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EUR Market Wrap

CREDIT PRE-MARKET
  • Bunds closed flat to slightly wider with volumes light due to the observance of the Whit Monday public holiday across many Eurozone countries.
  • Main/XO closed -1bp/-3bp, playing catchup to the late rally in CDX IG/HY on Friday while €IG/€HY were flat/+3bp with IG energy outperforming at -1bp. EUR primary closed.
  • SXXP was flat with Industrial G&S +1% and Autos -0.8% with Autos the worst MoM sub-index at -5%. Notable €IG movers in the European session included Tauron Polska +9% and Epiroc Aktiebolag +7%.
  • Asian markets are broadly lower with the CSI 0.4% lower and Hang Seng close to 2% lower following Li Auto's 19% drop on Q1 results while Tech is lower after Tencent shut down new game DNF Mobile within an hour of debut. Stoxx 50 futures are -0.3%. Up today:

GMT/Local

Impact

Country

Event

0600/0800

**

DE

PPI

0800/1000

**

EU

Current Account

0900/1100

**

EU

Construction Production

0900/1100

*

EU

Trade Balance

0900/1000

**

UK

Gilt Outright Auction Result

1000/1100

**

UK

CBI Industrial Trends

1230/0830

***

CA

CPI

1230/0830

**

US

Philadelphia Fed Nonmanufacturing Index

1255/0855

**

US

Redbook Retail Sales Index

1300/0900

US

Fed Governor Christopher Waller

1530/1130

*

US

US Treasury Auction Result for Cash Management Bill

1545/1145

US

Fed Vice Chair Michael Barr

1700/1800

UK

BOE's Bailey Lecture at LSE

2300/1900

US

Atlanta Fed's Raphael Bostic

2300/1900

US

Cleveland Fed President Loretta Mester

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