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  • Short-end bunds were up to 2bp wider while the long-end was up to 6bp tighter following the weaker-than-expected US ISM services reading, buoyed by the rally in Treasuries.
  • Main/XO closed -3bp/-12bp to bring MoM moves to +2bp/-1bp while €IG/€HY was -3bp/flat with 1-3yr and +10yr IG spreads outperforming at closer -4bp while Energy lagged at -1bp and Fins outperformed at -4bp.
  • SXXP closed +0.7% (with Health the only sector in the red at -0.8%) vs. SPX +0.5%. Notable €IG movers included Grenke +16%, Altarea +9%, Mobico +8%, Continental +7%, Hammerson +6%, IAG +6%, Cromwell Property -4%, Novo Nordisk -3%. SX5E futures are flat.
  • Up today:

DateGMT/LocalImpactFlagCountryEvent
04/07/20240545/0745**CHUnemployment
04/07/20240600/0800**DEManufacturing Orders
04/07/20240630/0830***CHCPI
04/07/20240730/0930**EUS&P Global Final Eurozone Construction PMI
04/07/20240830/0930**UKS&P Global/CIPS Construction PMI
04/07/20240830/0930UKDecision Making Panel Data
04/07/20240900/1100EUECB's Lane Lecture at University of Naples
04/07/2024-UKGeneral Election
04/07/20241415/1615EUECB's Cipollone speech at 15th edition of National Statistics conference
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  • Short-end bunds were up to 2bp wider while the long-end was up to 6bp tighter following the weaker-than-expected US ISM services reading, buoyed by the rally in Treasuries.
  • Main/XO closed -3bp/-12bp to bring MoM moves to +2bp/-1bp while €IG/€HY was -3bp/flat with 1-3yr and +10yr IG spreads outperforming at closer -4bp while Energy lagged at -1bp and Fins outperformed at -4bp.
  • SXXP closed +0.7% (with Health the only sector in the red at -0.8%) vs. SPX +0.5%. Notable €IG movers included Grenke +16%, Altarea +9%, Mobico +8%, Continental +7%, Hammerson +6%, IAG +6%, Cromwell Property -4%, Novo Nordisk -3%. SX5E futures are flat.
  • Up today:

DateGMT/LocalImpactFlagCountryEvent
04/07/20240545/0745**CHUnemployment
04/07/20240600/0800**DEManufacturing Orders
04/07/20240630/0830***CHCPI
04/07/20240730/0930**EUS&P Global Final Eurozone Construction PMI
04/07/20240830/0930**UKS&P Global/CIPS Construction PMI
04/07/20240830/0930UKDecision Making Panel Data
04/07/20240900/1100EUECB's Lane Lecture at University of Naples
04/07/2024-UKGeneral Election
04/07/20241415/1615EUECB's Cipollone speech at 15th edition of National Statistics conference