Company Overview - Mowi ASA is one of the world's leading seafood companies and the largest producer of farm-raised Atlantic salmon, with an estimated harvest of 605,000 tonnes in 2026 from seven countries [2][3] - The company is headquartered in Bergen, Norway, employs 12,300 people across 26 countries, and is listed on the Oslo Stock Exchange [3] - Mowi reported a turnover of EUR 5.6 billion in 2024 [3] Sustainability and Market Position - Mowi is recognized as the most sustainable listed animal protein producer globally, according to Coller FAIRR [3] - The company operates under its own MOWI brand, providing high-quality salmon and other seafood to consumers worldwide [3] Financial Activities - Mowi has mandated several banks to arrange a series of fixed income investor meetings, indicating potential future NOK-denominated senior unsecured green bond issues, swapped to EUR, with a minimum tenor of 5 years [1][2] - The issuance of these bonds is subject to market conditions [2]

Core Insights - ABN AMRO has agreed to sell its personal loan subsidiary Alfam to Rabobank, while continuing to offer personal loans through a third-party arrangement with Rabobank [1][2] Company Summary - The personal loans market is highly competitive, making scale increasingly important; the partnership with Rabobank is expected to enhance service quality for clients [2] - The transaction is projected to positively impact ABN AMRO's CET1 capital ratio by approximately 5 basis points, with an estimated reduction of €1.2 billion in risk-weighted assets (RWA) and an anticipated book loss of around €100 million [3] - The closing of the transaction is expected in Q3 2026, pending regulatory approvals and works council consultation [3]

Core Viewpoint - The US dollar is expected to be more sensitive to poor economic data releases than to positive ones, indicating a need to reassess its outlook in the near future [1]. Economic Data Focus - Key economic indicators to watch include labor data and Consumer Price Index (CPI) data, which may be influenced by recent shutdowns [2]. Market Positioning - Recent ADP data release led to a significant sell-off of the dollar, suggesting that market positioning has shifted, with less short interest in the dollar compared to earlier in the year [3]. - Despite being the worst-performing G10 currency year-to-date, the dollar has shown resilience in the second half of the year [3]. Currency Performance - The Norwegian krona was the best performer following the recent data release, while the dollar had been the top G10 currency performer in the previous week [4]. Outlook for the Dollar - There is a need to reassess the dollar's outlook against other currencies, particularly the euro and Japanese yen, as the latter shows signs of potential intervention from Japanese authorities [5][6]. Japanese Yen Dynamics - The new finance minister of Japan appears increasingly uncomfortable with the yen's performance, hinting at possible interest rate hikes or intervention from the Bank of Japan [6][7]. - The market is cautious about the yen's movements, particularly around the 0.55 level, indicating a significant focus on the yen's story in the current economic landscape [7].

Jane Foley of Rabobank writing, We have not been forecasting a continued slide in the dollar's value next year. Jane joins us now for more. Jane, welcome back.Only six months ago we were talking about sell America. The dollar trade is over. A dollar bear market is upon us.And you and I talked about this so much. If that was the first half, the first quarter of 25, would you expect 26 Will. Well.Well, you know, that's a really good question, because I think many people are still surprised that if you look at ...

Core Viewpoint - The dollar has shown unexpected resilience, performing well in the second half of the year, contrary to earlier predictions of a continued decline [2][3]. Group 1: Dollar Performance - The dollar is currently the best performing G10 currency, particularly excelling in October [2]. - Despite earlier significant drops in the first five months of the year, the dollar has managed to recover and stabilize [3][5]. - There is a prevailing consensus predicting further dollar weakness, but this view is being questioned as the dollar shows signs of stability [3][5]. Group 2: Market Sentiment and Adjustments - The initial weakness in the dollar was largely attributed to position adjustments following the global financial crisis, with increased investment from non-dollar based investors into US assets [4]. - The diversification trade is still under scrutiny, leading to questions about the sustainability of the dollar's decline [5].

Economic Developments - The Bank of Canada (BOC) lowered its target for the overnight interest rate by 25 basis points to 2.25%, marking the second consecutive rate cut due to ongoing economic weakness and the impact of U.S. trade policies [2][10] - The BOC revised its 2025 growth forecast down to 1.2% from 1.8%, with 2026 growth projected at 1.1% and 2027 at 1.6%, primarily due to tariffs and weaker demand [3][10] - The BOC anticipates annualized Q3 GDP growth at 0.5% and Q4 at 1.0%, with inflation expected to remain around 2% despite core inflation measures being sticky around 3% [4][3] Corporate News - Nvidia (NVDA) became the world's first $5 trillion company, with shares surging over 5% due to strong demand for AI chips and significant orders totaling $500 billion [5][10] - Korean Air announced a purchase of 103 new Boeing (BA) aircraft valued at $36.2 billion and a separate deal for GE Aerospace (GE) engines worth $13.7 billion, alongside selecting L3Harris Technologies (LHX) for new aircraft development [6][10] - Caterpillar (CAT) shares rallied by 12%, marking the largest gain since 2009, while Fiserv (FI) experienced a record drop of 44% at market open [7][10] Market Sentiment - Kraft Heinz (KHC) CEO expressed concerns over "one of the worst U.S. consumer sentiments in decades," indicating broader economic anxieties affecting consumer spending [7][10]

What a move in gold. Extending losses after its steepest sell off in over a decade. The precious metals record run before yesterday sparking concern at a US debasement trade.Jane Foley of Rabobank debunking that theory writing debasement would imply a move away from the dollar and the US treasuries into assets such as gold. And there is very little evidence to back up these flows. James joins us now for more.Jim, welcome to the program. It's been a really curious year because the narrative around foreign ex ...

Core Insights - Enfinity Global has entered into an equity and development agreement with a European investor to develop a 486MW battery energy storage system in Italy, which will have a storage capacity of 1,944MWh and a four-hour discharge duration [1] - The company’s pipeline in Italy includes 2.6GW of solar photovoltaic and 5.3GW of energy storage projects, with 245MW already operational and 564MW under construction [2] - The partnership aims to enhance the deployment of energy infrastructure in Italy, supporting the country’s climate goals and economic growth [3] Financial Details - Enfinity Global secured €316 million ($368 million) for a portfolio of eight utility-scale solar power projects in Italy, with the funding arranged as a club deal involving ING, Rabobank, and BNP Paribas [3][4] - The financing includes €214 million of nonrecourse senior debt and €101 million allocated for VAT, letters of credit, and other project-related costs [4] Project Locations and Capacity - The solar projects are located in Emilia-Romagna, Basilicata, and Lazio, collectively generating 276MW, with an expected online date by the end of 2026 [5]

Richard McGuire, head of rates strategy at Rabobank, has left the Dutch lender, according to a spokesperson for the bank https://t.co/2poLgJ57zq ...

By Nora Buli and Alban Kacher (Reuters) -Europe will need to import up to 160 additional liquefied natural gas cargoes this winter due to lower storage and a decline in pipeline flows from Russia and Algeria, according to analysts and data, deepening its dependency on U.S. gas. LNG imports will jump to 820 tankers this year from 660 last year, representing 48% of all EU gas supply, with analysts forecasting need for around 16 billion cubic meters (bcm) this winter. A decade ago, LNG covered only 10% o ...