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EUR Market Wrap

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  • Bunds closed 2-3bp tighter – our DM team flagged that a little more clarity around additional issuance burdens in the 2024 German supplementary budget may have helped drive the afternoon rebound in Bunds. Notable macro news flow was otherwise light, with fiscal-centric comments from EU economy minister Gentiloni and German finance minister Lindner adding little new to the debate.
  • Main/XO ended flat/+2bp at 51bp/284bp while €IG/€HY was +1bp/+2bp to give a WoW move of +2bp/+5bp with Utils lagging in IG at +2bp, joining Cyclical and Staples as the worst WoW performers at over 3bp wider though Capital Goods remains the worst MoM performer at -6bp compared to -31bp for the index.
  • SXXP ended -1.0% with all sectors in the red while SPX was +0.3%. Notable €IG movers included Capital One Financials +4%, KKR +4%, Kojamo -10%, Vestas Wind -6%, Kering -5%, Siemens -5%.
  • SX5E futures are -0.3% while SPX is +0.2% while China & Hong Kong's equity markets are mixed again today, with stocks in Hong Kong, particularly those linked to China's economy, facing declines amid concerns over economic growth prospects. Later the Fed’s Kugler speaks. There are US June retail sales, trade prices and July NAHB housing, as well as June Canadian CPI and euro area July ZEW data.

GMT/Local

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  • Bunds closed 2-3bp tighter – our DM team flagged that a little more clarity around additional issuance burdens in the 2024 German supplementary budget may have helped drive the afternoon rebound in Bunds. Notable macro news flow was otherwise light, with fiscal-centric comments from EU economy minister Gentiloni and German finance minister Lindner adding little new to the debate.
  • Main/XO ended flat/+2bp at 51bp/284bp while €IG/€HY was +1bp/+2bp to give a WoW move of +2bp/+5bp with Utils lagging in IG at +2bp, joining Cyclical and Staples as the worst WoW performers at over 3bp wider though Capital Goods remains the worst MoM performer at -6bp compared to -31bp for the index.
  • SXXP ended -1.0% with all sectors in the red while SPX was +0.3%. Notable €IG movers included Capital One Financials +4%, KKR +4%, Kojamo -10%, Vestas Wind -6%, Kering -5%, Siemens -5%.
  • SX5E futures are -0.3% while SPX is +0.2% while China & Hong Kong's equity markets are mixed again today, with stocks in Hong Kong, particularly those linked to China's economy, facing declines amid concerns over economic growth prospects. Later the Fed’s Kugler speaks. There are US June retail sales, trade prices and July NAHB housing, as well as June Canadian CPI and euro area July ZEW data.

GMT/Local

Keep reading...Show less