US DATA: Beat For Payrolls Countered By Two-Month Revisions
May-02 12:36
- Nonfarm payrolls were higher than expected at 177k (sa, cons 138k) of which private contributed 167k (sa, cons 125k).
- However, two-month revisions of -58k offset the 39k beat for nonfarm payrolls, with a similar story for private (a 42k surprise vs -48k two-month revision).
- Downward revisions were concentrated in March.
- See table and chart for latest trends.
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CROSS ASSET: Some downside traction in Equities
Apr-02 12:33
- Some pick up to the sell side in Equities, Tnotes looks to test the 4.1040% level in Yield equates to ~112.03, this was the March and the 2025 low in Yield.
- The USDJPY will look for a break through the 149.00, if upside traction continues in Treasuries.
- Resistance in Bund is unchanged at 129.63, this equates to 2.65%.
- US Emini is eyeing a break through 5600.00, Yesterday's low.
US TSYS: Post-Post ADP Update
Apr-02 12:33
- The post-ADP retreat off highs didn't last very long, Tsys making new highs again, Jun'25 10Y looking to breach March 4 high of 112-01 is trading at 111-31.5 (+6.5), getting a boost from weaker stocks (SPX eminis -5612.0 low).
- Curves remain mixed, 2s10s -.932 at 27.440, 5s30s +.593 at 60.394. 10Y yield taps 4.125% low.
TARIFFS: MNI POLITICAL RISK - Trump Prepares To Upend Global Trade
Apr-02 12:32
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- President Donald Trump will be joined by members of his Cabinet in the White House Rose Garden at 16:00 ET 21:00 BST to announce details of his 'Liberation Day' tariffs. Trump's final tariff determination may still be in flux, with reporters suggesting the White House is considering a tiered universal tariff rate and a more targeted reciprocal regime.
- Canadian Prime Minister Mark Carney told reporters he has "retaliatory measures" prepared to snap into place. Mexico will announce any relevant countermeasures on April 3.
- European Commission President Ursula von der Leyen said the EU has levers to pull, including its so-called anti-coercion ‘bazooka’ and the 'nuclear option' of hitting Silicon Valley and Wall Street.
- China, South Korea, and Japan – all in the crosshairs of metals and auto tariffs – have made overtures towards closer economic cooperation.
- Brazil sees itself as a potential beneficiary of a global trade war.
- Trump will meet Senate Majority Leader John Thune (R-SD) today ahead of this week's vote on a compromise budget blueprint. Thune said a favourable ruling from the Senate Parliamentarian on 'current policy baseline' won’t be necessary for the Senate to advance their budget.
- The House Financial Services Committee will vote today on legislation to create new rules for stablecoins.
- Three elections yesterday flashed a midterm warning for the GOP.
- Poll of the Day: 58% of Americans think tariffs will hurt the US economy.
Full Article: US DAILY BRIEF
