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EUR Market Wrap

CREDIT PRE-MARKET
  • Bunds closed 3-6bp tighter after moving off intraday richest levels as NY participants filtered in after a morning rally may have partially reflected an intensification in Middle East geopolitics over the weekend, although one would not necessarily expect 10-year peripheral spreads to Bunds to trade tighter in such an environment.
  • Main/XO ended +0.7bp/+2bp at 54.9bp/297bp while €IG/€HY was +0.6bp/+1bp with all IG sectors wider on the day and on the week with Tech underperforming slightly on the day at over +1bp and Cyclicals/Energy lagging on the week at over +2bp. Primary was open against a quitter earning/macro calendar with deals from Vodafone, NatWest, Edenred and Astrazeneca.
  • SXXP ended -0.2% with Autos extending recent underperformance at -1.3% (also the worst performer WoW at -4.7% and over the past 3m at -14.7% vs. SXXP essentially flat over these periods) while SPX was +0.1%. €IG movers included Phillips +15%, Revvity +9%, Bank of Valletta +7%, Reckitt Benkiser -9%, Heineken -9%.
  • SPX futures are +0.2% while SPX futures are flat. It has been a subdued trading session for US tsys, ranges have been very tight while volumes are below average. Later there are US May housing data, June JOLTS job openings and July consumer confidence and in Europe, euro area Q2 GDP, July economic sentiment and German preliminary July CPI.
  • DM team’s July Eurozone inflation preview: https://roar-assets-auto.rbl.ms/files/65484/July2024EZCPIPreview.pdf.
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