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CREDIT PRE-MARKET: EUR Market Wrap

CREDIT PRE-MARKET
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  • 2y/10y bunds closed +1bp – DM team flagged that ECB-dated OIS price ~5bps of easing through the October meeting, down from 7/8bps at the start of this week. The (slightly) stronger than expected Eurozone consumer confidence won’t have hurt momentum, while President Lagarde did not offer much new to the policy debate at her lecture at the IMF. WoW move of +2bp/+6bp.
  • €IG was -0.3bp on Friday (Corps -0.1bp, Fins -0.5bp, €HY -3bp) for a WoW move of -6bp. Primary was kept open by Nykredit Realkredit and Grenke. $IG was +0.2bp (Corps +0.2bp, Fins flat) for a WoW move of -5bp.
  • SXXP ended -1.4% while SPX was -0.2% for WoW moves of -0.3%/+1.4%. €IG WoW movers included Siemens Energy +11%, Capital One +10%, Worldline -16%, Fedex -11%.
  • SX5E/SPX futures are +0.4%/+0.3%. With Japan markets out today, we have seen no US cash Tsy trading. Futures have been biased lower, but remain within ranges from late last week. Overnight equity sentiment has been positive, in part helped by a cut to the 14-day reverse repo rate in China.
  • Looking ahead on the data front, we have EU and US September preliminary PMIs are released. The Fed’s Bostic, Goolsbee and Kashkari also speak.

 

 

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  • 2y/10y bunds closed +1bp – DM team flagged that ECB-dated OIS price ~5bps of easing through the October meeting, down from 7/8bps at the start of this week. The (slightly) stronger than expected Eurozone consumer confidence won’t have hurt momentum, while President Lagarde did not offer much new to the policy debate at her lecture at the IMF. WoW move of +2bp/+6bp.
  • €IG was -0.3bp on Friday (Corps -0.1bp, Fins -0.5bp, €HY -3bp) for a WoW move of -6bp. Primary was kept open by Nykredit Realkredit and Grenke. $IG was +0.2bp (Corps +0.2bp, Fins flat) for a WoW move of -5bp.
  • SXXP ended -1.4% while SPX was -0.2% for WoW moves of -0.3%/+1.4%. €IG WoW movers included Siemens Energy +11%, Capital One +10%, Worldline -16%, Fedex -11%.
  • SX5E/SPX futures are +0.4%/+0.3%. With Japan markets out today, we have seen no US cash Tsy trading. Futures have been biased lower, but remain within ranges from late last week. Overnight equity sentiment has been positive, in part helped by a cut to the 14-day reverse repo rate in China.
  • Looking ahead on the data front, we have EU and US September preliminary PMIs are released. The Fed’s Bostic, Goolsbee and Kashkari also speak.