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EUR Market Wrap

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  • 2y/10y bunds closed -6bp/-5bp as French political uncertainty continues to weigh on EGB spreads while prompting a bid in bunds. BTPs and OATs both 5bp wider vs. 10y bunds.
  • Main/XO were +3bp/+9bp while €IG/€HY were +2bp/+9bp to bring moves since Friday’s close to +3bp/+19bp with 1-3yr spreads underperforming +10yr spreads by 3bp so far this week and Energy and Fins taking the brunt of the move at +4bp/+6bp.
  • SXXP was -0.9% with Banks, Basic Resources and RE ~2% lower vs. the SPX which was +0.3%. Notable €IG movers included Naturgy -15%, Apple +7%, Covestro +7%, Naturgy -15%, Maersk -7%, Icade -7%. Stoxx 50 futures are +0.3%.
  • Up today:


GMT/Local

Impact

Country

Event

0600/0700

**

UK

UK Monthly GDP

0600/0700

**

UK

Trade Balance

0600/0700

**

UK

Index of Services

0600/0700

***

UK

Index of Production

0600/0700

**

UK

Output in the Construction Industry

0600/0800

***

DE

HICP (f)

0900/1000

*

UK

Index Linked Gilt Outright Auction Result

0930/1130

EU

ECB's Schnabel at German Finance Committee

1100/0700

**

US

MBA Weekly Applications Index

-

***

CN

Money Supply

-

***

CN

New Loans

-

***

CN

Social Financing

-

UK

Sky News- Election Leaders Event

1230/0830

***

US

CPI

1230/0830

*

CA

Intl Investment Position

1300/1500

EU

ECB's De Guindos at MNI Connect Event

1430/1030

**

US

DOE Weekly Crude Oil Stocks

1600/1200

***

US

USDA Crop Estimates - WASDE

1800/1400

**

US

Treasury Budget

1800/1400

***

US

FOMC Statement

1915/1515

CA

BOC Governor Macklem speaks at panel in Montreal.

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