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EUR Market Wrap

CREDIT UPDATE


  • 2y/10y bunds are flat/-2bp – DM team flagged that renewed fragility in global equity futures have supported core bond markets off intraday lows and the particularly risk-sensitive US tech sector (NVidia already lower by as much as 2% pre-market) is underpinning the bounce.
  • Main/XO are +0.5bp/+6bp at 65.8bp/347bp while €IG/€HY looks -2bp/-4bp with Cons Disc and Tech outperforming and industrials/Materials lagging as per FICM. Notable curve movers include Warner Bros (13-30bps tighter on reports of no break-up), Tikehau Capital (up to 18bp tighter), Lufthansa (up to 13bp tighter).
  • SXXP is flat with Real Estate -1.3% while Tech outperforms at +1% while SPX futures are +0.3%. All SXXP sub-indices are in the red MoM except for PersCare/HH/Grocers and on a 3m basis except for Health, PersCare/HH/Grocers and Telcos. Notable €IG movers on the day include Orix +19%, Honda +15%, Toyota +13%, Mitsubishi +12%, Aliaxis -6%, Tauron -5%.
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