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CREDIT PRE-MARKET: EUR Market Wrap

CREDIT PRE-MARKET
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  • Bunds closed 2-4bp tighter with 2y/10y yields at 1.99%/2.13% - DM team flagged no real tangible reaction in Bunds & Euribor to national German inflation figures, with most of the readings in line with our tracking bands, running in line to below pre-regional level data expectations.
  • Main/XO ended -0.5bp/-2bp at 57.3bp/306bp while €IG was -0.5bp at 1.07% (Corps -0.5bp at 1.01%, Fins -0.5bp at 1.16%, €HY +3bp at 3.4%) with Cycs outperforming slightly at -1.1bp and Energy the only sector marginally in the red. $IG was flat at 0.78% (Corps flat at 0.77%, Fins flat at 0.8%, $HY flat at 2.65%).
  • SXXP/SPX ended +0.5%/flat at 507pts/5999pts. €IG's biggest risers/fallers included Inmocemento SA (+7%), Airbus SE (+4%), Vestas Wind Systems A/S (+4%), Norstar Holdings Inc (+4%), Siemens Energy AG +4%).
  • SX5E/SPX futures are flat/+0.3%. Overnight team flagged that US Tsys are around 2-3bps richer, re-opening after yesterday's Thanksgiving holiday. This has weighed on broader USD sentiment, while a China equity bounce into month end is helping NZD and AUD.
  • Looking ahead, we have German retail sales, along with French consumer spending and CPI. In Canada GDP prints. US markets will return but with earlier closes. 

 

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  • Bunds closed 2-4bp tighter with 2y/10y yields at 1.99%/2.13% - DM team flagged no real tangible reaction in Bunds & Euribor to national German inflation figures, with most of the readings in line with our tracking bands, running in line to below pre-regional level data expectations.
  • Main/XO ended -0.5bp/-2bp at 57.3bp/306bp while €IG was -0.5bp at 1.07% (Corps -0.5bp at 1.01%, Fins -0.5bp at 1.16%, €HY +3bp at 3.4%) with Cycs outperforming slightly at -1.1bp and Energy the only sector marginally in the red. $IG was flat at 0.78% (Corps flat at 0.77%, Fins flat at 0.8%, $HY flat at 2.65%).
  • SXXP/SPX ended +0.5%/flat at 507pts/5999pts. €IG's biggest risers/fallers included Inmocemento SA (+7%), Airbus SE (+4%), Vestas Wind Systems A/S (+4%), Norstar Holdings Inc (+4%), Siemens Energy AG +4%).
  • SX5E/SPX futures are flat/+0.3%. Overnight team flagged that US Tsys are around 2-3bps richer, re-opening after yesterday's Thanksgiving holiday. This has weighed on broader USD sentiment, while a China equity bounce into month end is helping NZD and AUD.
  • Looking ahead, we have German retail sales, along with French consumer spending and CPI. In Canada GDP prints. US markets will return but with earlier closes.