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EUR Market Wrap

CREDIT UPDATE


  • Bunds are 0-1bp wider – DM team flagged that although Spanish flash inflation was lower-than-expected, Bunds retraced modest gains after the German state-level inflation data suggested modest upside risks to the national print at 1pm BST. Preliminary Q2 GDP prints were a mixed bag, with German growth softer than consensus, Spanish and French growth stronger, and Italy in-line. Overall, Eurozone Q2 GDP was estimated at 0.3% Q/Q (vs 0.2% cons, 0.3% prior).
  • Main/XO are -0.3bp/-2bp at 54.6bp/295bp while €IG/€HY looks flat/-2bp. €IG primary kept open by Lloyds with a 6.25NC5.25 Green that looks to be pricing with a 5bp NIC to our FV. Session looks relatively low vol; Thames mixed with 27s -15bp, 28s +13bp, Eurofins 2-3bps tighter.
  • SXXP is +0.4% with Basic Resources the biggest mover at -1.4% while SPX futures are flat. Notable €IG movers included Aliaxis +7%, Raiffeisen +6%, Standard Chartered +6%, DSM Firmenich +5%, Diageo -8%, Unicaja -4%.
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