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CREDIT PRE-MARKET: EUR Market Wrap

CREDIT PRE-MARKET
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  • 2y/10y bunds closed +2bp/+1bp at 2.05%/2.4% amidst general risk on bias as tariff fears continue to roll back. USTs closed -4bp at 4.22%/4.51%.
  • Main/XO ended -0.8bp/-4bp at 53.9bp/291bp while €IG was -0.7bp at 0.93% (Corps -0.6bp at 0.89%, Fins -0.8bp at 0.99%, €HY -8bp at 3%). $IG was -0.5bp at 0.8% (Corps -0.4bp at 0.79%, Fins -0.6bp at 0.81%, $HY -0.5bp at 2.66%).
  • SX5E/SPX futures closed +1.1%/+0.7% at 5279pts/6063pts. €IG movers included Infineon Technologies AG (+10%), Dassault Systemes SE (+9%), Norstar Holdings Inc (+9%), Forvia SE (+8%), Merck & Co Inc (-9%), KKR & Co Inc (-9%), Vodafone Group (-7%), PepsiCo Inc (-5%).
  • SX5E/SPX futures are -0.4%/-0.5% this morning. Overnight team flagged US/China jitters impacted the return of China markets from the LNY break. The US postal service halted inbound parcels from China & Hong Kong, which was another focus point.
  • Looking ahead, the Fed’s Barkin, Goolsbee and Bowman appear and US January ADP employment, December trade and January services PMI/ISM print. Also the ECB’s Lane speaks and January European services/composite PMIs and euro area December PPI data are released.

 

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  • 2y/10y bunds closed +2bp/+1bp at 2.05%/2.4% amidst general risk on bias as tariff fears continue to roll back. USTs closed -4bp at 4.22%/4.51%.
  • Main/XO ended -0.8bp/-4bp at 53.9bp/291bp while €IG was -0.7bp at 0.93% (Corps -0.6bp at 0.89%, Fins -0.8bp at 0.99%, €HY -8bp at 3%). $IG was -0.5bp at 0.8% (Corps -0.4bp at 0.79%, Fins -0.6bp at 0.81%, $HY -0.5bp at 2.66%).
  • SX5E/SPX futures closed +1.1%/+0.7% at 5279pts/6063pts. €IG movers included Infineon Technologies AG (+10%), Dassault Systemes SE (+9%), Norstar Holdings Inc (+9%), Forvia SE (+8%), Merck & Co Inc (-9%), KKR & Co Inc (-9%), Vodafone Group (-7%), PepsiCo Inc (-5%).
  • SX5E/SPX futures are -0.4%/-0.5% this morning. Overnight team flagged US/China jitters impacted the return of China markets from the LNY break. The US postal service halted inbound parcels from China & Hong Kong, which was another focus point.
  • Looking ahead, the Fed’s Barkin, Goolsbee and Bowman appear and US January ADP employment, December trade and January services PMI/ISM print. Also the ECB’s Lane speaks and January European services/composite PMIs and euro area December PPI data are released.

 

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