May 24, 2024 05:58 GMT
EUR Market Wrap
CREDIT PRE-MARKET
- Bunds closed 4-7bp wider with most of the move coming in line with USTs after lower-than-expected weekly claims. WoW move at close to +15bp out to 10yr.
- Main/XO ended +0.5/1bp to bring the WoW moves to essentially flat €IG/€HY was -1bp/-6bp to give WoW moves of -3bp/-16bp with short-dated IG spreads outperforming by 4bp on the week and Energy/Fins tighter by 5bp.
- SXXP closed -0.3%. Notable €IG movers in the European session included Siemens +4%, National Grid -11%, Orlen SA -8%, Mobico -8%.
- Asian equities are lower with the ASX, Nikkei and Hang Seng all over 1% lower with Hong Kong continuing a four day losing streak HK markets have continued their four day losing streak as US rate cut expectations are pushed back while also facing property sector concerns. Stoxx 50 futures are -0.5%. Up today:
GMT/Local |
Impact
Country
Event
0600/0700
***
UK
Retail Sales
0600/0800
***
DE
GDP (f)
0600/0800
**
SE
PPI
0645/0845
**
FR
Manufacturing Sentiment
0700/0900
**
ES
PPI
0700/0900
EU
ECB's Schnabel speech at Germany PhD conference
1230/0830
*
CA
Quarterly financial statistics for enterprises
1230/0830
**
CA
Retail Trade
1230/0830
**
US
Durable Goods New Orders
1335/0935
US
Fed Governor Christopher Waller
1400/1000
**
US
U. Mich. Survey of Consumers
1700/1300
**
US
Baker Hughes Rig Count Overview - Weekly
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