retain its downward trend, while Eurozone PMI composite shows weak signs of industrial recovery .</li><li>As we approach the surrender date in September, we expect a limited increase in demand. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Geopolitical risks put upward pressure on EUA prices through their impact on energy markets.EUA demand from main sectors remains low as emissions from power generation retain its downward trend, while Eurozone PMI composite shows weak signs of industrial recovery .As we approach the surrender date in September, we expect a limited increase in demand. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Carbon Market Strategist - Geopolitical Risks Drive Market Volatility

<div data-component-type="container"><ul><li>United States – We expect July Core and Headline CPI inflation to come in at 0.2% m/m, with both y/y figures staying steady, at 3.3% and 3.0% respectively.</li><li>We expect headline retail sales to pick up after last month's weak spending (0.4% m/m), driven by a pick-up in auto sales.</li><li>The other categories may therefore come in a bit weaker. Industrial production is likely to stay flat (-0.0% m/m) after last month's surprise to the upside.</li></ul></div>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

United States – We expect July Core and Headline CPI inflation to come in at 0.2% m/m, with both y/y figures staying steady, at 3.3% and 3.0% respectively.We expect headline retail sales to pick up after last month's weak spending (0.4% m/m), driven by a pick-up in auto sales.The other categories may therefore come in a bit weaker. Industrial production is likely to stay flat (-0.0% m/m) after last month's surprise to the upside.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>European gas prices have been relatively stable in June and July, with an average of 37 €/MWh for the benchmark year-ahead contract (33.4 €/MWh for the month-ahead contract).</li><li>Volatility in prices were mainly driven by the uncertainty of LNG supply.</li><li>Relatedly, the resurgence of geopolitical tensions in the Middle East this week has increased fears of supply disruptions pushing the TTF price towards a nine-month high reaching 40 €/MWh for the year-ahead contract, as shown in the chart below (left). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

European gas prices have been relatively stable in June and July, with an average of 37 €/MWh for the benchmark year-ahead contract (33.4 €/MWh for the month-ahead contract).Volatility in prices were mainly driven by the uncertainty of LNG supply.Relatedly, the resurgence of geopolitical tensions in the Middle East this week has increased fears of supply disruptions pushing the TTF price towards a nine-month high reaching 40 €/MWh for the year-ahead contract, as shown in the chart below (left). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Gas market update - Geopolitical uncertainty is back to be the main driver