Euro Markets: EUAs surge above €90 as FOMO trumps energy plunge and fear of a Brussels response

EU allowances advanced to yet another nine-month high on Monday, shrugging off plunging energy markets as the daily auction cleared at the highest premium for more than two months, with traders reporting that bulls appeared to be motivated more by a 'fear of missing out' on the rally than of a response from European politicians concerned at rising energy costs.