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CREDIT UPDATE: € Credit Close

CREDIT UPDATE
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  • Bund yields were little changed after a firm week, with U.Mich not bringing much change to global rates on balance. DBRs/USTs close -0/-1bp. UST 2Y is -4bp.
  • Stocks continue to tick higher with talk of a 50bp cut from the FOMC next week building. SXXP / SPX +0.9%/+0.4%. €IG equities are +0.9% with Consumer Discretionary (including Autos) +1.9%. Notable movers include Siemens Energy +9%, WBD +8%, VF Corp +7%, Worldline -15%.
  • €IG cash closes almost 2bp tighter, recovering ground from weakness earlier this week. As it was in the widening Autos lead the way with BMW, F, GM, RENAUL, STLA, VW 5-10 tighter. WLNFP widened 20-25bp on the CEO departure and guidance cut.
  • CDS closes tighter with the risk on move. Main/XO left at 53.7 / 290 -1.9/-8.
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  • Bund yields were little changed after a firm week, with U.Mich not bringing much change to global rates on balance. DBRs/USTs close -0/-1bp. UST 2Y is -4bp.
  • Stocks continue to tick higher with talk of a 50bp cut from the FOMC next week building. SXXP / SPX +0.9%/+0.4%. €IG equities are +0.9% with Consumer Discretionary (including Autos) +1.9%. Notable movers include Siemens Energy +9%, WBD +8%, VF Corp +7%, Worldline -15%.
  • €IG cash closes almost 2bp tighter, recovering ground from weakness earlier this week. As it was in the widening Autos lead the way with BMW, F, GM, RENAUL, STLA, VW 5-10 tighter. WLNFP widened 20-25bp on the CEO departure and guidance cut.
  • CDS closes tighter with the risk on move. Main/XO left at 53.7 / 290 -1.9/-8.