CORRECTED-MNI: Fed's Hammack-Near Or At Time To Slow Rate Cuts

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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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Shedding Gains

BOND SUMMARY

A sell-off in e-minis, linked to fresh legal headwinds for Facebook, pushed T-Notes higher, but after topping out at 139-18+ the contract pared gains and last trades unch. at 139-16. Cash Tsy yields are little changed at typing. Eurodollar futures last seen unch. to +1.0 tick through the reds. All eyes are on FOMC monetary policy decision, due later today.

  • JGB futures re-opened higher, but have eased off and currently trade at 151.98, 2 ticks shy of settlement. Cash JGB yields mostly sit marginally below neutral levels, with 2s outperforming. Japan recorded an unexpected trade surplus, as exports shrank less than expected, while the decline in imports topped forecasts. The BoJ refrained from tweaking the sizes of its 1-10 Year JGB purchases.
  • In Oz, YM +0.4 & XM -0.3 after erasing earlier upticks. Cash ACGB curve has twist steepened a tad. Bills trade unch. to -1 tick through the reds. The AOFM auctioned A$2.0bn worth of ACGB 1.50% 21 Jun '31, while the RBA refrained from buying bonds today.
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