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EUR Market Wrap


  • 2y/10y bunds are streaming 2bp/1.5bp wider – our DM team have noted little in the way of notable headline flow this morning, with Spanish PPI the only scheduled data release which was unsurprisingly not a market mover.
  • Main/XO are +0.5bp/3.5bp in early trading, having opened wider and moved broadly sideways. IFCM showing €IG/€HY at -0.7bp/-1.6bp with all €IG sectors in the green and Fins outperforming at -1bp and Tech/Energy underperforming at -0.4bp.
  • SXXP is +0.1% with Energy and Basic Resources selling off by 1.2% and 1.5% respectively while Financial Services and T&L rally by 1.1% and 0.8%. SPX futures are flat DoD.
  • Tele2 ({TEL2B SS Equity}) seems to be holding onto gains with analysts focusing on the removal of a potential Kinnevik sale as a strategic overhang. The two Irish banks AIB ({AIBG ID Equity}) and Bank of Ireland ({BIRG ID Equity}) are the worst performing SXXP members post-BOI’s results.

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