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EUR Market Wrap

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  • 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.

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  • 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

Keep reading...Show less