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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  • 2y/10y bunds closed -2bp/flat – DM team flagged that EGBs are now higher for a 5th consecutive session after starting lower in tandem with a rebound in global equities but recovered more than fully as the session went on, with no clear catalyst for the reversal.
  • Main/XO ended -1bp/-6bp at 55.3bp/300bp while €IG was +0.5bp (Corps +0.6bp, Fins +0.3bp) and €HY was flat. All IG sectors were wider with Energy and Cycs over +1bp; these are also the worst performers over the past 3m at +13.6bp and +14.8bp vs. +9.8bp for €IG. $IG was -0.6bp (Corps -0.5bp, Fins -0.7bp) and $HY was -2bp.
  • SXXP ended +0.8% while SPX was +1.2%. €IG movers included Sartorious +6%, CNH Industrial +4%, Elis SA -5%.
  • SX5E futures are flat/-0.1%. UST moves have been relatively modest in the first part of Tuesday trade. This comes ahead of the US Presidential debate tonight and and US inflation data tomorrow.
  • Later the Fed’s Barr and Bowman speak and US August NFIB small business optimism is released. Also UK labour market data print and BoC’s Macklem speaks.

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  • 2y/10y bunds closed -2bp/flat – DM team flagged that EGBs are now higher for a 5th consecutive session after starting lower in tandem with a rebound in global equities but recovered more than fully as the session went on, with no clear catalyst for the reversal.
  • Main/XO ended -1bp/-6bp at 55.3bp/300bp while €IG was +0.5bp (Corps +0.6bp, Fins +0.3bp) and €HY was flat. All IG sectors were wider with Energy and Cycs over +1bp; these are also the worst performers over the past 3m at +13.6bp and +14.8bp vs. +9.8bp for €IG. $IG was -0.6bp (Corps -0.5bp, Fins -0.7bp) and $HY was -2bp.
  • SXXP ended +0.8% while SPX was +1.2%. €IG movers included Sartorious +6%, CNH Industrial +4%, Elis SA -5%.
  • SX5E futures are flat/-0.1%. UST moves have been relatively modest in the first part of Tuesday trade. This comes ahead of the US Presidential debate tonight and and US inflation data tomorrow.
  • Later the Fed’s Barr and Bowman speak and US August NFIB small business optimism is released. Also UK labour market data print and BoC’s Macklem speaks.