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  • We are pointing to a weak session sponsored by Autos; BMW (+3-14), Renault (unch to +15), Stellantis (+2 to +13), VW (unch to +8) and Ford (unch to +8). Sector sentiment continued to sour after BMW lowered FY guidance. Ex. Auto's we are showing under 1bp of widening. $IG cash is moving wider.
  • €IG equity basket is -0.9% (SPX -0.3%, SXXP -0.5%) again dragged on by autos (BMW -11%, Continental AG (Auto parts) -10%, GM -6%, Merc -5%). Financials were also weak (-1.5%) after JP's COO said analyst NII estimates were too optimistic; JPM -7%, GS -5%, DB -5%. Energy (-2%) as WTI dropped -4.5% on macro demand sentiment (China & US).
  • Belly bunds are -4bps following a UST led news-agnostic risk-off rally. iTraxx +1.5/+7.5 tracing CDX/broader risk.
  • Primary remained at pace across both regions today with mandates still in the pipeline ahead of ECB on Thursday. US will have August CPI standing in the way tomorrow.
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  • We are pointing to a weak session sponsored by Autos; BMW (+3-14), Renault (unch to +15), Stellantis (+2 to +13), VW (unch to +8) and Ford (unch to +8). Sector sentiment continued to sour after BMW lowered FY guidance. Ex. Auto's we are showing under 1bp of widening. $IG cash is moving wider.
  • €IG equity basket is -0.9% (SPX -0.3%, SXXP -0.5%) again dragged on by autos (BMW -11%, Continental AG (Auto parts) -10%, GM -6%, Merc -5%). Financials were also weak (-1.5%) after JP's COO said analyst NII estimates were too optimistic; JPM -7%, GS -5%, DB -5%. Energy (-2%) as WTI dropped -4.5% on macro demand sentiment (China & US).
  • Belly bunds are -4bps following a UST led news-agnostic risk-off rally. iTraxx +1.5/+7.5 tracing CDX/broader risk.
  • Primary remained at pace across both regions today with mandates still in the pipeline ahead of ECB on Thursday. US will have August CPI standing in the way tomorrow.