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EUR Market Wrap

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  • Bunds muted with 1-2bps of widening at most maturities against a quiet macro calendar ahead of ECB speakers over the PM session.
  • Main/XO flat/-0.5bp on the day with Sub Fins underperforming at +1.4bp. FICM showing €IG/€HY at +1bp/-1bp respectively – all €IG sectors streaming in the red with Sr Fins streaming widest at +1.1bp.
  • SXXP also flat with Health the notable underperformer at -1.1% weighed upon by AstraZeneca and Sobi earnings disappointed. Energy stocks are -1% with Neste down 12.5% in the wake of their below consensus dividend and weak renewable sales margin guidance.

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