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EUR Market Wrap

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  • Bunds closed 3-4bp wider – as markets digested the US PPI report which our DM team flagged as a mixed set of component details that perhaps offered a moderately net softer take overall. WoW move stands at 6-7bps tighter out to the 10yr maturity.
  • Main/XO ended Friday -1.5bp/-7bp at 51bp/283bp to give a WoW move of -3bp/-31bp while €IG/€HY were flat/-3bp on the day and +1bp/+2bp on the week – Transport was the only sector tighter WoW while staples and cyclicals both widened by ~2bp as the worst performing sectors.
  • SXXP was +0.9% and SPX was +0.6% to give WoW moves of and 1.4% and +0.9% WoW respectively. Notable €IG movers on the week included Corning +19%, Mohawk Industries +15%, Verallia -16%, Maersk -12%, Barry Callebaut -8%.
  • Stoxx 50 futures are -0.6% while SPX futures are +0.2%. The presidential odds have swung further in favor of the Republicans and Trump over the weekend, post the assassination attempt. USTs opened lower, amid higher volumes, but didn't have follow through. The USD is firmer but sits away from best levels.
  • Looking ahead, the US Empire Survey is due. ECB speak from Lagarde is also out. Later on Fed speak from Chair Powell will be in focus (ahead of the blackout period):


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  • Bunds closed 3-4bp wider – as markets digested the US PPI report which our DM team flagged as a mixed set of component details that perhaps offered a moderately net softer take overall. WoW move stands at 6-7bps tighter out to the 10yr maturity.
  • Main/XO ended Friday -1.5bp/-7bp at 51bp/283bp to give a WoW move of -3bp/-31bp while €IG/€HY were flat/-3bp on the day and +1bp/+2bp on the week – Transport was the only sector tighter WoW while staples and cyclicals both widened by ~2bp as the worst performing sectors.
  • SXXP was +0.9% and SPX was +0.6% to give WoW moves of and 1.4% and +0.9% WoW respectively. Notable €IG movers on the week included Corning +19%, Mohawk Industries +15%, Verallia -16%, Maersk -12%, Barry Callebaut -8%.
  • Stoxx 50 futures are -0.6% while SPX futures are +0.2%. The presidential odds have swung further in favor of the Republicans and Trump over the weekend, post the assassination attempt. USTs opened lower, amid higher volumes, but didn't have follow through. The USD is firmer but sits away from best levels.
  • Looking ahead, the US Empire Survey is due. ECB speak from Lagarde is also out. Later on Fed speak from Chair Powell will be in focus (ahead of the blackout period):


Keep reading...Show less