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CREDIT UPDATE: EUR Market Wrap

CREDIT UPDATE
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  • Bunds are flat - DM team earlier flagged that regional headline flow has been light, with broader focus on Wednesday’s Fed decision, and the potential for a 50bp rate cut. Eurozone Q2 labour costs saw a 6 tenths upward revision from the flash estimate to 4.7% Y/Y, but the overall trend of moderating labour cost pressures remains intact.
  • Main/XO are +0.8bp/+3bp at 54.3bp/293bp while €IG/€HY look -1bp/. €IG curve movers include OTP Bank (up to 10bp tighter) and AKFAST (5-7bp tighter). Primary recap to follow.
  • SXXP is -0.3% while SPX futures are flat. Main €IG mover is Worldline -11%.
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  • Bunds are flat - DM team earlier flagged that regional headline flow has been light, with broader focus on Wednesday’s Fed decision, and the potential for a 50bp rate cut. Eurozone Q2 labour costs saw a 6 tenths upward revision from the flash estimate to 4.7% Y/Y, but the overall trend of moderating labour cost pressures remains intact.
  • Main/XO are +0.8bp/+3bp at 54.3bp/293bp while €IG/€HY look -1bp/. €IG curve movers include OTP Bank (up to 10bp tighter) and AKFAST (5-7bp tighter). Primary recap to follow.
  • SXXP is -0.3% while SPX futures are flat. Main €IG mover is Worldline -11%.