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  • 2y/10y bunds ended +6bp/+5bp against a quiet news flow and macro calendar though our DM team flagged brent crude prices pushing higher in the afternoon as weighing on the core FI space via higher implied inflation pricing.
  • Main/XO were -0.7bp/-5bp while €IG/€HY cash was +0.5bp/-5bp with €IG performance distributed across the curve and Energy the only sector in the green at -0.4bp.
  • SXXP closed flat with Energy outperforming at +0.9% and Media underperforming at -0.7%. Notable movers include Dassault Aviation (+7% on Russia-related geopolitical tension) and Direct Line (-11% on the abandoned takeover).
  • Asian equities have moved between gains and losses though a broader regional index now sits near intraday highs with the Hang Seng +1.5% while Stoxx futures are flat. Up today we have:

GMT/Local

Impact

Country

Event

0700/0800

*

DE

GFK Consumer Climate

0700/0800

**

SE

PPI

0800/0900

***

ES

GDP (f)

0800/0900

**

SE

Economic Tendency Indicator

1000/1000

**

UK

Gilt Outright Auction Result

1200/0800

CA

BOC Sr Deputy Rogers speaks in Halifax NS

1230/0830

**

US

Durable Goods New Orders

1230/0830

**

US

Philadelphia Fed Nonmanufacturing Index

1255/0855

**

US

Redbook Retail Sales Index

1300/0900

**

US

S&P Case-Shiller Home Price Index

1300/0900

**

US

FHFA Home Price Index

1300/0900

**

US

FHFA Home Price Index

1400/1000

***

US

Conference Board Consumer Confidence

1400/1000

**

US

Richmond Fed Survey

1430/1030

**

US

Dallas Fed Services Survey

1530/1130

*

US

US Treasury Auction Result for Cash Management Bill

1700/1300

*

US

US Treasury Auction Result for 5 Year Note

1900/2000

EU

ECB Lane Lecture At Trinity College Dublin

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