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EUR Market Wrap

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  • Bunds closed essentially flat after tightening the morning as equities trading weaker amid a light macro calendar before widening again on a surprisingly large hawkish reaction to weekly jobless claims data that showed little sign of an improvement in underlying terms but did at least rule out a very latest deterioration.
  • Main/XO ended flat/-1bp at 61.8bp/328bp with €IG/€HY also flat. Performance was broad-based with Fins underperforming Corps slightly. WoW index moves stand at +8bp/+18bp.
  • $IG was -2bp (bringing the MoM to flat vs. €IG and YTD to +22bp vs. €IG) with Cyclicals underperforming at +1bp and Basic Ind/Utils, Cap Goods outperforming at -2bp. 7-10yr spreads outperformed at -3bp
  • SXXP ended flat with Health and T&L the biggest movers at +1% while SPX was +2.3%. Notable €IG movers included Eli Lilly +9%, Asahi +7%, Viatris +7%, Mckesson -11%, Warner Bros -9%.
  • SX5E/SPX futures are +0.2%/flat. For most of today's Asian session the equity recovery continued, led by tech. UST futures have edged higher throughout the session, slowly clawing back the weakness made overnight after lower-than-expected jobless claims.

Date

GMT/Local

Impact

Country

Event

09/08/2024

0600/0800

***

DE

HICP (f)

09/08/2024

0600/0800

**

SE

Private Sector Production m/m

09/08/2024

0600/0800

***

NO

CPI Norway

09/08/2024

0800/1000

**

IT

Italy Final HICP

09/08/2024

1230/0830

***

CA

Labour Force Survey

09/08/2024

1700/1300

**

US

Baker Hughes Rig Count Overview - Weekly

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