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EUR Market Wrap

CREDIT UPDATE
  • Bunds are 2-3bps tighter and are trading in a tight range – our DM team flags today’s heavy sovereign issuance schedule as helping to cap rallies.
  • Main/XO are +0.7bp/3.6bp, looking set for a second day of widening. FICM shows €IG/€HY at +1.5/5bp with all €IG secotrs in the red with Tech/Energy outperforming at +1bp and Comms underperforming at +1.8bp.
  • SXXP is +0.1% with Basic Resources +1.3% as SIG Group leads the sub-index higher on strong Q4 results while Thyssenkrupp is +X% after the chairman spoke of ““a fundamental realignment” and “cannot carry on as it has been doing”.
  • Other notable equity movers include Eurofins Scientific SE (-11%) on below cocnsensus cashflow and Gaztransport (+10%) on it’s FY24 outlook.

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