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EUR Market Wrap

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  • 2y/10y bunds closed -5bp/-3bp after EGBs sold off alongside US Tsys following the stronger-than-expected US flash PMI print in the afternoon, erasing much of the morning’s regional PMI-induced gains. The WoW move stands at +2bp/+5bp.
  • Main/XO ended +1bp/+4bp at 62bp/325bp. €IG/€HY was flat/+3bp with a WoW move of -1bp/-7bp though the MoM stands at +12bp/+10bp. The week saw 1-3yr spreads outperform +10yr spreads by close to 5bp as Energy/Fins outperformed at -3bp while Cap Goods underperformed at +3bp.
  • SXXP was -1% with only T&L staying out of the red on Friday. WoW the index was flat compared to SPX which was closer to +1%. Notable WoW €IG movers included Albemarle -13%, Flutter +9%, Teleperformance +8%, Carlsberg -8%, Sartorious -8%, Dell +7%, Infineon -7%, Phoenix Group +7%, Origin Energy +7%. Stoxx 50 futures are -0.8%. Up today:

GMT/Local

Impact

Country

Event

0700/0300

US

Fed Governor Christopher Waller

0800/1000

***

DE

IFO Business Climate Index

1000/1100

**

UK

CBI Industrial Trends

1300/1500

**

BE

BNB Business Sentiment

1430/1030

**

US

Dallas Fed manufacturing survey

1530/1730

EU

ECB's Schnabel in panel on 'Investing in Sovereignty"

1530/1130

*

US

US Treasury Auction Result for 26 Week Bill

1530/1130

*

US

US Treasury Auction Result for 13 Week Bill

1730/1330

CA

BOC Governor Macklem speech in Winnipeg.

1800/1400

US

San Francisco Fed's Mary Daly

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