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EUR Market Wrap

CREDIT PRE-MARKET


  • Bunds closed 2-4bp wider – DM team flagged that EGBs started the session weakly, but rallied at midday London time led by Gilts after the minutes of the BoE meeting noted the decision to hold rates was "finely balanced" for some before pulling back in the afternoon on apparent reconsideration of soft US economic data.
  • Main/XO ended -1bp/-7bp at 61bp/321bp while €IG/€HY was -1bp/-3bp with short-dated spreads taking WoW outperformance to 3bp while IG Cap Goods underperformed at flat and Energy outperformed at -1bp (best WoW performer at +7bp).
  • SXXP closed +1% with all sectors in the green while SPX was -0.25%. SX5E futures are flat. Notable €IG movers included BCP +8%, Forvia +5%, Technip +4%, Albemarle -6%, Lufthansa -4%. Up today:


GMT/Local

Impact

Country

Event

0600/0700

***

UK

Retail Sales

0600/0700

***

UK

Public Sector Finances

0645/0845

**

FR

Manufacturing Sentiment

0700/0900

EU

ECB's De Guindos participates in ECONFIN meeting

0715/0915

**

FR

S&P Global Services PMI (p)

0715/0915

**

FR

S&P Global Manufacturing PMI (p)

0730/0930

**

DE

S&P Global Services PMI (p)

0730/0930

**

DE

S&P Global Manufacturing PMI (p)

0800/1000

**

EU

S&P Global Services PMI (p)

0800/1000

**

EU

S&P Global Manufacturing PMI (p)

0800/1000

**

EU

S&P Global Composite PMI (p)

0830/0930

***

UK

S&P Global Manufacturing PMI flash

0830/0930

***

UK

S&P Global Services PMI flash

0830/0930

***

UK

S&P Global Composite PMI flash

1230/0830

*

CA

Industrial Product and Raw Material Price Index

1230/0830

**

CA

Retail Trade

1230/0830

**

US

WASDE Weekly Import/Export

1345/0945

***

US

S&P Global Manufacturing Index (Flash)

1345/0945

***

US

S&P Global Services Index (flash)

1400/1000

***

US

NAR existing home sales

1530/1630

UK

BoE APF Sales Schedule for Q3

1700/1300

**

US

Baker Hughes Rig Count Overview - Weekly

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