May 21, 2024 05:39 GMT
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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