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EUR Market Wrap

CREDIT UPDATE
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  • Core/semi-core EGBs continue to exhibit weakness, with Bunds 2bp cheaper and now below their pre-US-CPI/retail sales levels from Wednesday. DM team flagging overnight comments from Schnabel who told Nikkei that a July cut was unlikely based on current data.
  • Main/XO are flat/+1.5bp while €IG/€HY looks flat/-1.5bp with Healthcare lagging slightly in IG. Primary closed though we have two mandates from Amcor and Redexis.
  • Curve movers include DXC (up to 6bp wider on weak FCF guidance), CPI Property (up to 9bps tighter), Depfa (up to 5bp tighter), Brenntag (up to 4bp wider).
  • SXXP is -0.3% while SPX futures are flat. Notable €IG movers include Compagnie Financiere Richemont SA +6% and Scor SE -8%.
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  • Core/semi-core EGBs continue to exhibit weakness, with Bunds 2bp cheaper and now below their pre-US-CPI/retail sales levels from Wednesday. DM team flagging overnight comments from Schnabel who told Nikkei that a July cut was unlikely based on current data.
  • Main/XO are flat/+1.5bp while €IG/€HY looks flat/-1.5bp with Healthcare lagging slightly in IG. Primary closed though we have two mandates from Amcor and Redexis.
  • Curve movers include DXC (up to 6bp wider on weak FCF guidance), CPI Property (up to 9bps tighter), Depfa (up to 5bp tighter), Brenntag (up to 4bp wider).
  • SXXP is -0.3% while SPX futures are flat. Notable €IG movers include Compagnie Financiere Richemont SA +6% and Scor SE -8%.