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CREDIT PRE-MARKET: EUR Market Wrap

CREDIT PRE-MARKET
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  • 2y/10y bunds closed flat/-6bp at 2.19%/2.82%. No clear mover for the morning rally but US empire manufacturing survey for March and US retail sales for February in the afternoon were both weak in our economist view. USTs closed +3bp/-1bp at 4.05%/4.3%.
  • Main/XO ended -0.9bp/-4bp at 56.2bp/305bp while €IG was -0.2bp at 0.91% (Corps +0.1bp at 0.85%, Fins -0.8bp at 0.98%, €HY +1bp at 3.11%). $IG was -1.1bp at 0.91% (Corps -1.1bp at 0.91%, Fins -1.1bp at 0.92%, $HY -5.6bp at 3.14%).
  • SX5E/SPX futures closed +0.8%/+0.7% at 5439pts/5732pts. €IG movers included Phoenix Group Holdings PLC (+11%), SES SA (+8%), Albemarle Corp (+5%), Neste Oyj (+5%), Tesco PLC (-4%), Capital One Financial Corp (-4%), Kering SA (-3%).
  • SX5E/SPX futures are +0.4%/-0.3% this morning. Overnight team flagged a modest risk off tone today but only in selected markets. US equity futures are down, while oil has risen a touch, and gold is at fresh record highs. Israel launching strikes into Gaza, targeting Hamas, has raised Middle East geopolitical concerns.

 

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  • 2y/10y bunds closed flat/-6bp at 2.19%/2.82%. No clear mover for the morning rally but US empire manufacturing survey for March and US retail sales for February in the afternoon were both weak in our economist view. USTs closed +3bp/-1bp at 4.05%/4.3%.
  • Main/XO ended -0.9bp/-4bp at 56.2bp/305bp while €IG was -0.2bp at 0.91% (Corps +0.1bp at 0.85%, Fins -0.8bp at 0.98%, €HY +1bp at 3.11%). $IG was -1.1bp at 0.91% (Corps -1.1bp at 0.91%, Fins -1.1bp at 0.92%, $HY -5.6bp at 3.14%).
  • SX5E/SPX futures closed +0.8%/+0.7% at 5439pts/5732pts. €IG movers included Phoenix Group Holdings PLC (+11%), SES SA (+8%), Albemarle Corp (+5%), Neste Oyj (+5%), Tesco PLC (-4%), Capital One Financial Corp (-4%), Kering SA (-3%).
  • SX5E/SPX futures are +0.4%/-0.3% this morning. Overnight team flagged a modest risk off tone today but only in selected markets. US equity futures are down, while oil has risen a touch, and gold is at fresh record highs. Israel launching strikes into Gaza, targeting Hamas, has raised Middle East geopolitical concerns.

 

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