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EUR Market Wrap

CREDIT PRE-MARKET


  • 2y/10y bunds ended +4bp/+3bp with the morning mostly flat as a modest pullback in market-based EUR inflation expectation worked against a pullback in safe-haven demand on the belief that an Israeli to the Iran attack was pushed back to late April while the afternoon saw ECB pricing of 2024 cuts fall to ~75bps though there were no surprises from the ECB speakers.
  • Main/XO closed -1.5bp/-6bp taking WoW moves to +5bp/+28bp. €IG/€HY ended -1bp/-4.5bp to sit +6bp/+31bp on the. Short-end spreads outperformed long-end by ~1bp while all €IG sectors ended green with Cap Goods lagging slightly. Tech is the only sector in the green MoM at -2bp vs. +2.5bp for the index.
  • SXXP closed +0.2% with Tech -0.8% led lower by ASMI and Worldline. Notable €IG movers in the European session included Sartorius -15%, Rentokil -8%, Forvia +8%, Tele2 +7%, Manpower +7%, ABB +6%, BCP +6%, EQT -6%, PostNL -6%.
  • Asian equities are lower with the HIS and ASX over 1% lower and the Nikkei over 2.5% lower on the news that Israel has launched a missile strike on Iran. Stoxx 50 futures are -1.5%.

GMT/Local

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  • 2y/10y bunds ended +4bp/+3bp with the morning mostly flat as a modest pullback in market-based EUR inflation expectation worked against a pullback in safe-haven demand on the belief that an Israeli to the Iran attack was pushed back to late April while the afternoon saw ECB pricing of 2024 cuts fall to ~75bps though there were no surprises from the ECB speakers.
  • Main/XO closed -1.5bp/-6bp taking WoW moves to +5bp/+28bp. €IG/€HY ended -1bp/-4.5bp to sit +6bp/+31bp on the. Short-end spreads outperformed long-end by ~1bp while all €IG sectors ended green with Cap Goods lagging slightly. Tech is the only sector in the green MoM at -2bp vs. +2.5bp for the index.
  • SXXP closed +0.2% with Tech -0.8% led lower by ASMI and Worldline. Notable €IG movers in the European session included Sartorius -15%, Rentokil -8%, Forvia +8%, Tele2 +7%, Manpower +7%, ABB +6%, BCP +6%, EQT -6%, PostNL -6%.
  • Asian equities are lower with the HIS and ASX over 1% lower and the Nikkei over 2.5% lower on the news that Israel has launched a missile strike on Iran. Stoxx 50 futures are -1.5%.

GMT/Local

Keep reading...Show less