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  • 2y/10y bunds closed -2bp/+6bp at 2.19%/2.9% - DM team flagged JOLTS job openings were higher than expected, resulting in a modestly hawkish reaction in global FI but this was dominated by the negative growth angle from President Trump threatening 50% tariffs on Canadian steel and aluminium.
  • Main/XO ended +1.3bp/+5bp at 57.5bp/309bp while €IG was +0.6bp at 0.85% (Corps +0.2bp at 0.79%, Fins +1.1bp at 0.94%, €HY +5bp at 2.96%). $IG was +3bp at 0.93% (Corps +2.9bp at 0.93%, Fins +3.2bp at 0.93%, $HY +6.1bp at 3.15%).
  • SX5E/SPX futures closed -1.5%/-0.8% at 5304pts/5577pts. €IG movers included Siemens Energy (+5%), KKR (+4%), Apollo (+3%), Henkel AG (-10%), Verizon (-7%), Worldline (-6%), International Consolidated Air (-6%).
  • SX5E/SPX futures are +1.1%/+0.2% this morning. Overnight team flagged Trump's steel and aluminium came into effect (with no country exemptions), with the EU announcing countermeasures. Equity sentiment has been mostly positive in the US and EU futures space though.
  • US CPI for February is out later and forecast to show a 0.1pp moderation in headline and core to 2.9% y/y and 3.2% y/y respectively. February budget and real earnings data are also released. The BoC decision is announced and it is forecast to cut rates 25bp. The ECB’s Lagarde and Lane speak.

 

 

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  • 2y/10y bunds closed -2bp/+6bp at 2.19%/2.9% - DM team flagged JOLTS job openings were higher than expected, resulting in a modestly hawkish reaction in global FI but this was dominated by the negative growth angle from President Trump threatening 50% tariffs on Canadian steel and aluminium.
  • Main/XO ended +1.3bp/+5bp at 57.5bp/309bp while €IG was +0.6bp at 0.85% (Corps +0.2bp at 0.79%, Fins +1.1bp at 0.94%, €HY +5bp at 2.96%). $IG was +3bp at 0.93% (Corps +2.9bp at 0.93%, Fins +3.2bp at 0.93%, $HY +6.1bp at 3.15%).
  • SX5E/SPX futures closed -1.5%/-0.8% at 5304pts/5577pts. €IG movers included Siemens Energy (+5%), KKR (+4%), Apollo (+3%), Henkel AG (-10%), Verizon (-7%), Worldline (-6%), International Consolidated Air (-6%).
  • SX5E/SPX futures are +1.1%/+0.2% this morning. Overnight team flagged Trump's steel and aluminium came into effect (with no country exemptions), with the EU announcing countermeasures. Equity sentiment has been mostly positive in the US and EU futures space though.
  • US CPI for February is out later and forecast to show a 0.1pp moderation in headline and core to 2.9% y/y and 3.2% y/y respectively. February budget and real earnings data are also released. The BoC decision is announced and it is forecast to cut rates 25bp. The ECB’s Lagarde and Lane speak.

 

 

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