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CREDIT PRE-MARKET: EUR Market Wrap

CREDIT PRE-MARKET
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  • 2y/10y bunds closed -5bp/-1bp as the core EGB short-end rally continues – DM team flagged 2Y bund yields seeing the lowest close since Dec 2022 on deepening central bank easing prospects after global core FI rallied in the European afternoon on a weak US consumer confidence reading. ECB October cut expectations are up to 60% from 20% to start the week.
  • Main/XO ended flat/+1bp at 58.8bp/315bp while €IG was +0.9bp (Corps +0.8bp, Fins +1.2bp, €HY +3.1bp) with Energy again underperforming and now the second worst MoM performer after Cycs. $IG was -0.4bp (Corps -0.5bp,  Fins -0.2bp, $HY +5bp).
  • SXXP ended +0.7% while SPX was +0.1% too. €IG movers included Anglo American +7%, Worldline +6%, Global Payments -7%.
  • SX5E/SPX futures are -0.2%/-0.5%. China equities have surged again with the CSI 300 almost erasing the year's losses after China cut its 1yr MLF rate while net withdrawing liquidity via the lending facility. Australia's headline CPI fell in August to 2.7% y/y from 3.5%, as expected. Gold made new all-time highs.

 

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  • 2y/10y bunds closed -5bp/-1bp as the core EGB short-end rally continues – DM team flagged 2Y bund yields seeing the lowest close since Dec 2022 on deepening central bank easing prospects after global core FI rallied in the European afternoon on a weak US consumer confidence reading. ECB October cut expectations are up to 60% from 20% to start the week.
  • Main/XO ended flat/+1bp at 58.8bp/315bp while €IG was +0.9bp (Corps +0.8bp, Fins +1.2bp, €HY +3.1bp) with Energy again underperforming and now the second worst MoM performer after Cycs. $IG was -0.4bp (Corps -0.5bp,  Fins -0.2bp, $HY +5bp).
  • SXXP ended +0.7% while SPX was +0.1% too. €IG movers included Anglo American +7%, Worldline +6%, Global Payments -7%.
  • SX5E/SPX futures are -0.2%/-0.5%. China equities have surged again with the CSI 300 almost erasing the year's losses after China cut its 1yr MLF rate while net withdrawing liquidity via the lending facility. Australia's headline CPI fell in August to 2.7% y/y from 3.5%, as expected. Gold made new all-time highs.