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EUR Market Wrap

CREDIT UPDATE


  • 2y/10y bunds are -6bp/-4bp on the softer-than-expected Eurozone flash manufacturing PMI data and the unexpected rate cut from the SNB.
  • Main/XO are -1.5bp/-4bp while FICM shows €IG/€HY cash at -1bp/+6bp with Tech/Fins outperforming within €IG while Industrials/Materials/Consumer Disc lag slightly. €HY move driven by Altice as flagged.
  • IG curve movers include Aareal (up to 11bps wider), Aroundtown (up to 11bps tighter), EP Investment (up to 6bps wider), Emirates Telekom (up to 4bps wider), Getlink (up to 5bps tighter), Dassault (up to 3bps tighter).
  • SXXP is +0.4% with Health/Personal underperforming at -0.5% while Basic Resources, Tech and Real Estate outperform at around +2%. Notable movers: Argenx SE +12% (competitor drug trials disappointed), Svenska Handelsbanken AB -11% (ex div)

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