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CREDIT PRE-MARKET: EUR Market Wrap

CREDIT PRE-MARKET
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  • 2y/10y bunds closed +2bp/-3bp at 2.03%/2.16%. Price action was led by hawkish Schnabel comments before a slew of US data that left treasuries little changed from midday. EGB spreads to Bunds have tightened through the session, unwinding a portion of yesterday’s sharp OAT-led widening though French paper again lagged.
  • Main/XO ended -0.4bp/-2bp at 57.8bp/308bp while €IG was +1.1bp at 1.08% (Corps +0.8bp at 1.01%, Fins +1.6bp at 1.16%, €HY +3bp at 3.37%) with French banks leading the index wider though all sectors were in the red. $IG was flat at 0.78% (Corps -0.1bp at 0.77%, Fins +0.1bp at 0.8%, $HY +2bp at 2.65%).
  • SXXP/SPX ended -0.2%/-0.4% at 505pts/5999pts. €IG's biggest risers/fallers included Aroundtown SA (+9%), Alimentation Couche-Tard Inc (+5%), Dell Technologies Inc (-12%), Nissan Motor Co Ltd (-5%).
  • SX5E/SPX futures are +0.6%/+0.1%. Overnight team flagged that the USD is consolidating after Wednesday's sharp drop while cash UST trading is closed today for Thanksgiving.
  • ECB’s Lane and Elderson speak. On the data front, there are preliminary Spanish/German November CPIs, November Euro Commission survey and October euro area M3/lending. 

 

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  • 2y/10y bunds closed +2bp/-3bp at 2.03%/2.16%. Price action was led by hawkish Schnabel comments before a slew of US data that left treasuries little changed from midday. EGB spreads to Bunds have tightened through the session, unwinding a portion of yesterday’s sharp OAT-led widening though French paper again lagged.
  • Main/XO ended -0.4bp/-2bp at 57.8bp/308bp while €IG was +1.1bp at 1.08% (Corps +0.8bp at 1.01%, Fins +1.6bp at 1.16%, €HY +3bp at 3.37%) with French banks leading the index wider though all sectors were in the red. $IG was flat at 0.78% (Corps -0.1bp at 0.77%, Fins +0.1bp at 0.8%, $HY +2bp at 2.65%).
  • SXXP/SPX ended -0.2%/-0.4% at 505pts/5999pts. €IG's biggest risers/fallers included Aroundtown SA (+9%), Alimentation Couche-Tard Inc (+5%), Dell Technologies Inc (-12%), Nissan Motor Co Ltd (-5%).
  • SX5E/SPX futures are +0.6%/+0.1%. Overnight team flagged that the USD is consolidating after Wednesday's sharp drop while cash UST trading is closed today for Thanksgiving.
  • ECB’s Lane and Elderson speak. On the data front, there are preliminary Spanish/German November CPIs, November Euro Commission survey and October euro area M3/lending.