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EU Market Wrap

CREDIT UPDATE
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  • 2y/10y bunds are +2bp/flat at 2.01%/2.12% - DM team flagged little reaction in bunds to Eurozone core HICP coming in a tenth below consensus on a rounded basis, with the unrounded print (2.74% Y/Y vs 2.8% cons) taking the shine off the surprise. The early rally was largely UST-led, though weakness in crude oil and equity futures also factored in.
  • Main/XO are +0.1bp/flat at 57.4bp/305bp while €IG/€HY looks flat. €IG curve movers include ICPLN (4-6 tighter), GSWITC (4-6 wider), ESSITY (up to 10 wider).
  • SXXP is -0.1% at 507pts while SPX futures are +0.3%. €IG's biggest risers/fallers include Anglo American PLC (+3%), Nissan Motor Co Ltd (-4%), Bank Polska Kasa Opieki SA (-4%).
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  • 2y/10y bunds are +2bp/flat at 2.01%/2.12% - DM team flagged little reaction in bunds to Eurozone core HICP coming in a tenth below consensus on a rounded basis, with the unrounded print (2.74% Y/Y vs 2.8% cons) taking the shine off the surprise. The early rally was largely UST-led, though weakness in crude oil and equity futures also factored in.
  • Main/XO are +0.1bp/flat at 57.4bp/305bp while €IG/€HY looks flat. €IG curve movers include ICPLN (4-6 tighter), GSWITC (4-6 wider), ESSITY (up to 10 wider).
  • SXXP is -0.1% at 507pts while SPX futures are +0.3%. €IG's biggest risers/fallers include Anglo American PLC (+3%), Nissan Motor Co Ltd (-4%), Bank Polska Kasa Opieki SA (-4%).