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EUR Market Wrap

CREDIT UPDATE
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  • Bunds are +3bps at the short end but flat at the long-end with yields off intraday lows as the market digests this mornings PMIs and wage data.
  • Main/XO are -0.3bp/1.5bp while FICM shows €IG/€HY at +0.5bp/-3.2bp though we see moves closer to -1bp/-4.5bp vs. govies with Fins outperforming slightly. Supply recap to follow.
  • €IG movers include Thames (notably steeper, potentially on election news), Depfa (6bp tighter, no news), VF Corp (up to 7bp wider on earnings), Aareal (up to 9bp tighter, in the market today).
  • SXXP is flat with Tech +2% and Utilities -2% while SPX futures are also flat. €IG movers include ASML +3%, Infineon +2%, National Grid -11%, Orlen -7%, Severn Trent -5%.
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  • Bunds are +3bps at the short end but flat at the long-end with yields off intraday lows as the market digests this mornings PMIs and wage data.
  • Main/XO are -0.3bp/1.5bp while FICM shows €IG/€HY at +0.5bp/-3.2bp though we see moves closer to -1bp/-4.5bp vs. govies with Fins outperforming slightly. Supply recap to follow.
  • €IG movers include Thames (notably steeper, potentially on election news), Depfa (6bp tighter, no news), VF Corp (up to 7bp wider on earnings), Aareal (up to 9bp tighter, in the market today).
  • SXXP is flat with Tech +2% and Utilities -2% while SPX futures are also flat. €IG movers include ASML +3%, Infineon +2%, National Grid -11%, Orlen -7%, Severn Trent -5%.