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EUR Market Wrap

CREDIT PRE-MARKET


  • Bunds were 3-4bps - holding onto most of the prior day’s gains while grinding steadily wider over the session as the market digested US continuing claims that were higher than expected but still rangebound and slightly weaker than expected US IP.
  • Main/XO were flat/-1.3bp with readings just below 51bp/290bp while €IG/€HY were -0.5bp/-6bp to bring WoW moves to broadly flat with short-end spreads outperforming and IG staples lagging slightly.
  • SXXP was -0.2% with Insurance outperforming at +1%. Notable €IG movers include in the European session included Sage -9%, BT +17%, Siemens -6%, Easyjet -6%, Inmobliaria Colonial +4%.
  • Asian equities mostly lower today ending a 5 day winning streak; tech stocks have been the biggest detractor in the region and weak Chinese data hasn't done much to help the market. Stoxx 50 futures -0.4%. Up today:

GMT/Local

Impact

Country

Event

0720/0920

EU

ECB's De Guindos at Banking Sector Industry Meeting

0800/0900

UK

BOE's Mann Speech at Economics Statistics Centre of Excellence Conference

0900/1100

***

EU

HICP (f)

1230/0830

*

CA

International Canadian Transaction in Securities

1415/1015

US

Fed Governor Christopher Waller

1700/1300

**

US

Baker Hughes Rig Count Overview - Weekly

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