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CREDIT PRE-MARKET: EUR Market Wrap

CREDIT PRE-MARKET
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  • Bunds closed 1-3bp wider with 2y/10y yields at 2.19%/2.45% - yields moved wider after the German national flash December HICP print came in above expectations at +2.9% Y/Y (vs 2.6% cons; 2.4% prior) and 0.7% M/M (0.5% cons; -0.7% prior). USTs -2bp/+1bp at 4.26%/4.61%
  • Main/XO ended -1.6bp/-8bp at 55bp/299bp while €IG was -0.3bp at 1.02% (Corps -0.1bp at 0.95%, Fins -0.5bp at 1.1%, €HY -3bp at 3%). Cable & Satellite was the only IG sub-sector notably wider at +3.5bp on SES underperformance on Italian gov’t talks with SpaceX. $IG was +1.1bp at 0.8% (Corps +1.1bp at 0.79%, Fins +1.2bp at 0.83%, $HY -4bp at 2.7%).
  • SXXP/SPX ended +1.0%/+0.6% at 513pts/5975pts. €IG's biggest risers/fallers included ASML Holding NV (+9%), Infineon Technologies AG (+7%), Prosus NV (-7%), Toyota Motor Corp (-4%), General Mills Inc (-4%), Sempra (-4%).
  • SX5E/SPX futures are -0.5%/-0.1%. Overnight team flagged USTs 1-2bp richer while USD/JPY made fresh multi month highs, before retracing, helped by a fresh warning on FX moves from the Japan FinMin. Regional equities are mostly higher, except for Hong Kong markets.
  • Later the Fed’s Barkin speaks and US November trade, JOLTS job openings, December services ISM and preliminary December euro area CPI and November unemployment rate are released.

 

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  • Bunds closed 1-3bp wider with 2y/10y yields at 2.19%/2.45% - yields moved wider after the German national flash December HICP print came in above expectations at +2.9% Y/Y (vs 2.6% cons; 2.4% prior) and 0.7% M/M (0.5% cons; -0.7% prior). USTs -2bp/+1bp at 4.26%/4.61%
  • Main/XO ended -1.6bp/-8bp at 55bp/299bp while €IG was -0.3bp at 1.02% (Corps -0.1bp at 0.95%, Fins -0.5bp at 1.1%, €HY -3bp at 3%). Cable & Satellite was the only IG sub-sector notably wider at +3.5bp on SES underperformance on Italian gov’t talks with SpaceX. $IG was +1.1bp at 0.8% (Corps +1.1bp at 0.79%, Fins +1.2bp at 0.83%, $HY -4bp at 2.7%).
  • SXXP/SPX ended +1.0%/+0.6% at 513pts/5975pts. €IG's biggest risers/fallers included ASML Holding NV (+9%), Infineon Technologies AG (+7%), Prosus NV (-7%), Toyota Motor Corp (-4%), General Mills Inc (-4%), Sempra (-4%).
  • SX5E/SPX futures are -0.5%/-0.1%. Overnight team flagged USTs 1-2bp richer while USD/JPY made fresh multi month highs, before retracing, helped by a fresh warning on FX moves from the Japan FinMin. Regional equities are mostly higher, except for Hong Kong markets.
  • Later the Fed’s Barkin speaks and US November trade, JOLTS job openings, December services ISM and preliminary December euro area CPI and November unemployment rate are released.

 

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