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EUR Market Wrap

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  • Bunds closed 3-4bps wider after the ECB provided little insight surrounding the future monpol path, as Lagarde underscored a data-dependent stance, albeit pointing to the likelihood that the ECB has started “dialling back” the restriction phase.
  • Main/XO closed flat while €IG/€HY were flat/-6bp with all IG sectors slightly in the green and Energy outperforming at -1bp. Primary was closed.
  • SXXP ended +0.7% while the SPX closed flat. Notable €IG movers included Aroundtown -6%, DSV A/S +5%, Edenred +5%, National Grid -4%. Stoxx 50 futures are flat. Up today:

GMT/Local

Impact

Country

Event

0600/0800

**

DE

Trade Balance

0600/0800

**

DE

Industrial Production

0645/0845

*

FR

Foreign Trade

0800/1000

EU

ECB's Schnabel participates in panel discussion at the Federal Ministry of Finance

0900/1100

***

EU

GDP (final)

0900/1100

*

EU

Employment

-

***

CN

Trade

1230/0830

***

US

Employment Report

1230/0830

***

CA

Labour Force Survey

1400/1000

**

US

Wholesale Trade

1415/1615

EU

ECB's Lagarde in Atelier Maurice Allais

1700/1300

**

US

Baker Hughes Rig Count Overview - Weekly

1900/1500

*

US

Consumer Credit

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