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EUR Market Wrap

CREDIT UPDATE
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  • Bunds are mostly flat with most lines between -1bp to +1bp – our DM team flagging European and UK PMI data revealing firmer-than-expected services readings and softer-than-expected manufacturing prints, resulting in firmer-than-expected composite outcomes. Some signs of sticky services inflation pressures may complicate the ECB’s easing path beyond the widely telegraphed June cut. De Guindos remained non-committal beyond the June rate cut.
  • Main/XO are -1.5bp/-7.5bp having opened tighter and moved sideways. FICM showing €IG/€HY at -1bp/-4bp with all €IG sectors in the green with Communications and Fins outperforming slightly and Industrials/Materials/Energy/Staples lagging.
  • Curve movers include Terega (25s 12bps tighter), Manpower (5-8bps tighter), Sodexo (26s 14bps tighter), Glencore (up to 5bps wider, in the market today), Thames (up to 14bps wider).
  • SXXP is +0.7% with Basic Resources and Chemicals lagging at -1.5% and -0.4%. Notable €IG movers include SCR Sibelco +9%, Novartis +5%, CPI Property +5%, Aliaxis +5%, Naspers +5%, Brambles -6%, Akzo -5%, Anglo American -3%.
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  • Bunds are mostly flat with most lines between -1bp to +1bp – our DM team flagging European and UK PMI data revealing firmer-than-expected services readings and softer-than-expected manufacturing prints, resulting in firmer-than-expected composite outcomes. Some signs of sticky services inflation pressures may complicate the ECB’s easing path beyond the widely telegraphed June cut. De Guindos remained non-committal beyond the June rate cut.
  • Main/XO are -1.5bp/-7.5bp having opened tighter and moved sideways. FICM showing €IG/€HY at -1bp/-4bp with all €IG sectors in the green with Communications and Fins outperforming slightly and Industrials/Materials/Energy/Staples lagging.
  • Curve movers include Terega (25s 12bps tighter), Manpower (5-8bps tighter), Sodexo (26s 14bps tighter), Glencore (up to 5bps wider, in the market today), Thames (up to 14bps wider).
  • SXXP is +0.7% with Basic Resources and Chemicals lagging at -1.5% and -0.4%. Notable €IG movers include SCR Sibelco +9%, Novartis +5%, CPI Property +5%, Aliaxis +5%, Naspers +5%, Brambles -6%, Akzo -5%, Anglo American -3%.