FREELAND: CANADA WON'T ESCALATE OR BACK DOWN ON US TRADE FIGHT

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI BRIEF: China Nov M1 Decline Narrows, M2 Slows

EZ/UK T-Bill Calendar: 8/13/28/50-Week BTF Auction on Monday

EZ/UK Bond Supply Calendar: 4.125% Jul-29 Gilt Due on Tuesday

MNI: CANADA OCT WHOLESALE SALES +3.3%; EX-AUTOS +0.5%

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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New Highs For Stocks Yet Again

US TSYS
Tsys mixed after the bell, carry-over support for bonds from Mon evaporated since midmorning. Delayed selling after weak 5Y auction. Yield curves recovered from early flattening, 5s30s +2.37 to 65.79; very limited volumes (TYH2 >425k by the bell) should improve when London returns from holiday Wed.
  • Equities climb to new all-time highs, ESH2 4798.0; Gold reversed early gains, -5.65 to 1806.48 late; West Texas crude +0.47 at 76.04.
  • No react to FHFA Home price index 1.1% M/M vs. 0.9% Est; +17.4% YoY.; US REDBOOK: Store sales +21.4% wk ended Dec 25; +17.3% vs. year ago lvl.
  • QE: NY Fed buy-operations pause for holidays, resume January 3.
  • Tsy futures held near middle of session range after paring gains ahead the auction. Delayed react after $57B 5Y note auction (91282CDQ1) tailed: 1.263% high yield vs. 1.257% WI; 2.41x bid-to-cover vs. last month's 2.34x. Indirect take-up: new year high of 65.66% vs. 56.88% last month. On tap Wed: $56B 7Y note sale (91282CDP3)
  • Headline watching: White House Nearing Fed Appointment Annc next week
  • The 2-Yr yield is up 4.9bps at 0.748%, 5-Yr is down 0.3bps at 1.2434%, 10-Yr is up 0.3bps at 1.479%, and 30-Yr is up 1.6bps at 1.8997%.
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