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EUR Market Wrap

CREDIT UPDATE


  • Bunds 2-4bps richer – DM team noting that upward revisions to the EZ manufacturing PMI may have helped cap rallies strong move off intraday lows on NYCB news as flagged while EZ flash February inflation release had little lasting impact.
  • Main/XO are -0.4bp/3.6bp bringing XO to flat WoW while Main remains +1bp. FICM showing €IG/€HY cash -0.3/-0.2bp with Health outperforming €IG at -0.7bp and Fins underperforming slightly (flat).
  • SXXP is +0.3% with Construction & Materials underperforming at -0.8% with Saint-Gobain -5% on a weak dividend announcement. Notable movers include Grifols +16%, ITV +14%, Daimler +13% and K+N -14%.

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