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EUR Market Wrap

CREDIT PRE-MARKET


  • Bunds ended 4-7bps richer with little in the way of meaningful headline flow as focus remains on US CPI and Fed minutes today and the ECB tomorrow.
  • Main/XO closed flat/+3bp while €IG/€HY closed flat/+5bp with Energy and Utils underperforming at close to 1bp wider with Utils the worst performing sector on the week – noting Thames Waters again moving wider yesterday.
  • SXXP closed -0.6% with Basic Resources rallying by over 1% and Industrials and Insurance down by over 1%. Notable credit movers included Alstom +7%, Infineon +4%, Scor SE -4%, Thales SA -5% and Leonardo -9%.
  • Asian equities broadly lower with the Nikkei and CSI 300 down by around/over 0.5% though the HIS is +2%. Stoxx 50 futures are +0.6%. Up today we have:

GMT/Local

Impact

Country

Event

0600/0800

**

SE

Private Sector Production m/m

0600/0800

***

NO

CPI Norway

0800/1000

*

IT

Retail Sales

0900/1000

**

UK

Gilt Outright Auction Result

1100/0700

**

US

MBA Weekly Applications Index

-

***

CN

Money Supply

-

***

CN

New Loans

-

***

CN

Social Financing

1230/0830

***

US

CPI

1230/0830

*

CA

Building Permits

1345/0945

CA

BOC Monetary Policy Report

1345/0945

***

CA

Bank of Canada Policy Decision

1400/1000

**

US

Wholesale Trade

1430/1030

**

US

DOE Weekly Crude Oil Stocks

1430/1030

CA

BOC Governor Press Conference

1645/1245

US

Chicago Fed's Austan Goolsbee

1700/1300

**

US

US Note 10 Year Treasury Auction Result

1800/1400

**

US

Treasury Budget

1800/1400

***

US

FOMC Minutes from March meet

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