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EUR Market Wrap

CREDIT PRE-MARKET


  • 2y/10y bunds ended -5bp/-3bp with the softer-than-expected Eurozone flash manufacturing PMI data, the unexpected rate cut from the SNB, the BOE’s dovish vote changes and firm US data all feeding through.
  • Main/XO ended -2/-2.5bp while €IG/€HY ended -1.5bp/+5.5bp with all €IG sectors in the green and Tech outperforming slightly at -2bp while Energy was flat.
  • SXXP closed +0.9% with Tech, Basic Resources and Real Estate outperforming with gains of over 2% and Utilities underperforming at -0.5%. Notable movers: Argenx +14% (poor trial results from competitor), 3i Group +9% (on strong sales growth), Handelsbanken -10% (ex-div).
  • Weakness in China related assets is evident today as HK/China equities weakened amid earnings concerns, and fresh US regulatory risks. Stoxx 50 futures are -0.3%. Up today we have:

GMT/Local

Impact

Country

Event

0700/0700

***

UK

Retail Sales

0700/0800

**

DE

Import/Export Prices

0730/0730

UK

DMO to release calendar for FQ1 (Apr-Jun) Ops

0800/0900

EU

ECB's Lagarde in Euro Summit

0900/1000

***

DE

IFO Business Climate Index

1100/1100

**

UK

CBI Industrial Trends

1230/0830

**

CA

Retail Trade

1300/0900

US

Fed Listens event

1400/1500

**

BE

BNB Business Sentiment

1600/1200

US

Fed Vice Chair Michael Barr

1630/1630

UK

BOE to announce APF sales schedule for Q2-24

1700/1300

**

US

Baker Hughes Rig Count Overview - Weekly

1700/1800

EU

ECB's Lane lecture on inflation and MonPol at AMSE

2000/1600

US

Atlanta Fed's Raphael Bostic

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