January 23, 2025 06:56 GMT
CREDIT UPDATE: EUR Market Wrap
CREDIT UPDATE
- 2y/10y bunds closed +2bp at 2.23%/2.53% - intraday tights were driven by a bid in equities in the AM but the move unwound over the session against a quiet macro calendar and in-line policymaker comments. USTs closed +2bp/+4bp at 4.3%/4.61%.
- Main/XO ended -0.7bp/-3bp at 53.4bp/287bp while €IG was -0.8bp at 0.95% (Corps -0.5bp at 0.9%, Fins -1.4bp at 1.01%, €HY -2bp at 2.99%). $IG was -0.6bp at 0.78% (Corps -0.5bp at 0.77%, Fins -0.6bp at 0.8%, $HY -2.5bp at 2.56%).
- SX5E/SPX futures closed +0.8%/+0.6% at 5223pts/6121pts. €IG movers included Netflix Inc (+10%), Amphenol Corp (+7%), Intermediate Capital Group PLC (+7%), Siemens Energy AG (+7%), Barry Callebaut AG (-8%), easyJet PLC (-5%), Schlumberger NV (-5%).
- SX5E/SPX futures are -0.2%/-0.1% this morning. Overnight team flagging stable USD/USTs with Trump’s interview on Fox largely domestic-focussed. China unveiled more support for local equities, but local indices are off session highs.
- Later US jobless claims, January Kansas Fed manufacturing, Canadian November retail sales and preliminary January euro area consumer confidence print.

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