Free Trial

EUR Market Wrap

CREDIT PRE-MARKET


  • •2y/10y bunds closed +5bp/+3bp after widening into the close led by USTs – DM team flagged no obvious headline driver or block for the UST move, some desks cited incoming Treasury coupon supply (2s, 5s, 7s and 2Y FRN) or possibly some hedging of election risk.
  • •Main/XO ended -1.4bp/-5bp at 52.9bp/292bp while €IG/€HY was -0.3bp/-3bp with markets closed and Energy outperforming slightly in IG at -0.9bp.
  • •SXXP ended -0.2% with T&L holding onto earlier losses at -3.8% while SPX was +0.4%. Notable €IG movers included Rentokil +8%, PostNL +7%, Ryanair -17%, Easyjet -7%, Verizon -6%.
  • •Stoxx 50 futures are +0.1% while SPX futures are -0.2%. DM team flagged a quiet overnight session though noted headlines crossed that Kamala Harris has secured enough delegates to be the Democrat nominee for President. US Treasury futures have edged higher throughout the session, with the long-end slightly out-performing. Looking ahead, another quiet day with only the ECB’s Lane speaking and US July Philly & Richmond Fed indices, and June existing home sales released.

GMT/Local

Impact

Country

Event

0900/1000

*

UK

Index Linked Gilt Outright Auction Result

1100/0700

***

TR

Turkey Benchmark Rate

1230/0830

**

US

Philadelphia Fed Nonmanufacturing Index

1255/0855

**

US

Redbook Retail Sales Index

1400/1600

**

EU

Consumer Confidence Indicator (p)

1400/1000

***

US

NAR existing home sales

1400/1000

**

US

Richmond Fed Survey

1530/1130

*

US

US Treasury Auction Result for Cash Management Bill

1700/1300

*

US

US Treasury Auction Result for 2 Year Note

2300/0900

***

AU

Judo Bank Flash Australia PMI

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.