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SocGen's Overnight Economic News Summary

BY MT Newswires | ECONOMIC | 12/01/25 05:42 AM EST

05:42 AM EST, 12/01/2025 (MT Newswires) -- Societe Generale in its early Monday economic news summary pointed out:

-- Risk off start to December, seasonals bearish US dollar (USD) and bonds (higher yields), bullish oil. Bank of Japan Governor Ueda: "will consider the pros and cons of raising the policy interest rate and make decisions as appropriate." Implied odds of December hike up to 82%. 10-year Japanese government bond yield +6bps at 1.87%, new cycle high, two-year yield crosses 1%. USD/JPY -0.6% to 155.40, support 154.40.

-- China official manufacturing PMI stays in contraction zone for record eighth month running in November (49.2 versus previous 49.0). Non-mfg below 50 (49.5 versus previous 50.1) for the first time since late 2022 when China was under lockdown. USD/CNY below 7.07.

-- Week ahead: United States PCE inflation, ISM surveys, ADP employment, Eurozone flash consumer price index, German industry orders. Canada's employment (LFS). CPI for Sweden, Switzerland, South Korea, Turkey, Czech Republic. OECD updated economic outlook. India and Poland central banks forecast to cut 25bps.

-- Nikkei -1.8%, EUR 10-year IRS +2bps at 2.77%, Brent crude +1.9% at $63.5/barrel, Gold flat at $4,241/oz.

MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.

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In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

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