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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

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

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AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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Equities Roundup

US STOCKS
  • After mixed data this morning, stocks are making modest gains into midday after sliding to the lowest levels since late May overnight. Currently, S&P E-Mini futures are up 25.75 points (0.6%) at 4289, DJIA up 116.53 points (0.35%) at 33110.52, Nasdaq up 139.9 points (1.1%) at 13194.68.
  • Moderate risk-on tone as markets are latched onto lower than expected ADP private employment (+81k vs.150k est, +177k prior) vs. ISM Services PMI that pointed to slower albeit strong growth. Lower private jobs gain ahead Fri's NFP a potential setup for softer policy expectations that have been weighing on rates and stocks the last four weeks.
  • Leaders: Consumer Discretionary sector bounced from weaker levels in the first half of the week, underpinned by cruise lines Carnival +3.35%, Norwegian +2.7%, followed by auto maker Tesla +4.07% and parts maker Aptiv +0.75%.
  • Communication Services and Materials also outperformed, interactive media and entertainment shares buoyed the former: Google +2.27%, Meta +1.65%, Take Two Interactive Software +1.2%. Construction materials shares supported the latter: Martin Marietta +3.3%, Vulcan +2.57%.
  • Laggers: Energy and Utilities underperformed, the former as crude prices fell sharply (WTI -4.08 at 85.15) as U.S. gasoline inventories surged by 6.5M barrels. APA traded -4.75%, Philips66 -4.5%, Marathon -4.45%, Devon Energy -4.2%. Independent power and electricity providers weighed on Utilities: AES -3.85%, NextEra Energy -2.56%, NRG -2.1%, PG&E -1.7%.
  • Technicals: Despite the bounce, a bear cycle in S&P E-minis remains in play. The contract traded lower yesterday, confirming a resumption of the bear leg and maintaining the price sequence of lower lows and lower highs. This signals scope for weakness towards 4194.75, the May 24 low. Pivot resistance is 4453.89, the 50-day EMA. Ahead of the 50-day average is resistance at 4401.10, the 20-day EMA.
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