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EUR Market Wrap

CREDIT PRE-MARKET
  • 2y/10y bunds closed flat/+3bp – our DM team flagging that bunds remained near intraday lows even with the BoE decision leaning dovish and in light of a higher-than-expected U.S. initial jobless claims reading.
  • Main/XO closed flat as did €IG/€HY with all €IG sectors marginally in the green. No primary given European holiday.
  • SXXP also closed flat with Autos -1% and Basic Resources +1%. Notable €IG movers in the European session included Tauron Polska +5%, BBVA -7%.
  • Asian markets are broadly higher with the Hang Seng +2% on continued property shares strength while China mainland shares are flat on reports the US is set to impose tariffs on Chinese EVs and other strategic sectors. Stoxx 50 futures are +0.3%. Up today:

GMT/Local

Impact

Country

Event

0600/0700

**

UK

UK Monthly GDP

0600/0700

**

UK

Trade Balance

0600/0700

***

UK

GDP First Estimate

0600/0700

**

UK

Index of Services

0600/0700

***

UK

Index of Production

0600/0700

**

UK

Output in the Construction Industry

0600/0800

**

SE

Private Sector Production m/m

0600/0800

***

NO

CPI Norway

0700/0900

EU

ECB's Cipollone presentation on digital euro

0800/1000

*

IT

Industrial Production

0845/1045

EU

ECB's Elderson in roundtable at ASVIS/ECCO

1115/1215

UK

BOE's Pill at National MPC Agency Briefing

1145/1245

UK

BOE's Dhingra remarks at KCL Econdat Conference

-

***

CN

Money Supply

-

***

CN

New Loans

-

***

CN

Social Financing

1230/0830

***

CA

Labour Force Survey

1300/0900

US

Fed Governor Michelle Bowman

1400/1000

**

US

U. Mich. Survey of Consumers

1400/1000

US

Dallas Fed's Lorie Logan

1400/1000

US

Minneapolis Fed's Neel Kashkari

1600/1200

***

US

USDA Crop Estimates - WASDE

1645/1245

US

Chicago Fed's Austan Goolsbee

1700/1300

**

US

Baker Hughes Rig Count Overview - Weekly

1730/1330

US

Fed Vice Chair Michael Barr

1800/1400

**

US

Treasury Budget

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