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Jefferies has upgraded TotalEnergies and Repsol to 'buy' while downgrading Galp Energia to 'underperform' in its European oil review. The firm anticipates that buybacks will enhance valuations in the sector, projecting growth beyond these effects for Repsol and TotalEnergies. In contrast, Galp's growth strategy, particularly its focus on the Mopane field, is viewed as unrealistic. Rating changes include TotalEnergies upgraded to 'buy' with a price target of EUR 66, and Repsol upgraded to 'buy' with a target of EUR 19.
Northwest European gasoline refinery profit margins increased by 56 cents to $9.18 a barrel. ExxonMobil, BP, and TotalEnergies were active sellers, while Varo was a buyer. The German government extended job security for PCK Schwedt refinery workers until June next year. EU-27 and UK gasoline exports averaged 701,000 barrels per day this month, down from November's 897,000 bpd.
Singapore and China have launched an e-CNY pilot for Singapore travelers, allowing them to open and top-up e-CNY wallets for payments in China. This initiative is part of broader financial cooperation, including green finance, cross-border financing, and RMB market growth. MAS also appointed DBS Bank as the second RMB clearing bank in Singapore and supports Chinese corporates' secondary listings in Singapore. Additionally, MAS and CSRC will advance ETF product launches and facilitate access to China's bond market for institutional investors.
DBS has received approval to act as an RMB clearing bank in China, becoming the first Singaporean bank to do so. This allows DBS to facilitate onshore China bond trading and provide custody services, enhancing access to RMB liquidity for its customers. DBS China has been a direct participant in CIPS since 2015, and DBS Singapore joined as an overseas participant in September 2025.
DBS Bank has been appointed as Singapore's second renminbi (RMB) clearing bank, following the Industrial and Commercial Bank of China. This appointment aims to support the growth of the offshore RMB market in Singapore and facilitate RMB use in trade and investment. Additionally, agreements were made to launch a digital RMB wallet pilot program and commence an over-the-counter bond market arrangement.
