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CREDIT PRE-MARKET: EUR Market Wrap

CREDIT PRE-MARKET
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  • 2y/10y bunds closed flat/+3bp after moving wider in the PM on higher-than-expected JOLTS job openings as well as ISM services index and prices paid. US fed minutes preview: https://media.marketnews.com/Fed_Minutes_Preview_Dec2024_e018272b35.pdf
  • Main/XO ended +0.8bp/+4bp at 55.9bp/303bp while €IG was -0.2bp at 1.01% (Corps flat at 0.95%, Fins -0.5bp at 1.1%, €HY flat at 3%) with no sub-sectors more than a bp from flat. $IG was -0.1bp at 0.8% (Corps flat at 0.79%, Fins -0.5bp at 0.82%, $HY +1bp at 2.71%).
  • SXXP/SPX ended +0.3%/-1.1% at 515pts/5909pts. €IG's biggest risers/fallers included Volvo AB (+6%), Sartorius AG (+5%), Nokia Oyj (+5%), Daimler Truck Holding AG (+4%), Sodexo SA (-8%), H Lundbeck A/S (-5%), Arcadis NV (-5%).
  • SX5E/SPX futures are -0.3%/+0.2%. Overnight team flagged that US cash bonds are little changed though JGP futures are notably weaker. China and Hong Kong equities track lower, but are up from session lows.
  • Later the Fed’s Waller speaks on the economic outlook and the December FOMC minutes are published. US jobless claims, December ADP employment and November consumer credit as well as November German orders & retail sales and December euro area European Commission survey print.

 

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  • 2y/10y bunds closed flat/+3bp after moving wider in the PM on higher-than-expected JOLTS job openings as well as ISM services index and prices paid. US fed minutes preview: https://media.marketnews.com/Fed_Minutes_Preview_Dec2024_e018272b35.pdf
  • Main/XO ended +0.8bp/+4bp at 55.9bp/303bp while €IG was -0.2bp at 1.01% (Corps flat at 0.95%, Fins -0.5bp at 1.1%, €HY flat at 3%) with no sub-sectors more than a bp from flat. $IG was -0.1bp at 0.8% (Corps flat at 0.79%, Fins -0.5bp at 0.82%, $HY +1bp at 2.71%).
  • SXXP/SPX ended +0.3%/-1.1% at 515pts/5909pts. €IG's biggest risers/fallers included Volvo AB (+6%), Sartorius AG (+5%), Nokia Oyj (+5%), Daimler Truck Holding AG (+4%), Sodexo SA (-8%), H Lundbeck A/S (-5%), Arcadis NV (-5%).
  • SX5E/SPX futures are -0.3%/+0.2%. Overnight team flagged that US cash bonds are little changed though JGP futures are notably weaker. China and Hong Kong equities track lower, but are up from session lows.
  • Later the Fed’s Waller speaks on the economic outlook and the December FOMC minutes are published. US jobless claims, December ADP employment and November consumer credit as well as November German orders & retail sales and December euro area European Commission survey print.

 

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