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EUR Market Wrap

CREDIT PRE-MARKET


  • 2y/10y bunds ended -3bp/-1bp against a quiet macro calendar, a cautious pre-central bank mood and little in the way of market-moving newsflow.
  • Main/XO ended -0.6bp/-0.7bp – we remind that the new series of iTraxx and CDX IG start trading today. €IG/€HY cash closed +1bp/+5bp – within €IG we saw all sectors finish wider with Transportation outperforming slightly at +0.4bp and Banks underperforming at +2bp.
  • SXXP ended + 0.3% with Energy +1.4% (looks broad-based, all bar DCC in the green) with Autos, Banks and Chemicals also rising by 1% or more while Food & Bev underperformed slightly at -0.5%. Notable movers: Hemnet Group +8% on rating upgrade, Delivery Hero +5% on convertibles buyback, Reckitt -4.5% on lawsuit as flagged, Siemens -6% on China sentiment.
  • Asian equities are trading mixed and mostly range-bound ahead of the Fed meeting. Stoxx 50 futures are -0.3%. Up today we have:

GMT/Local

Impact

Country

Event

0700/0700

***

UK

Consumer inflation report

0700/0700

***

UK

Producer Prices

0700/0800

**

DE

PPI

0845/0945

EU

ECB's Lagarde at ECB and its Watchers Conference

0900/1000

*

IT

Industrial Production

0930/1030

EU

ECB's Lane in panel at ECB and its Watchers Conference

1000/1100

**

EU

Construction Production

1100/0700

**

US

MBA Weekly Applications Index

1345/1445

EU

ECB's Schnabel in panel at the ECB and its Watchers Conference

1430/1030

**

US

DOE Weekly Crude Oil Stocks

1500/1600

**

EU

Consumer Confidence Indicator (p)

1730/1330

CA

BOC Minutes (Summary of Deliberations)

1800/1400

***

US

FOMC Statement

2145/1045

***

NZ

GDP

2200/0900

***

AU

Judo Bank Flash Australia PMI

2350/0850

**

JP

Trade

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