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EUR Market Wrap

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  • 2y/10y bunds closed -1bp/+1bp after drifting higher through the ECB’s press conference. President Lagarde’s comments unsurprisingly gave little away on the timing of the next rate cut, though we note a seemingly increased emphasis on downside risks to the growth outlook (and net exports in particular) compared to previous press conferences.
  • Main/XO ended +0.7bp/+2bp at 53.8bp/294bp while €IG/€HY were -0.7bp/+2bp with the primary market closed.
  • SXXP ended flat while Tech shed another 1.8% and is now the worst WoW and MoM performer at -6% and -5%. SPX was -0.8%. Notable €IG movers included Telia +7%, Volvo +6%, Eli Lilly -6%, Whirlpool -6%, ABB Ltd -6%.
  • SX5E futures +0.1% while SPX futures are +0.2% while US Treasury futures are lower, with the front-end underperforming. Looking ahead, we have UK retail sales, followed by more Fed speak later.


GMT/Local

Impact

Country

Event

0600/0700

***

UK

Retail Sales

0600/0700

***

UK

Public Sector Finances

0600/0800

**

DE

PPI

0800/1000

**

EU

EZ Current Account

1230/0830

*

CA

Industrial Product and Raw Material Price Index

1230/0830

**

CA

Retail Trade

1440/1040

US

New York Fed's John Williams

1700/1300

**

US

Baker Hughes Rig Count Overview - Weekly

1700/1300

US

Atlanta Fed's Raphael Bostic

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