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EUR Market Wrap

CREDIT UPDATE
  • Bunds are 2-4bp wider – our DM team flagged earlier an extension of the recovery in crude oil as adding to the pressure derived from USTs and JGBs, leaving EGBs and gilts lower on the day.
  • Main/XO are +0.5bp/+2bp while FICM shows €IG/€HY at -0.1bp/-0.8bp; adjusting for swaps we see €IG -0.5bp with Energy again outperforming. Primary closed due to the European holiday and low vol day with little in the way of notable corp curve movers.
  • SXXP is flat with Autos again the biggest mover at -1.3%. Notable €IG movers include CPI +7%, Orix +6%, BBVA -6%, Westpac -6%.

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