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EUR Market Wrap

CREDIT PRE-MARKET


  • 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

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