MNI BRIEF: China Nov CPI Slows To 5-Month Low Of 0.2% Y/Y

MNI: PBOC Sets Yuan Parity Higher At 7.1870 Mon; -1.39% Y/Y

MNI: China CFETS Yuan Index Down 0.36% In Week of Dec 6

MNI: PBOC Net Injects CNY13.8 Bln via OMO Monday

MNI BRIEF: PBOC Increases Gold Reserves

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

MNI JAPAN Q3 GDP REV +0.3% Q/Q; PRELIM +0.2%; MEDIAN +0.2%

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT PRELIMINARY DEC INDEX 74.0

CANADA NOV IVEY PURCHASING MANAGERS INDEX 52.3 SA

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: May Employment

MARKET INSIGHT
Tsys trading marginally weaker (30YY 3.0821%), curves flatter (2s10s -1.377 at 25.821) ahead May headline employment report. Light volumes (TYU2 <190k) with London out for Platinum Jubilee holiday.
  • Market reacted negatively to reports of Elon Musk email to Tesla execs: "pause all hiring worldwide" late Thu. Reuters reported Musk would like to cut 10% of Tesla's workforce due to a "super bad feeling" about the economy. Meanwhile, May car sales <13M annualized: "recessionary level" according to RBC analysts.
  • Headline economic data coming up at 0830:
    • Change in Nonfarm Payrolls (428k, 325k)
    • Change in Private Payrolls (406k, 301k); Mfg (55k, 39k)
    • Unemployment Rate (3.5%, 3.5%)
    • Average Hourly Earnings MoM (0.3%, 0.4%); YoY (5.5%, 5.2%)
    • Labor Force Participation Rate (62.2%, 62.3%); followed by:
    • S&P US Services PMI (53.5, 53.5); Composite PMI (53.8, 53.8) at 0945ET and
    • ISM Services Index (57.1, 56.5), 1000ET
  • Fed speak:
    • Fed VC Brainard on Comm Reinvestment Act, no text, Q&A, 1030ET
    • Cleveland Fed Mester, CNBC to discuss employment report, 1340ET
  • No US Tsys supply, auctions resume next week w/ $44B 3Y, $33B 10Y R/O, $19B 30Y R/O.
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