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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

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APAC Credit Continues To Widen, More A$ ABS Issuance

CREDIT UPDATE
  • It was a slow day in Asian equities today, markets opened lower on concerns surrounding French politics, but we remained rangebound after the initial open lower.
  • Aus Fins (Snr/Sub) are +1-2bps, while Aus corps are +1-2bp, with slightly better selling in high beta name, AT1/Perps/HY down 0.25pt. Asia IG has continued to widen and trades another 1-2bps weaker, HY credit is 0.25-0.5pt lower, while in the EM space sov are 1-2bps wider.
  • Aus iTraxx CDS is 3bps higher at 71bps & Asia Ex-J iTraxx is 3.5bp higher at 101bps
  • Rates: ACGB & NZGB yields are 1-3bps lower, JGB yields continue to trade of highs, with the 10y now 0.922%. US tsys futures opened lower, largely tracking French bond futures, while yields are 1-2.5bps higher.
  • Data: Busy day for China data, Industrial Production missed estimates coming in at 5.6% vs 6.2%, while retail sales beat coming in at 3.7% vs 3.0%, while the PBoC kept the 1yr rate on hold at 2.5%
  • Headlines: TWO GEMDALE BONDHOLDERS SAY THEY’VE RECEIVED YUAN NOTE PAYMENT (BBG)
  • (BBG) China Steps Up Warnings on Relentless Bond-Buying Frenzy - (See Link)
  • Primary Deals/headlines: LAUNCH: National RMBS Trust 2024-1 A$750m, AFG 2024-1 Prime A$500m, Gaoyou Water Industry JPY TBD 3Y SBLC Bond, 1.8% Area
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