US DATA: Claims Surprise Higher, Seasonal Noise But Still High In NSA Terms
Dec-12 13:40
- Initial jobless claims were firmly higher than expected at 242k (sa, cons 220k) in the week to Dec 7 after a marginally upward revised 225k (initial 224k).
- That’s the highest single week since Oct 12 although the four-week average saw a more muted 5k increase to 224k away from recent lows of 218/219k having been exactly in line with the 2019 average.
- There are widespread contributions behind the large 99k increase in the NSA data: California (+14.8k), Texas (+9.5k), NY (+9.2k), Illinois (+7.5k) and Georgia (+5.8k).
- Continuing claims were also higher than expected but to less extent, rising to 1886k (sa, cons 1877k) in the week to Nov 30 after an unrevised 1871k.
- That sees them just below the three-year highs of 1898/1897k seen in mid-November.
- Seasonal adjustment factors for both initial and continuing claims are likely still having difficulty in the post-Thanksgiving period although the outright level of NSA claims is on the high side for the time of year for both.
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EQUITIES: Europe remains under pressure
Nov-12 13:37
- Estoxx futures is still trading heavy so far today, and while US Equities have seen some unwind lower from overbought territory on likely profit taking and squaring some positions, the likes of the Emini (ESZ4) is still mostly underpinned and trades in very tight 20 points range so far today.
- Investors will be keeping a close eye on the Estoxx (VGZ4), and any further extensions through last Week's low of 4796.00.
- A clear break through would expose the more important 4757.00 level.
STIR: BLOCK: Jan'25 SOFR Put Spread Sale
Nov-12 13:35
- -18,500 SFRF5 95.62/95.75 put spds, 5.25/splits ref 95.77 to -.765 ar 0827-0829ET
PIPELINE: Banks Crowding Corporate Issuance Docket
Nov-12 13:31
- Date $MM Issuer (Priced *, Launch #)
- 11/12 $Benchmark HSBC 4NC3 fix/SOFR, 6NC5 fix/SOFR, 11NC10 +175a
- 11/12 $Benchmark Citigroup 3NC2 +70a, 2NC2 SOFR, 10NC5 +150a
- 11/12 $Benchmark Societe Generale 2.25Y +115a, 2.25Y SOFR
- 11/12 $Benchmark Goldman Sachs 21NC20 +110a
- 11/12 $Benchmark Westpac -2Y fix/SOFR, 11NC10
- 11/12 $Benchmark BNP Paribas 11NC10 +180a
- 11/12 $Benchmark Caterpillar 3Y fix/SOFR, 5Y
- 11/12 $Benchmark Republic of South Africa 12Y 7.4%a, 30Y 8.25%a
- 11/12 $Benchmark People's Republic of China 3Y, 5Y
