EU Close

€IG looks skewed slightly tighter heading into the close, equity equivalents in the green & outperforming Stoxx (-0.2%) thanks to index heavyweight VW rising +6% (& dragging comp. auto names up with it) - though those gains seem isolated to equities for now - cash bonds are unch to 5bps tighter across its issuing entities. Its set to report earnings in early March & we don't have any figures/numbers from the "positive calls" today with analysts. Rates are +3 higher this afternoon despite weaker data (Richmond fed manufacturing came in at -15 (c-8)/Eurozone consumer confidence -8.4). The Richmond fed adds to weak regional Fed manufacturing data for current conditions.... but as a positive mirrored NY Fed'/Empire mfg positive expectations - volume of new order, number of employees, wages all increased in expectations for the Jan print.