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EUR Market Wrap

CREDIT UPDATE


  • Bunds are 1-3bps richer after softer-than-expected French IP data helped yields lower before this morning’s round of PMI’s helped limit the rally after showing wage-led inflationary pressures across countries.
  • Main/XO streaming at +0.3bp/+2.4bp while FICM shows €IG/€HY cash at +0.5bp/+2bp with all €IG sectors wider but with Fins outperforming slightly at +0.3bp. See last bullet for €IG movers. Primary is very active today – supply recap to come later in the session.
  • SXXP is -0.2% with Utilities the notable mover at +1% in what looks like a broad-based move higher with only two shares in the red including Orsted at -2.7% as they go to market today. Notable movers include TOMRA (+11% on EU approval for deposit-return system), Fresnius (+11% on Novo Nordisk trial results) and Inchacape (-11% on weak earnings outlook).

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