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EUR Market Wrap

CREDIT UPDATE


  • 2y/10y bunds closed +1bp/-2bp in a low vol session after retracing the morning’s UK higher-than-expected inflation-inspired weakness while the Eurozone final March inflation print confirmed flash estimates. WoW moves stand at -2bp/+3bp.
  • Main/XO closed flat/-1bp while €IG/€HY cash ended -2bp/-2.3bp with short-end spreads outperforming longer ones by ~0.5bp and all sectors in the green. Comms, Cyclicals and Staples rallied by over 2bp.
  • SXXP closed flat with Consumer P&S +2.1% (best WoW performer) and Tech -2.8%. Notable €IG movers in the European session were IDS +29%, Postal NV +7%, Covivio -7%, ASML -7%, Prologis -6%, Naturgy +6%, Vernova +6%, Adidas +5%.
  • Asian equities are higher (despite SPX finishing -0.6%) against quiet newsflow while Stoxx 50 futures are +0.1%. Up today we have:

GMT/Local

Impact

Country

Event

2315/1915

US

Fed Governor Michelle Bowman

0130/1130

***

AU

Labor Force Survey

0715/0915

EU

ECB's De Guindos ECB Report Presentation

0800/1000

**

EU

Current Account

0900/1100

**

EU

Construction Production

1230/0830

***

US

Jobless Claims

1230/0830

**

US

WASDE Weekly Import/Export

1230/0830

**

US

Philadelphia Fed Manufacturing Index

1305/0905

US

Fed Governor Michelle Bowman

1315/0915

US

New York Fed's John Williams

1315/0915

US

Fed's Miki Bowman

1400/1000

***

US

NAR existing home sales

1430/1030

**

US

Natural Gas Stocks

1500/1100

US

Atlanta Fed's Raphael Bostic

1500/1600

UK

BOE's Greene with Atlantic Council GeoEconomics Center

1530/1130

**

US

US Bill 04 Week Treasury Auction Result

1530/1130

*

US

US Bill 08 Week Treasury Auction Result

1700/1300

**

US

US Treasury Auction Result for TIPS 5 Year Note

1730/1930

EU

ECB's Schnabel Speaks At 2024 EU-US Symposium

2145/1745

US

Atlanta Fed's Raphael Bostic

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