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CREDIT PRE-MARKET: EUR Market Wrap

CREDIT PRE-MARKET
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  • Bunds closed 3-6bp wider with 2y/10y yields at 2.16%/2.42% after a strong US ISM print helped yields finish at the highs of the day. WoW move of +6.4bp/+2.8bp.
  • Main/XO ended +0.4bp/+1bp at 56.7bp/307bp while €IG was -0.3bp at 1.02% (Corps -0.3bp at 0.95%, Fins -0.4bp at 1.11%, €HY -6bp at 3.02%) with Energy the biggest sector mover at -1.6bp (now the best MoM performer at close to -9bp vs. -4.3bp for €IG. $IG was -0.1bp at 0.79% (Corps -0.1bp at 0.78%, Fins -0.3bp at 0.82%, $HY -7bp at 2.74%).
  • SXXP/SPX ended -0.5%/+1.3% at 508pts/5942pts for a WoW move of +0.2%/-0.5%. €IG's biggest risers/fallers included Neste Oyj (+5%), Kering SA (-5%), ArcelorMittal SA (-5%), Forvia SE (-4%), Diageo PLC (-4%).
  • SX5E/SPX futures are +0.6%/flat. Overnight team flagged that US yields rose in early trade amid cautious Fed comments from the weekend though follow through was limited and bonds sit up from lows. The better-than-expected Caixin services PMI print in China did little to shift sentiment with China equities lower.
  • Later the Fed’s Cook speaks. US & European December services/composite PMIs and preliminary December German CPI data are released.

 

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  • Bunds closed 3-6bp wider with 2y/10y yields at 2.16%/2.42% after a strong US ISM print helped yields finish at the highs of the day. WoW move of +6.4bp/+2.8bp.
  • Main/XO ended +0.4bp/+1bp at 56.7bp/307bp while €IG was -0.3bp at 1.02% (Corps -0.3bp at 0.95%, Fins -0.4bp at 1.11%, €HY -6bp at 3.02%) with Energy the biggest sector mover at -1.6bp (now the best MoM performer at close to -9bp vs. -4.3bp for €IG. $IG was -0.1bp at 0.79% (Corps -0.1bp at 0.78%, Fins -0.3bp at 0.82%, $HY -7bp at 2.74%).
  • SXXP/SPX ended -0.5%/+1.3% at 508pts/5942pts for a WoW move of +0.2%/-0.5%. €IG's biggest risers/fallers included Neste Oyj (+5%), Kering SA (-5%), ArcelorMittal SA (-5%), Forvia SE (-4%), Diageo PLC (-4%).
  • SX5E/SPX futures are +0.6%/flat. Overnight team flagged that US yields rose in early trade amid cautious Fed comments from the weekend though follow through was limited and bonds sit up from lows. The better-than-expected Caixin services PMI print in China did little to shift sentiment with China equities lower.
  • Later the Fed’s Cook speaks. US & European December services/composite PMIs and preliminary December German CPI data are released.

 

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