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EUR Market Wrap

CREDIT PRE-MARKET


  • 2y/10y bunds closed -8bp/-6bp; European IP data and ECB speakers didn’t move markets much though there was a renewed core FI bid on much softer-than-expected US PPI data and higher-than-expected weekly jobless claims before a risk-off tone gripped European markets into the close. DM team flagged no fresh news catalyst through the pessimistic theme and uncertainty surrounding French politics clearly pervades.
  • Main/XO closed +3bp/+12bp while €IG/€HY were +1bp/+5bp with all IG sectors wider and Energy/Financials underperforming slightly.
  • SXXP closed -1.3% with all sectors aside from Personal Care, Drugs & Groceries in the red while the SPX ended +0.2%. Notable €IG movers included Warner Bros -7%, Mobico -6%, Worldline -6%, Forvia -6%, BT +4%, Severn Trent +4%. Stoxx 50 futures -1.7%. Up today:


GMT/Local

Impact

Country

Event

0600/0800

***

SE

Inflation Report

0645/0845

***

FR

HICP (f)

0830/0930

**

UK

Bank of England/Ipsos Inflation Attitudes Survey

0900/1100

*

EU

Trade Balance

0900/1100

EU

ECB's Lane participates at Dubrovnik Economic Conference

0900/1100

EU

ECB's De Guindos at Carlos V European Prize Ceremony

1230/0830

**

US

Import/Export Price Index

1230/0830

**

CA

Monthly Survey of Manufacturing

1230/0830

**

CA

Wholesale Trade

1330/1530

EU

ECB's Schnabel in European Fiscal Board Meeting

1400/1000

**

US

U. Mich. Survey of Consumers

1700/1300

**

US

Baker Hughes Rig Count Overview - Weekly

1730/1930

EU

ECB's Lagarde Speech at Dubrovnik Economic Conference

1800/1400

US

Chicago Fed's Austan Goolsbee

2300/1900

US

Fed Governor Lisa Cook

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