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CREDIT PRE-MARKET: EUR Market Wrap

CREDIT PRE-MARKET
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  • Bunds closed 1-2bp wider with 2y/10y yields at 2.09%/2.38% - DM team flagged a move tighter at 10am despite nothing particularly actionable in final European manufacturing PMIs though the move was largely pared in the PM after spill over from the US weekly jobless claims data moved bonds away from highs.
  • Main/XO ended -1.4bp/-7bp at 56.3bp/306bp while €IG was +0.5bp at 1.02% (Corps +0.5bp at 0.95%, Fins +0.5bp at 1.11%, €HY flat at 3.08%) with most sectors in a tight range though Metals & Mining was +2.8bp. $IG was -0.5bp at 0.79% (Corps -0.5bp at 0.78%, Fins -0.5bp at 0.82%, $HY -6bp at 2.82%).
  • SXXP/SPX ended +0.6%/-0.2% at 511pts/5869pts. €IG's biggest risers/fallers included Vestas Wind Systems A/S (+7%), Aker BP ASA (+5%), AP Moller - Maersk A/S (+5%), ORLEN SA (+5%), General Motors Co (-4%).
  • SX5E/SPX futures are -0.1%/+0.2%. Overnight team flagged a slow session in Asia with the only notable move being a bounce in South Korean equities after South Korea’s joint probe team halted the execution of arrest warrant for President Yoon Suk Yeol.

 

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  • Bunds closed 1-2bp wider with 2y/10y yields at 2.09%/2.38% - DM team flagged a move tighter at 10am despite nothing particularly actionable in final European manufacturing PMIs though the move was largely pared in the PM after spill over from the US weekly jobless claims data moved bonds away from highs.
  • Main/XO ended -1.4bp/-7bp at 56.3bp/306bp while €IG was +0.5bp at 1.02% (Corps +0.5bp at 0.95%, Fins +0.5bp at 1.11%, €HY flat at 3.08%) with most sectors in a tight range though Metals & Mining was +2.8bp. $IG was -0.5bp at 0.79% (Corps -0.5bp at 0.78%, Fins -0.5bp at 0.82%, $HY -6bp at 2.82%).
  • SXXP/SPX ended +0.6%/-0.2% at 511pts/5869pts. €IG's biggest risers/fallers included Vestas Wind Systems A/S (+7%), Aker BP ASA (+5%), AP Moller - Maersk A/S (+5%), ORLEN SA (+5%), General Motors Co (-4%).
  • SX5E/SPX futures are -0.1%/+0.2%. Overnight team flagged a slow session in Asia with the only notable move being a bounce in South Korean equities after South Korea’s joint probe team halted the execution of arrest warrant for President Yoon Suk Yeol.

 

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