Free Trial

EUR Market Wrap

CREDIT PRE-MARKET


  • 2y/10y bunds ended flat/+2bp after an early afternoon uptick was unable to garner any real momentum while ECB pricing remained steady at 84bps of cuts this year.
  • Main/XO ended -0.5bps/-3.3bps, broadly in line with CDX IG/HY. €IG/€HY cash underperformed, ending broadly flat, with BB bonds outperforming at -2bp and Financials underperforming slightly at +0.5bp.
  • SXXP ended flat at -0.2% with Autos outperforming at +0.9% (broad-based, all constituents in the green) and Telcos underperforming at -1.4% (led lower by VOD at close to -4% and now just under +2% since the binding agreement to sell VOD Italia).
  • The main overnight news from Asia is the BOJ decision to hike rates and end YCC while keeping bond purchases largely unchanged. The Nikkei is +0.7% though broader regional equities are mixed. Stoxx 50 futures are -0.3%.
  • Up today we have:


GMT/Local

Impact

Country

Event

0830/0930

EU

ECB's De Guindos at IV Observatorio de las Finanzas event

1000/1100

***

DE

ZEW Current Conditions Index

1000/1100

***

DE

ZEW Current Expectations Index

1000/1000

**

UK

Gilt Outright Auction Result

1230/0830

***

CA

CPI

1230/0830

***

US

Housing Starts

1255/0855

**

US

Redbook Retail Sales Index

1530/1130

*

US

US Treasury Auction Result for Cash Management Bill

1530/1130

**

US

US Treasury Auction Result for 52 Week Bill

1700/1300

**

US

US Treasury Auction Result for 20 Year Bond

2000/1600

**

US

TICS

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.