CANADA DATA: Oct Wholesale Beats Expectations on Autos
Dec-13 14:02
- Wholesales ex-petroleum & grains +1% MOM in October, above StatsCan's advance estimate +0.5%, prior +0.8% and +1.7% YOY. Increase led by motor vehicles, up for second consecutive month +3.2%.
- In another report, Canada manufacturing sales +2.1% after two straight months of decline. Increase led by petroleum and coal and transportation equipment. Sales were above flash estimate +1.3% and prior -0.5%. Volumes +1.4%.
- Q3 industrial capacity utilization +0.2pp QOQ, -0.1pp YOY.
- Canadian industries operated +79.3% of capacity after +79.1% in Q2.
- Electric power, generation, transmission and distribution +1.9pp to +83.4% in Q3 amid higher-than-normal temperatures last summer.
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STIR: Dovish Fed Pricing Shift On CPI, 20bp Cuts Priced For Next Month
Nov-13 13:55
Soft unrounded core CPI data drives the initial dovish reaction in the short end, with the recent hawkish positioning trend probably factoring into the move as well.
- Fed Funds futures show 20bp of cuts for next month, 42bp through March, 60bp through June and 78bp through December ’25.
- That compares to 15.5bp, 36bp, 57bp and 68bp ahead of the data.
- Little to move the needle in initial comments from Minneapolis Fed President Kashkari (Minneapolis Fed will not be an FOMC voter until ’26), a reminder that he already spoke yesterday.
US TSY FUTURES: BLOCK: Dec'24 10Y Sale
Nov-13 13:50
- -5,000 TYZ4 109-25, post time bid at 0841:41ET, DV01 $314,000. THe 10Y contract trades 109-23.5 last (+10).
US TSY FUTURES: BLOCK: Dec'24 FV Post-Data Buys
Nov-13 13:47
- The 5Y contract trades 106-23.5 last (+7.5):
- +7,000 FVZ4 106-26, buy through 106-25.5 post time offer at 0838:20ET, DV01 $291,000
- +10,500 FVZ4 106-22.5, buy through 106-22 post time offer at 0831:00ET, DV01 $436,000
