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

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AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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Solid European PMIs, Bank of Korea Unchanged

EMERGING MARKETS
  • EU/UK: European PMI numbers from across France, Germany as well as the UK painted a picture of a solid services sector, and slightly lagging - but resilient - manufacturing. The UK numbers were a particular highlight, as both services and manufacturing topped forecasts, helping GBP/USD extend recent outperformance to hit a recovery high of 1.3129 ahead of the NY crossover. The stronger-than-expected data has weighed on major EGB futures.
  • GLOBAL: In a Washington Post opinion column, David Ignatius writes that, according to unnamed US officials, "U.S. officials think Hamas leader Yehiya Sinwar, [...] favors the deal.[...] But Hamas seems to be playing a waiting game, probably in the hope that Iran or Hezbollah will attack Israel - and thereby transform the battlefield." Following the killing of Hamas' political bureau chief Ismail Haniyeh in Tehran last month, tensions have been elevated surrounding the prospect of an escalatory Iranian retaliation. This has so far not materialised, with Tehran potentially put off by the US moving a substantial naval flotilla, including two aircraft carriers, into the region.
  • US: In a press release sent to media on 21 Aug, the campaign of independent presidential candidate Robert F. Kennedy Jr. announced that he is set to deliver an address to the nation at 1400ET (1900BST, 2000CET) on Friday 23 Aug. It is widely expected that Kennedy will announce his withdrawal from the race and endorse Republican candidate, former President Donald Trump.
  • South Korea: The Bank of Korea will consider rate cuts cautiously amid concerns over financial stability and global risk factors, noted Governor Rhee Chang-yong on Thursday, following the board's unanimous decision to hold the Base Rate unchanged at 3.50%. The Board has now held the rate steady since January 2023, or 13 straight meetings, its longest period without change. Its decision was largely anticipated.
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