EUR Market Wrap

• Bunds ended 1-2bp richer after tightening in the PM - our DM team flagged solid supply absorption (Spain’s 30yr syndi in particular) and a haven bid on ongoing NYCB weakness.
• Main/XO ended flat after opening tighter and widening through to lunch before tightening over the PM session. iTraxx Sub/SR Fins underperformed at +0.8bp/2bp. €IG/€HY cash ended flat/+3.5bp with €IG Fins underperforming €IG Corps against a backdrop of FIG-tilted supply and continued US banking concern.
• SXXP ended +0.6% with cyclicals, growth and small caps outperforming slightly – Energy was the best performer after BP closed +5.5% post-results while Utilities ended -1% in a broad-based decline despite Orsted +2.1% ahead of today’s earnings.
• HK and China equity gains have cooled - the market may be awaiting more details around support/rescue plans. UST yields drifted lower over the Asian session but are back to near closing levels. SXXP futures are +0.1% DoD.
• Up today we have:

Time C Event

07:00 GE Industrial Production

07:45 FR Private Sector Payrolls

07:45 FR Trade Balance

07:45 FR Current Account Balance

08:00 SP Industrial Output/Production

08:40 UK BOE's Breeden speaks

09:00 IT Retail Sales

09:30 EC ECB's Muller

12:00 US MBA Mortgage Applications & Trade Balance

16:00 US Fed's Kugler

16:30 US Fed's Collins

17:30 US Fed's Barkin

19:00 US Fed's Bowman

20:00 US Consumer Credit

20:15 US Fed's Remache

21:30 US Fed's Nordstrom