CANADA NOV BUDGET DEFICIT CAD8.2 BLN VS YEAR AGO CAD4.0 BLN

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CANADA DELAYS IMPLEMENTING CAPITAL GAINS TAX HIKE TO JAN 2026

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MNI: BRAZIL'S COPOM RAISES SELIC RATE BY 100 BPS TO 13.25%

MNI: BAKER HUGHES US RIG COUNT 582; OIL RIGS 479; GAS RIGS 98

BAKER HUGHES CANADA RIG COUNT 258; OIL RIGS 186; GAS RIGS 72

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GERMANY: Economy Ministry Lowers 2025 Growth Forecast As Expected

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

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CREDIT PRE-MARKET: EUR Market Wrap

CREDIT PRE-MARKET
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  • 2y/10y bunds closed -4bp at 2.25%/2.53% following the DeepSeek-led rally in the morning but with yields off intraday lows, pushed by a recovery in equities. USTs closed -7bp/-9bp at 4.2%/4.54%.
  • Main/XO ended +1.2bp/+5bp at 54.4bp/294bp while €IG was +1.3bp at 0.95% (Corps +1.1bp at 0.9%, Fins +1.7bp at 1.01%, €HY +7bp at 3.01%) with Fins/Comms underperforming at closer to +2bp. $IG was +0.9bp at 0.78% (Corps +1bp at 0.78%, Fins +0.7bp at 0.79%, $HY +6.5bp at 2.63%).
  • SX5E/SPX futures closed -0.6%/-1.4% at 5202pts/6047pts. €IG movers included Universal Music Group NV (+7%), AT&T Inc (+6%), Givaudan SA (+6%), Siemens Energy AG (-20%), Amphenol Corp (-13%), Schneider Electric SE (-9%), Kinder Morgan Inc (-9%), .
  • SX5E/SPX futures are flat this morning. Overnight team flagged that the USD has recovered some ground amid various Trump tariff threats through the course of the day. For USTs, sentiment has been quieter, with focus on the upcoming FOMC meeting and futures near yesterday’s closing levels.
  • Looking ahead, we have various US data points coming up, along with some Fed surveys (including the Richmond print). There is also some ECB speak. 

 

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  • 2y/10y bunds closed -4bp at 2.25%/2.53% following the DeepSeek-led rally in the morning but with yields off intraday lows, pushed by a recovery in equities. USTs closed -7bp/-9bp at 4.2%/4.54%.
  • Main/XO ended +1.2bp/+5bp at 54.4bp/294bp while €IG was +1.3bp at 0.95% (Corps +1.1bp at 0.9%, Fins +1.7bp at 1.01%, €HY +7bp at 3.01%) with Fins/Comms underperforming at closer to +2bp. $IG was +0.9bp at 0.78% (Corps +1bp at 0.78%, Fins +0.7bp at 0.79%, $HY +6.5bp at 2.63%).
  • SX5E/SPX futures closed -0.6%/-1.4% at 5202pts/6047pts. €IG movers included Universal Music Group NV (+7%), AT&T Inc (+6%), Givaudan SA (+6%), Siemens Energy AG (-20%), Amphenol Corp (-13%), Schneider Electric SE (-9%), Kinder Morgan Inc (-9%), .
  • SX5E/SPX futures are flat this morning. Overnight team flagged that the USD has recovered some ground amid various Trump tariff threats through the course of the day. For USTs, sentiment has been quieter, with focus on the upcoming FOMC meeting and futures near yesterday’s closing levels.
  • Looking ahead, we have various US data points coming up, along with some Fed surveys (including the Richmond print). There is also some ECB speak. 

 

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