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CREDIT PRE-MARKET: EUR Market Wrap

CREDIT PRE-MARKET
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  • Bunds closed 1-3bp wider – DM team flagged a session that was light in both meaningful headlines and data; intraday movements were largely flow and supply related.
  • Main/XO ended +0.2bp/flat at 59bp/315bp while €IG was +0.5bp (Corps +0.4bp,  Fins +0.6bp, €HY -20bp). Cycs again underperformed with Autos +2bp (back into wider YTD territory) while Utils and Energy managed to stay in the green. $IG was +0.5bp (Corps +0.6bp, Fins +0.4bp, $HY -2bp).
  • SXXP ended -0.1% while SPX was -0.2% too. €IG movers included Flutter Entertainment +7%, Helvetia +6%, Rentokil +5%, Global Payments -7%, Magna International -6%.
  • SX5E/SPX futures are +0.6%/+0.8%. Chinese & Hong Kong stocks have traded higher on the back of further stimulus measures announced. Earlier this morning, the Fed's Adriana Kugler said she is not worried about inflation falling consistently below the central bank’s 2% target.

 

 

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  • Bunds closed 1-3bp wider – DM team flagged a session that was light in both meaningful headlines and data; intraday movements were largely flow and supply related.
  • Main/XO ended +0.2bp/flat at 59bp/315bp while €IG was +0.5bp (Corps +0.4bp,  Fins +0.6bp, €HY -20bp). Cycs again underperformed with Autos +2bp (back into wider YTD territory) while Utils and Energy managed to stay in the green. $IG was +0.5bp (Corps +0.6bp, Fins +0.4bp, $HY -2bp).
  • SXXP ended -0.1% while SPX was -0.2% too. €IG movers included Flutter Entertainment +7%, Helvetia +6%, Rentokil +5%, Global Payments -7%, Magna International -6%.
  • SX5E/SPX futures are +0.6%/+0.8%. Chinese & Hong Kong stocks have traded higher on the back of further stimulus measures announced. Earlier this morning, the Fed's Adriana Kugler said she is not worried about inflation falling consistently below the central bank’s 2% target.