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MNI: UK OCT CONSTRUCTION OUTPUT -0.4% MM, +0.4% 3M3M, -0.7% YY

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CREDIT UPDATE: EU Close

CREDIT UPDATE
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  • €IG is skewed 1-2bps tighter adding to a -2bp move WTD. Moves include the Citycon (snr 29s -23bps) after a call to reassure investors while widening was limited to VW curve after Moody's moved to neg. outlook.
  • Altice was 2-3pts richer in HY, Citycon perps up to +1pts while Auchan ends the weak how it started it - on a sour note up to -2pts cheaper and still driven by reported selling flows.
  • PPI didn't move rates, bunds on track to finish +2.5 in the belly and +5 on the week. UST's weaker +9 on the week.
  • €IG equities are +0.6% in line with the major indices, RE +1.5% and Financials +1.1% are only sector movers. Single name vol from SES (-7%), Wells Fargo (+6%), Aroundtown (+6%), BoA (+5%) and JP (+5%) - banks buoyed by positive start to their earnings.
  • US away on Monday for Columbus day, Canada for thanksgiving. ECB on Thursday, market looking for a consensus 25bp cut.
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  • €IG is skewed 1-2bps tighter adding to a -2bp move WTD. Moves include the Citycon (snr 29s -23bps) after a call to reassure investors while widening was limited to VW curve after Moody's moved to neg. outlook.
  • Altice was 2-3pts richer in HY, Citycon perps up to +1pts while Auchan ends the weak how it started it - on a sour note up to -2pts cheaper and still driven by reported selling flows.
  • PPI didn't move rates, bunds on track to finish +2.5 in the belly and +5 on the week. UST's weaker +9 on the week.
  • €IG equities are +0.6% in line with the major indices, RE +1.5% and Financials +1.1% are only sector movers. Single name vol from SES (-7%), Wells Fargo (+6%), Aroundtown (+6%), BoA (+5%) and JP (+5%) - banks buoyed by positive start to their earnings.
  • US away on Monday for Columbus day, Canada for thanksgiving. ECB on Thursday, market looking for a consensus 25bp cut.