EUR Market Wrap
- 2y/10y bunds closed -4bp/-6bp in a steady grind tighter across much of the session – DM team flagged the fall in commodity prices as the main driver with Euro consumer confidence coming in-line.
- Main/XO ended +0.5bp/+1bp at 53.4bp/293bp while €IG/€HY was -0.5bp/+0.5bp with Energy the only IG sector wider on the day. Energy remains the second best performer YTD, essentially flat to €IG with Fins the best performer at -13bp vs. the €IG index. Just the one IG deal from Mitsubishi in a EUR 500mn A3/A- WNG that tightened 30bp to price with a NIC of 5bp and a cover of 2.5x.
- SXXP ended +0.1% while SPX was -0.2% for WoW moves of -0.4% and -2%. €IG movers included SAP +7%, Sartorious +7%, GE +6%, Danaher +5%, Edenred -13%, UPS -12%, Paccar -11%, Thales -7%, GM -6%.
- SX5E and SPX futures are -0.5% and Asian markets are mostly lower today, following disappointing earnings from major tech companies. USTs have been a subdued trading day in Asia today, yields are flat to 1bps lower.
- Later the Fed’s Bowman and Logan give remarks and the ECB’s Buch, Lane and de Guindos appear. The Bank of Canada decision is also announced – a 25bp cut is forecast. In terms of data, US/European preliminary July PMIs and US June trade and new home sales are released.
Date |
GMT/Local
Impact
Country
Event
24/07/2024
0600/0800
*
DE
GFK Consumer Climate
24/07/2024
0645/0845
EU
ECB's de Guindos at ECB/IMF conference
24/07/2024
0700/0900
**
ES
PPI
24/07/2024
0715/0915
**
FR
S&P Global Services PMI (p)
24/07/2024
0715/0915
**
FR
S&P Global Manufacturing PMI (p)
24/07/2024
0730/0930
**
DE
S&P Global Services PMI (p)
24/07/2024
0730/0930
**
DE
S&P Global Manufacturing PMI (p)
24/07/2024
0800/1000
**
EU
S&P Global Services PMI (p)
24/07/2024
0800/1000
**
EU
S&P Global Manufacturing PMI (p)
24/07/2024
0800/1000
**
EU
S&P Global Composite PMI (p)
24/07/2024
0830/0930
***
UK
S&P Global Manufacturing PMI flash
24/07/2024
0830/0930
***
UK
S&P Global Services PMI flash
24/07/2024
0830/0930
***
UK
S&P Global Composite PMI flash
24/07/2024
0900/1000
**
UK
Gilt Outright Auction Result
24/07/2024
1100/0700
**
US
MBA Weekly Applications Index
24/07/2024
1200/1400
EU
ECB's Lane at ECB/IMF conference
24/07/2024
1345/0945
CA
BOC Monetary Policy Report
24/07/2024
1345/0945
***
CA
Bank of Canada Policy Decision
24/07/2024
1345/0945
***
US
S&P Global Manufacturing Index (Flash)
24/07/2024
1345/0945
***
US
S&P Global Services Index (flash)
24/07/2024
1400/1000
***
US
New Home Sales
24/07/2024
1430/1030
**
US
DOE Weekly Crude Oil Stocks
24/07/2024
1430/1030
CA
BOC Governor Press Conference
24/07/2024
1530/1130
**
US
US Treasury Auction Result for 2 Year Floating Rate Note
24/07/2024
1700/1300
*
US
US Treasury Auction Result for 5 Year Note