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EUR Market Wrap

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  • 2y/10y bunds closed -3bp/-4bp after the Spanish flash HICP was a tenth above consensus and EC’s Economic Confidence reading was broadly in line while EZ unemployment reached an all-time low of 6.4. US data provided a modest bid but didn’t move the needle hugely.
  • Main/XO closed -0.4bp/-2bp while €IG/€HY closed flat/-1.5bp. Energy was the only IG sector wider while Tech and Basic Ind outperformed marginally. Primary closed.
  • SXXP ended +0.6% with Energy and Tech the only sectors lower. €IG movers included Whirlpool +6%, Worldline +6%, Warner Bros +6%, RBC +5%, Acciona +5%, SAP -5%, Oracle -5%, VW -5%, Dell -5%, Pirelli -5%.
  • Asian equities are broadly higher as the latest round of US data signalled momentum is slowing, boosting the case for Fed cuts. Stoxx 50 futures are flat. Up today:

GMT/Local

Impact

Country

Event

0600/0800

**

DE

Retail Sales

0600/0800

**

DE

Import/Export Prices

0600/0700

*

UK

Nationwide House Price Index

0630/0730

UK

DMO to release FQ2 (Jul-Sep) gilt operations calendar

0630/0830

**

CH

Retail Sales

0645/0845

***

FR

HICP (p)

0645/0845

**

FR

PPI

0645/0845

**

FR

Consumer Spending

0645/0845

***

FR

GDP (f)

0800/1000

***

IT

GDP (f)

0830/0930

**

UK

BOE M4

0830/0930

**

UK

BOE Lending to Individuals

0900/1100

***

EU

HICP (p)

0900/1100

***

IT

HICP (p)

1230/0830

**

US

Personal Income and Consumption

1230/0830

***

CA

GDP - Canadian Economic Accounts

1230/0830

***

CA

Gross Domestic Product by Industry

1230/0830

***

CA

CA GDP by Industry and GDP Canadian Economic Accounts Combined

1230/0830

**

US

WASDE Weekly Import/Export

1345/0945

***

US

MNI Chicago PMI

1500/1100

CA

Finance Dept monthly Fiscal Monitor (expected)

1700/1300

**

US

Baker Hughes Rig Count Overview - Weekly

2215/1815

US

Atlanta Fed's Raphael Bostic

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