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CARBON (€/T) TUE WED VAR D-1 VAR W-1AVG.MAXMIN 4/115/11FROM THE BEGINNING OF THIS YEARCO2 EUA DEC 202582.31 81.49-0.822.6873.4183.9360.94CO2 EUA DEC 202684.41 83.58-0.832.7475.4086.3562.54CO2 EUA DEC 202786.73 85.89-0.842.877.6989.0764.54CO2 EUA DEC 202889.33 88.52-0.812.8880.2691.9466.86UK ETS DEC 25 EUR 66.57 65.10-1.472.2456.9067.0437.35UK ETS DEC 26 EUR 69.48 67.96-1.522.3259.5370.0439.48UK ETS DEC 27 EUR 72.55 71.02-1.532.4562.3273.1442.14European carbon prices declined on Wednesday as uncertainty over EUministers’ overnight discussions on the 2040 climate law, which aims toincrease carbon credit usage, weighed on sentiment. As a result, the EUAsexpiring in Dec-2025 decreased by 1% to 81.49 EUR/tonne.CO2 EUAEXCHANGE RATES TUEWEDVAR D-1 VAR W-1AVG.MAXMIN 4/115/11FROM THE BEGINNING OF THIS YEARRATE EUR/USD1.1491 1.14920.0001-0.01441.12401.18371.0198RATE EUR/GBP0.8795 0.88100.00150.00030.85330.88160.8253RATE GBP/EUR1.1370 1.1351-0.0019-0.00041.17221.21171.1343The euro held rather steady on Wednesday, with the EUR/USD pair closing at1.1492, after strong U.S. ADP and ISM data lowered the odds of a DecemberFed rate cut to 62%.Meanwhile, the EUR/GBP rate gained 0.2% to end at 0.8810, supported bystronger Eurozone data, as the HCOB Composite PMI showed the bloc’sfastest growth since May 2023. The Services PMI climbed to 53.0 in Octoberfrom 51.3, beating forecasts, with Spain leading gains and Germany posting itsstrongest performance in over two years.