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EUR Market Wrap

CREDIT UPDATE


  • 2y/10y bunds are +1bp/-1bp as markets digest this morning's flash PMI’s – our DM team flagged that bund futures reached lowest levels since November '23 following the strong French print but recovered after the weaker-than expected German print while the Eurozone services print was above consensus, reaching a 50-handle for the first time since July.
  • Main/XO are sitting -1.5bp/-6bp having opened tighter and moved broadly sideways over the past couple hours. FICM shows €IG/€HY at -0.6bp/-1.6bp with swaps spreads implying greater tightening vs. govies. Within €IG financials are outperforming with SR/Sub Fins at -1bp/-2bp.
  • SXXP is +0.6% with Tech +2.4% in the wake of the post-Nvidia sentiment and BE Semiconductor +13% post-earnings while Autos are +2.4% on the Mercedes (+5%) earnings. Food & Bev is underperforming at -1.1% on lacklustre results amid FX headwinds.
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