EUROZONE ISSUANCE: EGB Supply W/C 22 December and Funding Plans Update
Dec-19 17:38
- There are no scheduled operations in the upcoming week. We still await a 2026 funding plan from Greece and France’s final funding plan. Both are expected before Christmas.
- NOMINAL FLOWS: The upcoming week will see no redemptions and coupon payments for the week of E0.2bln. This leaves estimated net flows for the week at negative E0.2bln, versus negative E6.5bln this week.
- We summarise 2026 funding plans from Austria, Belgium, the ESM/EFSF, the EU, Finland, France, Germany, Ireland, Italy, the Netherlands, Portugal, Slovakia, Slovenia and Spain.
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STIR: Front Rates Sell-Off On Delayed Payrolls Rescheduling
Nov-19 17:31
Front rates have seen a sizeable sell-off on the back of the above rescheduling of payrolls reports, on data fog grounds as the latest BLS report the Fed will now have for its FOMC meeting on Dec 9-10 being tomorrow's report for September.
- SFRZ5 is 2 ticks lower since the news.
- FOMC-dated OIS now sees 9-9.5bp of cuts for the Dec meeting.
BOC: Economy Suffers As Firms See Canada As Hard Place To Invest- Vincent
Nov-19 17:30
- Deputy Nicolas Vincent says in speech Wed Canada's cumbersome regulations deter investment.
- If productivity since 2000 stayed close to G7 peers Canada's GDP today would be 9% higher or CAD 7K per person.
- Increasing productivity allows Canadians to have higher incomes while keeping inflation close to Bank's 2% target, Vincent says.
- Productivity growth slowed from 3% in the 1960-70s to 1% in the last 2 decades.
- Speech doesn't give outlook for policy rate.
US DATA: BLS Won’t Publish October NFP Report, November Report Set For Dec 16
Nov-19 17:23
- The BLS has announced that its November jobs report will be rescheduled for December 16, coming after the Dec 9-10 FOMC meeting.
- It won’t publish an October report either, with the establishment survey added to the November publication.
- "BLS will not publish an October 2025 Employment Situation news release. Establishment survey data from the Current Employment Statistics survey for October 2025 will be published with the November 2025 data. Household survey data from the Current Population Survey could not be collected for the October 2025 reference period due to a lapse in appropriations. The household survey data is not able to be retroactively collected. The collection period for November 2025 data will be extended for both surveys, and extra processing time will be added."
- See the latest schedule here.
