DUTCH AUCTION PREVIEW: On offer next week
Nov-06 12:03
The Netherlands have announced they will be looking forward to sell E2.0-2.5bln of the 0.25% Jul-29 DSL (ISIN: NL0013332430) at its auction next Tuesday, November 12.
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SPAIN T-BILL AUCTION PREVIEW: On offer this week
Oct-07 12:00
Tesoro Publico has announced it will be looking to sell a combined E1.5-2.5bln of the following letras at its auction tomorrow, October 8:
- the 3-month Jan 10, 2025 letras
- the 9-month Jul 2, 2025 letras
CANADA: Politics Week: Trudeau's Bloc Support Fading Over Seniors' Benefits
Oct-07 11:48
- Trudeau's Liberals survive a second non-confidence vote, but signal they may not support Bloc Quebecois demands to increase seniors' benefits. Bloc has said if those larger benefits aren't put into law by Oct. 29 they will stop supporting the government, leaving only the NDP keeping the Liberals in power.
- Ministers have expressed concern the price tag of the Bloc's demand is high at CAD16 billion over five years. They have also suggested the Bloc's other demand to strengthen farmer trade protections known as supply management is more agreeable.
- Liberals lost a non-binding vote in favor of the seniors' legislation, with all three major opposition parties voting against them.
- Government has yet to schedule a fall fiscal update that normally contains tax measures requiring a confidence vote, and it has several other confidence votes due before breaking for Christmas.
- Polling aggregator 338Canada shows Conservatives likely to win a majority government if an election were held now.
- Sample headline: Conservatives ask lobbying commissioner to review Mark Carney’s role as Liberal adviser (Globe and Mail)
MNI: US Employment Insight, Oct'24: 50bp Cut Odds Evaporate
Oct-07 11:45
- We have published and e-mailed to subscribers the MNI US Employment Insight.
- Please find the full report including MNI analysis and views from 18 analysts here: https://media.marketnews.com/US_Employment_Report_Oct2024_addf4d7772.pdf
Some notable analyst views/view changes:
- BofA, CIBC and JPMorgan step back from calls for a 50bp cut in November.
- SEB still look for a 50bp cut in Nov but acknowledge a lower probability.
- Citi look for a 25bp cut in Nov before a 50bp cut in Dec on a resumption of softer trends.
- RBC see very low probability of a November skip but it should keep pricing in a 20-30bp range.
- Nordea are one of the more hawkish, questioning whether the Fed needs to cut at all.
