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CARBON (€/T) TUE WED VAR D-1 VAR W-1AVG.MAXMIN 11/11 12/11FROM THE BEGINNING OF THIS YEARCO2 EUA DEC 202580.65 81.911.260.4273.5783.9360.94CO2 EUA DEC 202682.77 84.091.320.5175.5686.3562.54CO2 EUA DEC 202785.11 86.461.350.5777.8589.0764.54CO2 EUA DEC 202887.74 89.151.410.6380.4291.9466.86UK ETS DEC 25 EUR 64.74 65.260.520.1657.0767.0437.35UK ETS DEC 26 EUR 67.58 68.150.570.1959.7070.0439.48UK ETS DEC 27 EUR 70.56 71.150.590.1362.4973.1442.14European carbon prices extended gains on Wednesday, boosted by investmentfunds increasing their net long positions in EUAs to 97.5 million tonnes lastweek, up 1 million tonnes from the previous week and marking a new multi-yearhigh. As a result, the EUAs expiring in Dec-2025 rose by 1.6% to 81.91EUR/tonne.CO2 EUAEXCHANGE RATES TUEWEDVAR D-1 VAR W-1AVG.MAXMIN 11/1112/11FROM THE BEGINNING OF THIS YEARRATE EUR/USD1.1575 1.15760.00010.00841.12471.18371.0198RATE EUR/GBP0.8804 0.88230.00190.00130.85390.88230.8253RATE GBP/EUR1.1358 1.1334-0.0024-0.00171.17141.21171.1334The EUR/USD pair held steady at 1.1576, supported by optimism overgovernment reopenings but tempered by mixed Fed signals clouding Decemberrate-cut prospects. German inflation in October was stable, with HICP up 0.3%MoM and 2.3% YoY, meeting expectations.Meanwhile, the EUR/GBP rate edged 0.2% higher at 0.8823, as Sterlingweakened amid UK Labour Party tensions and uncertainty over Prime MinisterStarmer, pushing the market’s probability of a BoE rate cut to around 86%.