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EUR Market Wrap

CREDIT PRE-MARKET
  • Bunds ended +4-5bps across much of the curve, continuing yesterday’s sell-off after following USTs lower on firmer-than-expected PCE readings which dominated discussions, with soft headline GDP and lower-than-expected weekly jobless claims data also noted.
  • Main/XO closed flat/+4bp while €IG/€HY was flat/+4bp with 1-3yr spreads the only €IG segment tighter and Energy/Utilities the only sectors – Energy is the best WoW/MoM performer and is now withing 1bp of Financials on 3m performance (-25bp and -26bp over 3m vs. -20bp for €IG).
  • SXXP closed -0.6%, bringing the MoM move to -1.4%. €IG movers in the European session included Anglo American +16%, Banco de Sabadell +9%, Alfa Laval +8%, Harley Davidson -17%, Neste Oyj -13%, Whirlpool -12%.
  • Asian equities are broadly higher with Nikkei, HIS, CSI all up over 1% despite SPX closing -0.5%, following global markets higher after US Tech giants Alphabet and Microsoft reported strong earnings. SX5E futures are +0.7%. Up today:

GMT/Local

Impact

Country

Event

0645/0845

**

FR

Consumer Sentiment

0800/1000

**

EU

M3

0800/1000

**

EU

ECB Consumer Expectations Survey

0800/1000

EU

ECB's De Guindos at Academia Europea Leadership

1230/0830

**

US

Personal Income and Consumption

1400/1000

**

US

U. Mich. Survey of Consumers

1500/1100

CA

Finance Dept monthly Fiscal Monitor (expected)

1700/1300

**

US

Baker Hughes Rig Count Overview - Weekly

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