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EUR Market Wrap

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  • Bunds closed 5-8bps cheaper across the curve in a steady grind higher with Australian CPI, German IFO feeding through in the morning while the afternoon so broad tracking of USTs
  • Main/XO ended +1.5bp/9bp while €IG/€HY closed flat/-4bp with Tech and Comms marginally higher and Energy/Utils 1bp tighter.
  • SXXP closed -0.4% with Fin Services, Real Estate and Retail all over 1.5% lower. Notable €IG movers in the European session included Atlas Copco +8%, Storebrand +8%, Anglo American +4%, Handelsbanken -12%, Argan -8% and Eurofins -8%.
  • Asian equities are broadly lower, led lower by the Nikkei at -2%, with SPX futures -0.8% after Meta's earnings left investors disappointed around the revenue outlook. SX5E futures are -0.2%. Up today:

GMT/Local

Impact

Country

Event

0600/0800

*

DE

GFK Consumer Climate

0600/0800

**

SE

PPI

0645/0845

**

FR

Manufacturing Sentiment

0700/0900

**

ES

PPI

0700/0900

**

SE

Economic Tendency Indicator

0700/0900

EU

ECB's Schnabel Speech for 'ChaMP'

1000/1100

**

UK

CBI Distributive Trades

1100/0700

***

TR

Turkey Benchmark Rate

1230/0830

***

US

Jobless Claims

1230/0830

**

US

WASDE Weekly Import/Export

1230/0830

***

US

GDP

1230/0830

*

CA

Payroll employment

1230/0830

**

US

Advance Trade, Advance Business Inventories

1400/1000

**

US

NAR Pending Home Sales

1430/1030

**

US

Natural Gas Stocks

1500/1100

**

US

Kansas City Fed Manufacturing Index

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 7 Year Note

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