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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What to watch

MARKET INSIGHT
  • After a relatively risk-on Asian session, we saw a strong UK labour market print with single month earnings growing at a record pace and vacancies outnumbering the unemployed for the first time. This has helped the SONIA strip move lower than either the Euribor or Eurodollar strips while the pound is gaining ground (but still underperforms the Scandis and AUD since the NY close).
  • We look for central bank speakers to be closely watched again. We are due to hear from the ECB's Centeno, BOE's Cunliffe and Fed's Bullard. Riksbank's Ohlsson's speech on monpol in times of war could be interesting at 12:15BST. He was at the February meeting one of the most hawkish members but in the April Minutes seemed to be a bit less hawkish than Skingsley, and on a similar level on the hawk/dove scale to Ingves.
  • The data highlight for the remainder of the day will be US retail sales. We also receive the second print of Eurozone GDP.
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