CANADA JOBLESS RATE +6.8% VS FORECAST +6.6%, PRIOR +6.5%

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BRIEF: EU-Mercosur Deal In Final Negotiations - EC

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT PRELIMINARY DEC INDEX 74.0

CANADA NOV IVEY PURCHASING MANAGERS INDEX 52.3 SA

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

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Modest FI Underperformance To US Amidst A Light Docket

CANADA
  • GoCs see some modest underperformance to Tsys on the day, led by the front end with 2YY +0.5bps vs -1bps for Tsys.
  • BAX futures trade in line with SOFR for 2023 contracts but otherwise underperform, increasingly so later into 2024 with the Dec’24 implied yield +3bp vs -1bp for SOFR.
  • It’s a move that continues to tighten the BAU3/Z4 spread to -55.5bps, vs -64bps before Friday’s strong employment data and recent lows of -50bps.
  • The modest underperformance comes on a particularly light North American docket, with CAD FI seeing little bias from a further rolling over in weekly consumer confidence. Tomorrow sees some lower tier releases with focus clearly on US CPI on Wed.
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