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CREDIT UPDATE: EUR Market Wrap

CREDIT UPDATE
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  • 2y/10y bunds are -4bp/-1bp at 2.01%/2.3% - DM team flagged that ECB-dated OIS price ~121bps of easing through the course of next year (vs ~113bps on Thursday morning) against limited macro movers. Focus on US PCE at 1:30 GMT, the last major macro data release of the year.
  • Main/XO are +1.5bp/+7bp at 58.2bp/318bp while €IG looks +0.3bp on average. Main €IG mover has been NOVOB (up to +5) with the equity -18% on disappointing efficacy data.
  • SXXP is -1.9% at 497pts while SPX futures are -1.0%. €IG's biggest risers/fallers include Chorus Ltd (+2%), SCOR SE (+2%), Arion Banki HF (+2%), Toyota Motor Corp (+2%), Novo Nordisk A/S (-18%), Wesfarmers Ltd (-5%). 
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  • 2y/10y bunds are -4bp/-1bp at 2.01%/2.3% - DM team flagged that ECB-dated OIS price ~121bps of easing through the course of next year (vs ~113bps on Thursday morning) against limited macro movers. Focus on US PCE at 1:30 GMT, the last major macro data release of the year.
  • Main/XO are +1.5bp/+7bp at 58.2bp/318bp while €IG looks +0.3bp on average. Main €IG mover has been NOVOB (up to +5) with the equity -18% on disappointing efficacy data.
  • SXXP is -1.9% at 497pts while SPX futures are -1.0%. €IG's biggest risers/fallers include Chorus Ltd (+2%), SCOR SE (+2%), Arion Banki HF (+2%), Toyota Motor Corp (+2%), Novo Nordisk A/S (-18%), Wesfarmers Ltd (-5%).