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EUR Market Wrap

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  • Bunds are 2-3bps cheaper across the curve – our DM team flagged hawkish comments from Fed's Waller and BoE's Haskel and notable morning USD strength as weighing on the space. Softer-than-expected German retail sales eased some pressure morning, but the downward trend has persisted.
  • Main/XO are -0.5bp/-2bp bringing WoW moves to -1bp/+4bp. €IG/€HY are -0.8bp/-4.4bp with all sectors in the green and €IG Communications outperforming slightly at -1bp while Energy lags slightly at -0.3bp.
  • Curve movers include Kemble (up to 40bps cheaper on no equity investment) and Aroundtown (up to 8bps tighter on earnings)
  • SXXP is +0.2% with T&L and Retail outperforming at +1.3% and +1%. Notable movers include SOITEC (-13% on weak revenue guidance), JD Sports (on reaffirmed PTP guidance) and Volvo (-8% on a broker downgrade and lawsuit).
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