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CREDIT PRE-MARKET: EUR Market Wrap

CREDIT PRE-MARKET
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  • 2y/10y bunds closed +2bp/+6bp at 2.04%/2.3% - DM team flagged that global yields rose in the aftermath of the Federal Reserve's hawkish rate outlook though short/medium-term gilts bucked the trend as the BoE MPC split 6-3 in favour of a rate hold against expectations for an 8-1 vote. 2y/10y USTs closed -6bp/+3bp at 4.3%/4.55%.
  • Main/XO ended +2.6bp/+13bp at 56.7bp/311bp while €IG was +1.7bp at 1.02% (Corps +1.4bp at 0.95%, Fins +2.2bp at 1.11%, €HY +4bp at 3.07%) with essentially all sectors/sub-sectors wider; Basic Ind and Staples underperforming slightly within Corps at close to +2bp. $IG was +2.8bp at 0.79% (Corps +2.5bp at 0.78%, Fins +3.4bp at 0.8%, $HY +17bp at 2.84%).
  • SXXP/SPX ended -1.5%/flat at 507pts/5867pts. €IG's biggest risers/fallers included Nissan Motor Co Ltd (+7%), EQT AB (-8%), Sydbank AS (-8%), Aroundtown (-6%).
  • SX5E/SPX futures are -0.8%/-0.2%. Overnight team flagged Japan CPI was close to expectations for Nov. US Tsys futures have traded steady today. Oil and gold are tracking lower for the week. As expected, China loan prime rates were held steady.
  • Looking ahead, we have US PCE data for Nov, along with the final U. of Mich survey for Dec. Fed speak returns as well, with Daly and Williams due. 

 

 

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  • 2y/10y bunds closed +2bp/+6bp at 2.04%/2.3% - DM team flagged that global yields rose in the aftermath of the Federal Reserve's hawkish rate outlook though short/medium-term gilts bucked the trend as the BoE MPC split 6-3 in favour of a rate hold against expectations for an 8-1 vote. 2y/10y USTs closed -6bp/+3bp at 4.3%/4.55%.
  • Main/XO ended +2.6bp/+13bp at 56.7bp/311bp while €IG was +1.7bp at 1.02% (Corps +1.4bp at 0.95%, Fins +2.2bp at 1.11%, €HY +4bp at 3.07%) with essentially all sectors/sub-sectors wider; Basic Ind and Staples underperforming slightly within Corps at close to +2bp. $IG was +2.8bp at 0.79% (Corps +2.5bp at 0.78%, Fins +3.4bp at 0.8%, $HY +17bp at 2.84%).
  • SXXP/SPX ended -1.5%/flat at 507pts/5867pts. €IG's biggest risers/fallers included Nissan Motor Co Ltd (+7%), EQT AB (-8%), Sydbank AS (-8%), Aroundtown (-6%).
  • SX5E/SPX futures are -0.8%/-0.2%. Overnight team flagged Japan CPI was close to expectations for Nov. US Tsys futures have traded steady today. Oil and gold are tracking lower for the week. As expected, China loan prime rates were held steady.
  • Looking ahead, we have US PCE data for Nov, along with the final U. of Mich survey for Dec. Fed speak returns as well, with Daly and Williams due. 

 

 

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