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EUR MARKET WRAP

CREDIT UPDATE
  • EGBs opened notably tighter with our DM team flagging Vujcic’s comments, tensions on the Yemen airstrikes and expectations of a dovish US PCE reading as contributing factors. Bunds have traded broadly sideways since then to sit with 2y -5bp and 10y -2.5bp with swaps and BTPs broadly in line though outperforming by 1-2bp and up to 12bp WoW respectively.
  • Main/XO are sitting flat/-1.2bp on the day, having tightened slightly through to 08:30 before re-widening. iTraxx SR Fins are broadly in line though Sub Fins are +3bp DoD, bringing the spread between the two above 61bps (now +5.5bp YTD).
  • BBG’s FICM indices are showing €IG/€HY at -0.3bp/+4bp with the closure of primary markets seemingly doing little to help the intraday measures. Grifols spreads are weighing on the HealthCare sub-index (+14bp) with parts of their curve trading close to €3 cheaper DoD.
  • Equities are trading higher with SXXP +0.6%, bringing MoM returns into positive territory. Performance looks pretty broad-based in terms of size and value vs. growth. Autos (-0.6%) and Apparel/Luxury (-1.2%) are weighing on Cons Disc stocks (-0.4%) with the latter explained by Burberry (-9%) weighing on sector sentiment.
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