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EUR Market Wrap

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  • 2y bunds closed +2bp but flatter further out after yields moved lower in the afternoon led by USTs as US core PCE came in line and personal spending and the Chicago PMI came in below expectations. WoW moves for 2y/10y bunds stand at flat/+8bp.
  • Main/XO were flat/+2bp on Friday to give WoW moves of +1bp/+6bp compared to -1bp WoW for CDX IG/HY. €IG/€HY were flat on Friday and flat/-3bp WoW with all sectors within 1bp either side of flat on the week.
  • SXXP was +0.3% on Friday to and -0.6% WoW with SPX also flat on the week. WoW €IG movers included Dell -13%, Capgemini -12%, VF Corp +8%, Warner Bros +8%, Bank of Montreal -7%, Renault +6%.
  • Asian stocks are higher after in the wake of Friday’s US inflation data which bolstered expectations for rate cuts. Stoxx 50 futures are +0.8%. Up today:

GMT/Local

Impact

Country

Event

0700/0300

*

TR

Turkey CPI

0715/0915

**

ES

S&P Global Manufacturing PMI (f)

0745/0945

**

IT

S&P Global Manufacturing PMI (f)

0750/0950

**

FR

S&P Global Manufacturing PMI (f)

0755/0955

**

DE

S&P Global Manufacturing PMI (f)

0800/1000

**

EU

S&P Global Manufacturing PMI (f)

0830/0930

**

UK

S&P Global Manufacturing PMI (Final)

-

***

US

Domestic-Made Vehicle Sales

1345/0945

***

US

S&P Global Manufacturing Index (final)

1400/1000

***

US

ISM Manufacturing Index

1400/1000

*

US

Construction Spending

1530/1130

*

US

US Treasury Auction Result for 13 Week Bill

1530/1130

*

US

US Treasury Auction Result for 26 Week Bill

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