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EUR Market Wrap

CREDIT UPDATE


  • 2y/10y bunds are 1-2bp wider – DM team flagged that today’s regional data hasn’t been market moving. ECB consumer inflation expectations were steady at 1/3-year horizons, while Italian and French consumer confidence improved a little.
  • Main/XO are -0.5bp/-3bp at 54.5bp/297bp while €IG/€HY looks flat/-1bp in a low vol session. Primary is closed; €IG curve movers include Segro Capital (+2-3bps), Acef Holding (-3-4bps), Fastighets Balder (-2-4bps), Capgemini (+1-3bps), Tikhehau Capital (mixed, up to 4bp tighter and 2bp wider).
  • SXXP is +0.5% with RE and Food & Bev both -0.5% while SPX futures are +0.8%. Notable €IG movers include Essilorluxottica +8%, Natwest +6%, Babcock International +5%, Wendel +5%, Capgemini -7%, Signify -6%, Nissan -4%, Toyota -4%.

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