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EUR Market Wrap

CREDIT UPDATE


  • Bunds largely flat with 2y +1bp and 10y -1bp after retracing this morning’s UK higher-than-expected inflation-inspired weakness while the Eurozone final March inflation print confirmed flash estimates.
  • Main/XO are -2bp/-10bp bringing the WoW move to +5bp/+29bp. FICM showing €IG/€HY +0.7bp/-0.3bp with Energy and Industrials widening by over 1bp and Comms and healthcare closer to flat. Brenntag and Lonza in the market today.
  • Notable €IG movers; Netflix (up to 15bps tighter), Thames (up to 14bps wider)
  • SXXP is +0.5% with Basic Resources and Consumer P&S up by over 2% and Tech down close to 1.5%. Notable €IG movers include CPI +7%, Covivio -6%, Adidas +5%, ASML -4%, LVMH +4%, Anglo American +4%

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