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CREDIT UPDATE: EUR Market Wrap

CREDIT UPDATE
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  • 2y/10y bunds are -1bp/+1bp – DM team flagged that the overnight Chinese monetary stimulus package has supported equities and crude oil this morning, weighing on core FI markets. The German September IFO survey was weaker than expected, but this was telegraphed by yesterday's soft flash PMIs, so did not move markets.
  • Main/XO are -0.5bp/-1bp at 58.1bp/313bp while €IG/€HY looks flat/-1bp. Primary is open today with EUR deals from Fins including ABN AMRO Bank NV (SP), Danske (SP FRN), La Banque Postale SA (SNP), Sogecap SA (T2), mBank (SP), Swiss Life (Sub) and Corps including Continental, Vostelapine, Naturgy, Dynamo Newco (HY). GBP deals from ING (SUN) and Southern Housing (Sec).
  • €IG curve movers include ARNDTN (up to 9bp wider), ENAPHO (up to 11bp tighter), WLNFP (5-10bp wider), MCO (3-5bp tighter), SCGAU (3-4bps tighter), CKHH (2-5bp tighter).
  • SXXP is +0.7% while SPX futures are flat though the DM team has flagged a move away from highs s as the Israeli military chief points to an acceleration of attacks on Hezbollah today.. €IG movers include Worldline +7%, Anglo American +7%, Smiths Group -7%. 
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  • 2y/10y bunds are -1bp/+1bp – DM team flagged that the overnight Chinese monetary stimulus package has supported equities and crude oil this morning, weighing on core FI markets. The German September IFO survey was weaker than expected, but this was telegraphed by yesterday's soft flash PMIs, so did not move markets.
  • Main/XO are -0.5bp/-1bp at 58.1bp/313bp while €IG/€HY looks flat/-1bp. Primary is open today with EUR deals from Fins including ABN AMRO Bank NV (SP), Danske (SP FRN), La Banque Postale SA (SNP), Sogecap SA (T2), mBank (SP), Swiss Life (Sub) and Corps including Continental, Vostelapine, Naturgy, Dynamo Newco (HY). GBP deals from ING (SUN) and Southern Housing (Sec).
  • €IG curve movers include ARNDTN (up to 9bp wider), ENAPHO (up to 11bp tighter), WLNFP (5-10bp wider), MCO (3-5bp tighter), SCGAU (3-4bps tighter), CKHH (2-5bp tighter).
  • SXXP is +0.7% while SPX futures are flat though the DM team has flagged a move away from highs s as the Israeli military chief points to an acceleration of attacks on Hezbollah today.. €IG movers include Worldline +7%, Anglo American +7%, Smiths Group -7%.