May 02, 2024 05:46 GMT
EUR Market Wrap
CREDIT PRE-MARKET
- Not much to report in terms of moves given the market closures yesterday.
- We saw a less hawkish than feared message from Fed Chair Powell and the FOMC. A “Higher for Longer” message was delivered but the market focused on Powell’s comment in the press conference that "I think it's unlikely that the next policy rate move will be a hike".
- Main/XO closed +1/+6bp, bringing the WoW move to +1/+11bp, an underperformance on the week of ~1bp/5bp vs. CDX.
- SPX finished -0.34% with notable €IG movers including Amcor +10%, Pfizer +6%, Equitable Holdings +5%, J&J +5%, Global Payments –11%, Johnson Controls -7%, Kraft Heinz -6%, Dell -5%.
- Asian equities are broadly higher on the FOMC tone with the Hang Seng up over 2% while China remains closed. SX5E futures are -0.1%. Up today:
GMT/Local Impact Country Event 0630/0830 *** CH CPI 0630/0830 ** CH Retail Sales 0715/0915 ** ES S&P Global Manufacturing PMI (f) 0745/0945 ** IT S&P Global Manufacturing PMI (f) 0750/0950 ** FR S&P Global Manufacturing PMI (f) 0755/0955 ** DE S&P Global Manufacturing PMI (f) 0800/1000 ** IT PPI 0800/1000 ** EU S&P Global Manufacturing PMI (f) 1230/0830 *** US Jobless Claims 1230/0830 ** US WASDE Weekly Import/Export 1230/0830 ** US Trade Balance 1230/0830 ** US Preliminary Non-Farm Productivity 1230/0830 ** CA International Merchandise Trade (Trade Balance) 1245/0845 CA BOC's Macklem appears at House finance committee. 1400/1000 ** US Factory New Orders 1430/1030 ** US Natural Gas Stocks 1530/1130 ** US US Bill 04 Week Treasury Auction Result 1530/1130 * US US Bill 08 Week Treasury Auction Result 2015/2215 EU ECB's Lane lecture at University of Stanford
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