EU TRANSPORTATION: PostNL: Government Brings Forward T+3 Mail to 2027
(PNLNA: NR/BBB-/NR) (stock +4%)
Local news is reporting government will accommodate T+3 mail delivery from July 2027, earlier than originally expected Jan-2028. T+2 still scheduled to come in place from July 2026.
If this is the only update, we do not see it as a mover. PostNL requested removal from USO last month adding that the "minister recently proposed extending the delivery timeframe to two, and over time three days. Even if implemented, this would come too late and would not solve the structural cost issue that exists now and will continue in the years to come."
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CANADA DATA: Q2 Labour Productivity Down As US Trade War Hits Factories
- Canada labour productivity -1.0% in Q2 as GDP -0.7% and hours worked +0.3%. It was the biggest decline since Q4 2022, StatsCan says Wed.
- Manufacturing and wholesale were the biggest contributors to the decline amid US trade tensions.
- Q2 hourly compensation (-0.5%) decreased for the first time since the first quarter of 2021.
- Productivity YOY was 0.0%.
STIR FUTURES: BLOCK: Sep'25 SOFR Scale Seller
Total 40,000 SFRU5 sold over last 30 minutes from 95.9075 to 95.91, latest cross of 20k at 95.91 at 0828:38ET keeping the short end anchored.
OAT: Natixis Recommend Real Yield Entry
Natixis recommend going long OATei ’36.
- They argue that “much of the French political risk is already priced in and any negative surprises regarding Eurozone growth could lead to a quick decline in real yields”.
