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EUR Market Wrap

CREDIT UPDATE


  • EGBs opened cheaper after BoJ Governor Ueda's press conference leant on the hawkish side, though the decision itself featured few surprises. The bund curve is sitting with 2s10s just over 2bp steeper with swaps spreads broadly in line at most maturities.
  • Main/XO are sitting +0.8/3.2bp with iTraxx Fins broadly in line while FICM shows €IG/€HY both -0.6bp DoD with Atos and Adler weighing on the HY reading.
  • SXXP is -0.3% with large caps and growth stocks broadly underperforming as Basic Resources rallies +1.4% (brining YTD declines to <1%) after iron ore climbed more than 2% on China sentiment. Health us underperforming with Sanofi -1.6% (though not the worst performer) while Grifols is +2.2% after submitting a response on the Gotham City report to the Spanish supervisor.

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