Free Trial

EUR Market Wrap

CREDIT UPDATE


  • Bunds are flat to +1bp, having recovered from intraday cheapest levels -our DM team flags that this morning's oil market weakness will have eased pressure on the space, but did little to reverse the course of price action.
  • Main/XO are +0.8bp/+4.7bp bringing WoW moves to -1.7bp/-6.1bp tighter. FICM shows €IG/€HY cash as flat/+3.3bp though swap spread moves imply tighter moves vs. govies. SR Fins and Healthcare are the only €IG sectors in the green.
  • SXXP is -0.3% with Basic Resources -3% (YTD worst performer at -11%) after Glencore (-4.5%) reported a steep drop in annual profit and lowered its dividend. Healthcare and Tech also performing poorly at -1.5% and -1.7% while Chemicals are +2.2% (despite Air Liquide -1% after it’s rally yesterday).

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.