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

MNI BRIEF: Fed's Goolsbee Sees Rates Fair Bit Lower In A Year

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

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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OUTLOOK
  • Counting for the US midterm elections is continuing and it is looking likely that the Republicans will gain control of the House but the Senate could remain in Democratic hands. MNI's Political Risk team had seen a 55% probability of this outcome (with a 35% probability of a Republican House and Senate) but many had expected a scenario of Republican overall control of Congress. At present it appears as though for the Republicans to win the Senate they would need to win both Nevada and Georgia. Nevada has seen 56% of the votes counted and looks to be heading towards a Democrat hold, but it could be some time before this becomes a certainty. If this is not the case and the Republicans win it would put the focus on Georgia which at present is looking as though it is heading for a run-off which would be held on 6 December. After early indications of a strong Republican showing weren't followed through on a national level, Treasuries moved away from their lows of the overnight session.
  • Looking ahead, markets continue to remain focused on tomorrow's US CPI print with today seeing Financial Stability Reports released in Sweden and Norway as well as speeches from ECB's Elderson, Fed's Williams and Barkin and BOE's Cunliffe.
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