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CREDIT UPDATE: EUR Market Wrap

CREDIT UPDATE
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• Bunds are 2-3bp tighter after lower-than-expected flash inflation data from France and Spain supported EGBs this morning though yields are paring the move somewhat, with the implied probability of a 25bp October ECB cut reaching a new dovish extreme of >75%.
• Main/XO are +0.2bp/+1bp at 57.5bp/307bp while €IG/€HY looks flat/+2bp. Primary closed. €IG curve movers include ICPLN (3-4bps tighter), TPR (2-5bp tighter), BVIFP (1-5bp wider), WLNFP (2-4bp wider).
• SXXP is +0.4% while SPX futures are flat. €IG movers include Forvia (+9%, equities seemingly looking through the expected guidance cut to focus on higher synergies and Chinese growth; bonds still wider but have moved from intraday lows), AIA Group +7%, Worldline +6%, BASF +6%.

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• Bunds are 2-3bp tighter after lower-than-expected flash inflation data from France and Spain supported EGBs this morning though yields are paring the move somewhat, with the implied probability of a 25bp October ECB cut reaching a new dovish extreme of >75%.
• Main/XO are +0.2bp/+1bp at 57.5bp/307bp while €IG/€HY looks flat/+2bp. Primary closed. €IG curve movers include ICPLN (3-4bps tighter), TPR (2-5bp tighter), BVIFP (1-5bp wider), WLNFP (2-4bp wider).
• SXXP is +0.4% while SPX futures are flat. €IG movers include Forvia (+9%, equities seemingly looking through the expected guidance cut to focus on higher synergies and Chinese growth; bonds still wider but have moved from intraday lows), AIA Group +7%, Worldline +6%, BASF +6%.