EUR Market Wrap

• Bunds sitting 1-2bps tighter across the curve with gilts outperforming by up to 1bp in the wake of the UK data which our DM team doesn’t think will do anything to change any votes in the upcoming March MPC.
• Main/XO sitting -1.5bp/-6bp, FICM shows €IG/€HY +0.3bp/+2bp with swap spreads implying slightly wider moves vs. govies.
• SXXP +1.1% with energy the notable underperformer at -1.3% and Industrial G&S +2.6%. Some of the results we’ve touched on this morning:

Schneider Beat On Org Growth But Miss On FY EPS, Guides For Slower-But-Still-Strong FY24

Renault Rev/Op Margin Broadly In Line While FCF Beat; Relatively Strong Outlook

Legrand Beat On FCF, Miss On FY Organic Growth, Guides For Stable Pace In FY24

Safran Dividend Hike Despite Miss On 2H23 Income, Strong Guidance

Stellantis Strong Results But Concerns on Outlook

Relx FY Results In Line With Consensus, Guides For 2024 Growth

Airbus Special Div Despite 4Q23 Miss, Credit Metrics Marginally Better

Orange Results Broadly-In Line With Steady FY24 Guidance Ahead Of Consensus

Commerzbank 4Q23 Results A Little Better Than Consensus With Credit Metrics All Better

Pernod Headline In-Line, Tempered Guidance, Leverage Above Rating Range, Buybacks Lowered