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EUR Market Wrap

CREDIT UPDATE


  • 2y/10y bunds are +6bp/+4bp DoD after ECB-dated OIS contracts repriced following the firmer than expected US CPI data, headlined by a 0.85% M/M supercore reading with just 112bps of ECB cuts priced through 2024 (vs 121bps pre-data), the least since November.
  • Main/XO are +1.5/9.5bp, having opened slightly wider and tightened into the print before moving upwards on the release. CDX IG/HY broadly in line.
  • FICM is showing €IG€HY at +0.5bp/-2.4bp though swap spread moves imply tighter moves vs. govies. Tech underperforming within €IG at +1.1bp.
  • SXXP is -1% with Tech the notable underperformer as the sub-index moves away from multi-decade highs amid profit-taking in the sector. ASML underperforming at -5.25% with little in the way of company-specific newsflow aside from the ‘fat finger’ story.
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