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CREDIT PRE-MARKET: EUR Market Wrap

CREDIT PRE-MARKET
  • Bunds are 4-5bp wider – DM team flagged stronger-than-expected August flash PMIs weighing on EGBs, despite being driven by potentially temporary effects in the French services release. Meanwhile, ECB Q2 negotiated wages fell notably to 3.55% (vs 4.74% prior, and at the bottom end of the 3.5-4.5% forecast range MNI had seen coming into the release) but did not provide a sufficiently dovish impulse to have much market reaction.
  • Main/XO are -0.7bp/-3bp at 53.1bp/291bp while €IG/€HY looks -1bp/-3bp. Primary closed. IG curve movers include Heimstaden (15-20bps tighter), Rolls Royce 28s (11bp tighter), Tapestry (5-10bps tighter), Aareal (5-9bps tighter).
  • SXXP is +0.5% while SPX futures are +0.2%. €IG movers include AIA Group +6%, Essity Aktiebolag +6%, Brambles +5%, Mobico +5%, Investec -3%.
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