February 13, 2025 06:25 GMT
CREDIT PRE-MARKET: EUR Market Wrap
CREDIT PRE-MARKET
- 2y/10y bunds closed +5bp at 2.13%/2.48% after rates reversed some, but not all, of the initial hawkish reaction seen in the wake of the firmer-than-expected US CPI report..USTs closed +7bp/+9bp at 4.36%/4.63%.
- Main/XO ended -0.5bp/-3bp at 52.6bp/285bp while €IG was -0.9bp at 0.91% (Corps -0.9bp at 0.87%, Fins -0.9bp at 0.96%, €HY -2bp at 2.9%). $IG was -2.1bp at 0.79% (Corps -2.2bp at 0.78%, Fins -1.9bp at 0.79%, $HY -0.9bp at 2.62%).
- SX5E/SPX futures closed +0.3%/-0.3% at 5417pts/6073pts. €IG movers included Computershare (+15%), Heineken Holding (+14%), Kering (+7%), Siemens Energy (+5%), Storebrand (-9%), Westinghouse Air Brake (-9%), Randstad (-7%), Nissan Motor (-6%).
- SX5E/SPX futures are +1.1%/+0.2% this morning. Overnight team flagged that EU related assets have rallied on Ukraine peace hopes as the positive tone of the Trump/Putin discussions fuels optimism for what Trump describes as a ‘successful conclusion’ to the Russia/Ukraine conflict. UST yields are trading 1-2bps richer today, the curve has steepened slightly.
- Later the Fed’s Goolsbee appears, and US January PPI and jobless claims print as well as UK December IP, trade, construction and preliminary Q4 GDP, and euro area December IP and EC forecasts. The ECB’s Cipollone also speaks.

190 words