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EUR Market Wrap

CREDIT UPDATE


  • Bunds are ~3bps cheaper across the curve with our DM team flagging firmer-than-expected UK retail sales and hawkish Fed-speak overnight continue to weigh on wider global core FI while Schnabel's prepared remarks were cautious, re-iterating that low productivity may delay inflation returning to target.
  • Main/XO are -1bp/-4bp with XO back to year-end levels and Main now -2.4bp YTD. FICM is showing €IG/€HY at -0.5bp/-3bp with all sectors in the green.
  • SXXP is +0.6% with Basic Resources the notable outperformer at close to 3%, bringing YTD performance to -7% and making Utilities the worst performing sub-index at -8.8%.
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  • Bunds are ~3bps cheaper across the curve with our DM team flagging firmer-than-expected UK retail sales and hawkish Fed-speak overnight continue to weigh on wider global core FI while Schnabel's prepared remarks were cautious, re-iterating that low productivity may delay inflation returning to target.
  • Main/XO are -1bp/-4bp with XO back to year-end levels and Main now -2.4bp YTD. FICM is showing €IG/€HY at -0.5bp/-3bp with all sectors in the green.
  • SXXP is +0.6% with Basic Resources the notable outperformer at close to 3%, bringing YTD performance to -7% and making Utilities the worst performing sub-index at -8.8%.