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CREDIT PRE-MARKET: EUR Market Wrap

CREDIT PRE-MARKET
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  • Bunds closed 4-5bp tighter with 2y/10y yields at 2.13%/2.32% as yields continue to retreat; the day so no major data releases and US cash bond trading was closed.
  • Main/XO ended -1.1bpat 53.7bpwhile €IG was -0.4bp at 0.99% (Corps flat at 0.94%, Fins -1bp at 1.06%, €HY +2bp at 3.26%).
  • SXXP/SPX ended +1.1%/flat at 512pts/6001pts. €IG's biggest risers/fallers included Continental AG (+11%), Bristol-Myers Squibb Co (+10%), Albemarle Corp (+10%), Norstar Holdings Inc (+9%), AbbVie Inc (-13%), Celanese Corp (-7%).
  • SX5E/SPX futures are -0.8%/-0.1%. Overnight team flagged that US news outlets have touted foreign policy hawks for some key Trump administration positions (Marco Rubio for Secretary of State and former veteran Republican Mike Waltz for National Security Adviser). Australian consumer and business confidence rose but hasn't impacted local sentiment.
  • Later the Fed’s Waller, Barkin, Kashkari and Harker speak and the Senior Loan Officer Survey is published. US October small business optimism and NY Fed 1-yr inflation expectations plus UK labour market data and euro area November ZEW print. ECB’s Cipollone and BoE’s Pill appear.
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  • Bunds closed 4-5bp tighter with 2y/10y yields at 2.13%/2.32% as yields continue to retreat; the day so no major data releases and US cash bond trading was closed.
  • Main/XO ended -1.1bpat 53.7bpwhile €IG was -0.4bp at 0.99% (Corps flat at 0.94%, Fins -1bp at 1.06%, €HY +2bp at 3.26%).
  • SXXP/SPX ended +1.1%/flat at 512pts/6001pts. €IG's biggest risers/fallers included Continental AG (+11%), Bristol-Myers Squibb Co (+10%), Albemarle Corp (+10%), Norstar Holdings Inc (+9%), AbbVie Inc (-13%), Celanese Corp (-7%).
  • SX5E/SPX futures are -0.8%/-0.1%. Overnight team flagged that US news outlets have touted foreign policy hawks for some key Trump administration positions (Marco Rubio for Secretary of State and former veteran Republican Mike Waltz for National Security Adviser). Australian consumer and business confidence rose but hasn't impacted local sentiment.
  • Later the Fed’s Waller, Barkin, Kashkari and Harker speak and the Senior Loan Officer Survey is published. US October small business optimism and NY Fed 1-yr inflation expectations plus UK labour market data and euro area November ZEW print. ECB’s Cipollone and BoE’s Pill appear.