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CREDIT UPDATE: EUR Market Wrap

CREDIT UPDATE
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  • Bunds are flat to 1bp wider having opened tighter after bund futures gapped higher overnight in line with UST futures amid growing speculation around a 50bp Fed cut next week. Yields have moved back to flat since then against a whole host of ECB speakers. EZ IP was -0.3% M/M (in line with consensus), but our DM team estimate that it fell 1.1% M/M excluding volatile Irish numbers.
  • Main/XO are -1.2bp/-5bp at 54.4bp/293bp while €IG/€HY looks -1bp. €IG curve movers include Worldline (up to 30bps wider) and the Autos mostly streaming tighter (Stellantis, Ford, GM, VW etc.).
  • SXXP is +0.5% while SPX futures are +0.2%. €IG movers include Siemens +5%, Worldline -19%.
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  • Bunds are flat to 1bp wider having opened tighter after bund futures gapped higher overnight in line with UST futures amid growing speculation around a 50bp Fed cut next week. Yields have moved back to flat since then against a whole host of ECB speakers. EZ IP was -0.3% M/M (in line with consensus), but our DM team estimate that it fell 1.1% M/M excluding volatile Irish numbers.
  • Main/XO are -1.2bp/-5bp at 54.4bp/293bp while €IG/€HY looks -1bp. €IG curve movers include Worldline (up to 30bps wider) and the Autos mostly streaming tighter (Stellantis, Ford, GM, VW etc.).
  • SXXP is +0.5% while SPX futures are +0.2%. €IG movers include Siemens +5%, Worldline -19%.