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CREDIT PRE-MARKET: EUR Market Wrap

CREDIT PRE-MARKET
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  • 2y/10y bunds closed -5bp/-9bp after EGBs bonds rallied sharply Tuesday, with geopolitical concerns driving a safe-haven bid later in the session after having enjoyed smaller gains in the morning, led by OATs on anticipated French fiscal tightening measures (pared somewhat on the specifics).
  • Main/XO ended +1.1bp/+6bp at 60bp/317bp while €IG was +1.9bp (Corps +1.4bp, Fins +2.5bp, €HY +7bp) with Cyclicals the only sector tighter led by Retailers (-5bp) and Autos (-0.3bp). $IG was +1.1bp (Corps +1.1bp, Fins +1.2bp, $HY flat).
  • SXXP ended -0.4% while SPX was -0.9%. €IG movers included Aroundtown +8%, Apollo +6%, Bank of Ireland -7%, Banco de Sabadell -7%, Unicaja Banco -6%, AIB -6%.
  • SX5E/SPX futures are +0.2%/-0.3%. Focus has been on potential Israel retaliation in the aftermath of Iran's missile attack. Nothing meaningful has eventuated at this stage, but headlines have crossed that Israel will strike back within days. This has curbed the earlier risk on feel to markets, as Hong Kong markets returned and continued to rally very strongly, amid China stimulus optimism. Oil prices are firmer but haven't breached intra-session highs from Tuesday. UST futures have traded in very tight ranges today.
  • Looking ahead, we have some ECB speak, EU unemployment figures, while in the US the ADP report will be in focus. We also have further Fedspeak.

 

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  • 2y/10y bunds closed -5bp/-9bp after EGBs bonds rallied sharply Tuesday, with geopolitical concerns driving a safe-haven bid later in the session after having enjoyed smaller gains in the morning, led by OATs on anticipated French fiscal tightening measures (pared somewhat on the specifics).
  • Main/XO ended +1.1bp/+6bp at 60bp/317bp while €IG was +1.9bp (Corps +1.4bp, Fins +2.5bp, €HY +7bp) with Cyclicals the only sector tighter led by Retailers (-5bp) and Autos (-0.3bp). $IG was +1.1bp (Corps +1.1bp, Fins +1.2bp, $HY flat).
  • SXXP ended -0.4% while SPX was -0.9%. €IG movers included Aroundtown +8%, Apollo +6%, Bank of Ireland -7%, Banco de Sabadell -7%, Unicaja Banco -6%, AIB -6%.
  • SX5E/SPX futures are +0.2%/-0.3%. Focus has been on potential Israel retaliation in the aftermath of Iran's missile attack. Nothing meaningful has eventuated at this stage, but headlines have crossed that Israel will strike back within days. This has curbed the earlier risk on feel to markets, as Hong Kong markets returned and continued to rally very strongly, amid China stimulus optimism. Oil prices are firmer but haven't breached intra-session highs from Tuesday. UST futures have traded in very tight ranges today.
  • Looking ahead, we have some ECB speak, EU unemployment figures, while in the US the ADP report will be in focus. We also have further Fedspeak.