MNI China Daily Summary: Tuesday, Aug 27

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EZ/UK Bond Supply Calendar: EFSF Syndication, IT, DE Tuesday

GERMANY FINAL Q2 GDP SA -0.1% Q/Q, WDA 0.0% Y/Y

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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Cheaper In Overnight Dealings Ahead Of The Weekend, US Tsys Sell-Off After Payrolls

JGBS

In post-Tokyo trade ahead of the weekend, JGB futures are sharply cheaper, closing -29 compared to settlement levels, after US tsys cheapened following stronger-than-expected labour market data for November. The change in Nonfarm Payrolls was +199k vs. 183k est, +150k prior. The unemployment rate fell to 3.7% from 3.9% last month which was below every economist’s estimate.

  • Average hourly earnings increased 0.4% m/m, above the consensus of 0.3% and the annual rate declined to 4.0%, unchanged from October.
  • US tsy yields gapped higher on the data but quickly scaled back as the market digested the down-revisions to prior and unrounded releases. The 2-year rate was 13bps cheaper at 4.72%, while the 10-year yield increased 8bps to 4.23%.
  • On the wires today we have Nov Money Stock, A4 BSI Survey and flash Nov Machine Tool Orders. Further out, Nov PPI, Q4 Tankan Survey, Oct Core Machine Orders, Oct Industrial Production, Jibun Bank PMIs and Dept Store Sales are all due this week.
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