CANADA DATA: Retail Sales Tentatively Slide In May After Two Monthly Gains
Jun-20 13:05
- Canadian retail sales are indicated to have dropped -1.1% M/M in May after two straight months of increase, according to Statistics Canada’s flash estimate Friday.
- However, StatsCan noted that the unofficial estimate was based on a 54% response rate vs 60% and 67% in the April and March advances. For context of how much new information is still to be collected, the "final" figures reported a month later have seen a response rate averaging 91% over the past 12 months.
- Official reading shows sales increased 0.3% M/M in April, below StatsCan’s earlier estimate of 0.5% and analyst expectations of 0.4% M/M, after 0.8% M/M in March.
- Six out of nine sub-sectors posted sales increases led by autos as sales of new and used cars rose. Excluding autos, sales -0.3%.
- Sales volumes, which strip out price increases and of course better reflect consumption within GDP, increased a solid 0.5% M/M in April after 1.0% M/M. That does however follow a weak start to the year with -1.0% in Jan and -0.6% in Feb.
- A StatsCan poll showed that firms in all sub-sectors said their sales were negatively impacted by trade tensions with the U.S. Price increases, changes in demand for their products and supply chain disruptions were cited as most common impacts of the trade war.
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PIPELINE: Corporate Bond Update: $4B ADB 5Y SOFR Launched
May-21 13:05
- Date $MM Issuer (Priced *, Launch #)
- 05/20 $4B #ADB 5Y SOFR+42
- 05/21 $1.25B #Kommunalbanken +5Y SOFR+49
- 05/21 $1B Finnvera WNG 5Y SOFR+53a
- 05/21 $Benchmark Citibank 2Y +85a, 2Y SOFR, 5Y +105a, 5Y SOFR
- 05/21 $Benchmark BPCE 6NC5 +150a, 11NC10 +175a
- 05/21 $Benchmark Turkiye 7Y 7.75%a
- 05/21 $Benchmark OKB 3Y +34
STIR: Effective Fed Funds Rate
May-21 13:03
FRBNY EFFR for prior session:
- Daily Effective Fed Funds Rate: 4.33% (+0.00), volume: $111B
- Daily Overnight Bank Funding Rate: 4.33% (+0.00), volume: $294B
US TSY FUTURES: BLOCK: Recent Jun'25 2Y Buy
May-21 13:01
- +5,000 RUM5 103-09.62, post time offer at 0827:22ET, DV01 $184,000.
- The 2Y contract has since risen to 103-09.88 (-1.62)
