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EUR Market Wrap

CREDIT UPDATE
  • Bunds closed 7-9bps tighter after EZ PMI for the most part shows improving but still contractionary readings (with the exception of Italy which saw the lowest reading of the year) before rallying in the PM alongside USTs on US survey data and the sell-off in oil futures.
  • Main/XO closed -1bp/-6bp while €IG/€HY was +1bp/-16bp with short-dated IG bonds notably underperforming (1-3yr +2.5bp, +10yr -2.5bp) with all sectors wider and Tech underperforming.
  • SXXP closed +0.6% while SPX closed flat. Notable €IG movers included Tritax Eurobox +11%, GSK -10%, Deutsche Pfandbriefban +5%, Dell -5%, Solvay.
  • Regional Asian equities are mostly lower today, markets have had little direction as they await further US data before making a directional change. Stoxx 50 futures +0.4%. Up today:

GMT/Local

Impact

Country

Event

0630/0830

***

CH

CPI

0755/0955

**

DE

Unemployment

0900/1000

**

UK

Gilt Outright Auction Result

1255/0855

**

US

Redbook Retail Sales Index

1400/1000

**

US

Factory New Orders

1400/1000

***

US

JOLTS jobs opening level

1400/1000

***

US

JOLTS quits Rate

1530/1130

*

US

US Treasury Auction Result for Cash Management Bill

2000/2100

UK

Sunak Vs Starmer : ITV Debate

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