CORRECTED-MNI: Fed's Hammack-Near Or At Time To Slow Rate Cuts

MNI BRIEF: Fed's Goolsbee Sees Rates Fair Bit Lower In A Year

CANADA JOBLESS RATE +6.8% VS FORECAST +6.6%, PRIOR +6.5%

MNI China Daily Summary: Friday, December 6

MNI: PBOC Net Drains CNY288.1 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Lower At 7.1848 Fri; -1.64% Y/Y

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT PRELIMINARY DEC INDEX 74.0

CANADA NOV IVEY PURCHASING MANAGERS INDEX 52.3 SA

EZ/UK Bond Supply Calendar: Austria, UK Auction on Tuesday

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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A busy early start

BONDS
  • It was a busy early start for EGBs, Bund and Rates (Euribor).
  • Short end 2yr, 5yr and 3 Months took the lead, as investors reprice Rate path outlook.
  • This resulted in a 167 ticks range for Bund, rallying through 148.00 and printing a 149.00 high.
  • Contracts have since reversed most of their rallies, likely driven by some position covering.
  • Bund is back in the red at 147.77, with a 147.33 low at the time of typing.
  • Peripherals spreads are mixed, Greece is 3.9bps tighter, while Italy is 2.2bps wider against the German 10yr.
  • UK Retail data, saw M/M prints 2 tenths better but downward revisions lead to lower Y/Y prints.
  • April revision was largely due to the annual SA adjustments - rather than an actual big downward revision in the raw data.
  • US Treasuries took their cue from the price action in Europe, and rallied with the German Bund, and have now also reversed to trade back to flat in Tnotes.
  • Looking ahead, US Michigan is the final reading.
  • More focus on speakers, given the latest set of data, and recession right at the forefront.
  • Today includes, ECB Centeno, de Cos, Guindos, Fed Bullard, Daly, and BoE Pill, Haskel.
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