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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).
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