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CREDIT PRE-MARKET: EUR Market Wrap

CREDIT PRE-MARKET
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  • 2y/10y bunds closed -8bp/-5bp – DM team flagged that weak French and German PMIs took yields lower in the morning. The US print was a touch better though markets held onto the morning’s dovish repricing, with 43bp of easing priced through year-end (vs 38bp at the open) and the implied probability of an October cut rising +19pp to 39%.
  • Main/XO ended +0.5bp/+1bp at 58.7bp/314bp while €IG was +0.7bp (Corps +0.4bp, Fins +1bp, €HY +6bp) with Transportation the only sector avoiding the red and Energy the underperformer at +1.8bp. Short-end spreads underperformed by over 1bp with 1-3yr vs. 7-10yr steepening back under 5bp YTD. $IG was -1bp (Corps -0.9bp, Fins -1.1bp, $HY flat).
  • SXXP ended +0.4% while SPX was +0.3%. €IG movers included National Bank of Greece +5%, Commerzbank -6%, Edenred -6%.
  • SX5E/SPX futures are +0.5%/flat. China’s central bank announced a series of policy changes aimed at supporting the ailing economy and reaching the government’s 5% growth target with Chinese & HK equities rallying while the RBA kept rates unchanged at 4.35% as was unanimously expected as the hawkish tone remained with the board ruling nothing in or out.

 

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  • 2y/10y bunds closed -8bp/-5bp – DM team flagged that weak French and German PMIs took yields lower in the morning. The US print was a touch better though markets held onto the morning’s dovish repricing, with 43bp of easing priced through year-end (vs 38bp at the open) and the implied probability of an October cut rising +19pp to 39%.
  • Main/XO ended +0.5bp/+1bp at 58.7bp/314bp while €IG was +0.7bp (Corps +0.4bp, Fins +1bp, €HY +6bp) with Transportation the only sector avoiding the red and Energy the underperformer at +1.8bp. Short-end spreads underperformed by over 1bp with 1-3yr vs. 7-10yr steepening back under 5bp YTD. $IG was -1bp (Corps -0.9bp, Fins -1.1bp, $HY flat).
  • SXXP ended +0.4% while SPX was +0.3%. €IG movers included National Bank of Greece +5%, Commerzbank -6%, Edenred -6%.
  • SX5E/SPX futures are +0.5%/flat. China’s central bank announced a series of policy changes aimed at supporting the ailing economy and reaching the government’s 5% growth target with Chinese & HK equities rallying while the RBA kept rates unchanged at 4.35% as was unanimously expected as the hawkish tone remained with the board ruling nothing in or out.