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CREDIT PRE-MARKET: EUR Market Wrap

CREDIT PRE-MARKET
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  • Bunds closed 0-1bp wider after EGBs gained early in the session on a Reuters sources piece that reported ECB doves are pushing for a rate cut at the October meeting before stronger-than-expected US data (GDP, jobless claims, durable goods orders) applied pressure across global FI. MNI Eurozone Inflation Preview: https://mni.marketnews.com/47JWNvR.
  • Main/XO ended -1.7bp/-8bp at 57.3bp/306bp while €IG was -0.5bp (Corps -0.3bp, Fins -0.7bp, €HY flat) with all sectors 0-1bp tighter and with Transport joining Utils as the only sectors tighter WoW. $IG was -0.3bp (Corps -0.1bp, Fins -0.6bp, $HY -4bp).
  • SXXP ended +1.2% while SPX was +0.4%. €IG movers included Albemarle +10%, LVMH +10%, Kering +10%, Forvia +9%, Aker BP -5%, Teleperformance -5%, Shell PLC -5%, H&M -5%.
  • SX5E/SPX futures are flat/+0.2%. The USD has mostly tracked higher today, with yen a clear underperformer. The positive China/HK equity story continues, as lower repo rates and the RRR cut take effect from today. Oil prices are holding close to weekly lows.
  • Looking ahead, Eurozone inflation data, with France and Spain print later. Key data from the US is also due, where Core PCE inflation is expected to show another Fed-friendly print, with unrounded analyst estimates suggesting it could come in right between 0.1% and 0.2% M/M.

 

 

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  • Bunds closed 0-1bp wider after EGBs gained early in the session on a Reuters sources piece that reported ECB doves are pushing for a rate cut at the October meeting before stronger-than-expected US data (GDP, jobless claims, durable goods orders) applied pressure across global FI. MNI Eurozone Inflation Preview: https://mni.marketnews.com/47JWNvR.
  • Main/XO ended -1.7bp/-8bp at 57.3bp/306bp while €IG was -0.5bp (Corps -0.3bp, Fins -0.7bp, €HY flat) with all sectors 0-1bp tighter and with Transport joining Utils as the only sectors tighter WoW. $IG was -0.3bp (Corps -0.1bp, Fins -0.6bp, $HY -4bp).
  • SXXP ended +1.2% while SPX was +0.4%. €IG movers included Albemarle +10%, LVMH +10%, Kering +10%, Forvia +9%, Aker BP -5%, Teleperformance -5%, Shell PLC -5%, H&M -5%.
  • SX5E/SPX futures are flat/+0.2%. The USD has mostly tracked higher today, with yen a clear underperformer. The positive China/HK equity story continues, as lower repo rates and the RRR cut take effect from today. Oil prices are holding close to weekly lows.
  • Looking ahead, Eurozone inflation data, with France and Spain print later. Key data from the US is also due, where Core PCE inflation is expected to show another Fed-friendly print, with unrounded analyst estimates suggesting it could come in right between 0.1% and 0.2% M/M.