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EUR Market Wrap

CREDIT PRE-MARKET


  • Bunds closed 1-3bp wider against low liquidity on the US holiday; softer-than-expected German factory orders had no lasting impact.
  • Main/XO ended -4bp/-15bp at 54bp/292bp while €IG/€HY was -2bp/-5bp against a closed primary market; IG performance was even across the curve (1-3yr outperforming +10yr by 15bp YTD) and across sectors. YTD Fins are -41bp and Energy -33bp while Basic Ind, Cap Goods, Tech and Utils lag at less than -20bp.
  • SXXP closed +0.6% to bring the WoW move into positive territory while SPX was closed. €IG movers included Smith & Nephew +7%, Norstar +6%, Continental +6%, Nissan +5%, Iberdrola -4%.
  • SX5E futures are +0.1% while Asian equities are mixed. Up today:

GMT/Local

Impact

Country

Event

0600/0800

**

DE

Industrial Production

0600/0800

**

SE

Private Sector Production m/m

0645/0845

*

FR

Industrial Production

0645/0845

*

FR

Foreign Trade

0700/0900

**

ES

Industrial Production

0700/0900

EU

The ECB Podcast - War, geopolitics and the economy

0900/1100

**

EU

Retail Sales

0900/1100

*

IT

Retail Sales

0940/0540

US

New York Fed's John Williams

1215/1415

EU

ECB's Elderson in Panel on data culture at DiFoR Conference

1230/0830

***

US

Employment Report

1230/0830

***

CA

Labour Force Survey

1230/0830

**

US

WASDE Weekly Import/Export

1400/1000

*

CA

Ivey PMI

1700/1300

**

US

Baker Hughes Rig Count Overview - Weekly

1715/1915

EU

ECB's Lagarde speech at Les Rencontres Economiques d'Aix-en-Provence 2024

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