US DATA: An All Around Soft Payrolls Report
Sep-05 12:37
- Payrolls surprised lower in August (22k vs BBG cons 75k) and the u/e rate was on the dovish side at a new recent high of 4.324% (cons 4.3% but with a skew to a 4.2% print) after 4.25%.
- The downward revisions were concentrated in May (-27k vs +6k in June), offering no offset to last month’s huge downward revisions.
- Similar story in private payrolls with 22k vs cons 75k and two-month revisions of -36k.
- 3-month average: 29k NFP, 29k private.
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EQUITY OPTIONS: Estoxx Synth trade
Aug-06 12:32
SX5E (15th Aug) 5300, bought the Put for 10.7 and 10.8 in 10k (100% Del).
PIPELINE: Corporate Bond Roundup: BMW 4Pt, Oneok 3Pt on Tap
Aug-06 12:23
- Date $MM Issuer (Priced *, Launch #)
- 08/06 $Benchmark BMW US 2Y +80a, 2Y SOFR, 5Y +105a, 10Y +125a
- 08/06 $Benchmark Oneok 7Y +130a, 10Y +140a, 30Y +175a
- 08/06 $Benchmark PetSmart 7NC3, 8NC3 investor calls
- $9.9B Priced Tuesday, $27.575B/wk
US: MNI POLITICAL RISK - White House Teases Trump Announcement
Aug-06 12:18
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- President Donald Trump will make an “announcement” at the White House at 16:30 ET 21:30 BST. The subject is unclear, but it could be related to new measures against Russia or open Fed/BLS positions.
- Swiss President Karin Keller-Sutter will meet Secretary of State Marco Rubio today to present an “attractive offer” to avert a 39% tariff rate. The absence of meetings with Trump or senior trade officials suggests Switzerland may struggle to secure a deal.
- The US trade deficit shrank in June to its lowest level in nearly two years.
- Within the next week, Trump will announce pharmaceutical tariffs that could rise to 250%. Trump is also expected to announce new tariffs on semiconductors.
- Trump has whittled down potential Fed nominees to a shortlist of four.
- Trump appears to be inching closer to approving a 90-day tariff and export control pause with China.
- Canadian ministers met Mexican President Claudia Sheinbaum yesterday to bolster ties ahead of next year’s USMCA review.
- Brazil's Finance Minister will speak with Treasury Secretary Scott Bessent next week.
- Trump is preparing an executive order to punish banks that discriminate against conservatives.
- Trump negotiator Steve Witkoff met Russian President Vladimir Putin ahead of Trump's deadline for reaching a ceasefire agreement with Ukraine.
- Trump said a decision to occupy Gaza is “pretty much up to Israel”.
- Poll of the Day: Friday’s disappointing jobs report appears to be resonating with Americans.
Full Article: US DAILY BRIEF
