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EUR Market Wrap

CREDIT PRE-MARKET


  • 2y/10y bunds closed -2bp/-4bp – DM team flagged Friday’s steady rally into the weekend with this week’s US and UK inflation data to have more market moving potential than regional data such as the Indeed Wage Tracker or the second estimate of Q2 EZ GDP which will feature interesting updates on employment and productivity, but market impact could be limited barring large surprises. WoW move stands at +3bp/+5bp.
  • Main/XO ended flat/+1bp at 61.9bp/329bp for a WoW move of -1bp/-3bp while €IG/€HY was flat/-1bp for a WoW move of +1.6bp/-2bp. Cyclicals were the only sector to end the week marginally in the green with Utils the worst performer at +4bp. Performance was evenly distributed in terms of tenor. YTD moves stand at -17.8bp/+2.4bp.
  • $IG was -0.7bp on Friday and -2.2bp WoW for a YTD move of +3.6bp. Tech was the best WoW performer at -4.7bp and is the best YTD performer at -34.4bp in contrast the €IG where Tech is the worst YTD performer at -24.4bp.
  • SXXP ended +0.6% while SPX was +0.5% for WoW moves of +0.3%/flat and YTD moves of +4.2%/+12%. WoW €IG movers included OCI NV +22%, Kellanova +19%, Eli Lilly +11%, Continental +9%, VF Corp +8%, Warner Bros -15%, Mckesson -14%, Commerzbank -10%, Dell -10%.
  • SX5E/SPX futures are +0.5%/+0.1%; tt was a quiet session in Asia overnight, with Japan closed for Mountain Day so cash treasuries trading was close and UST futures little changed.


DateGMT/LocalImpactFlagCountryEvent
12/08/2024-***CNMoney Supply
12/08/2024-***CNNew Loans
12/08/2024-***CNSocial Financing
12/08/20241230/0830*CABuilding Permits
12/08/20241530/1130*USUS Treasury Auction Result for 13 Week Bill
12/08/20241530/1130*USUS Treasury Auction Result for 26 Week Bill
12/08/20241600/1200***USUSDA Crop Estimates - WASDE
12/08/20241800/1400**USTreasury Budget
13/08/20240130/1130***AUQuarterly wage price index
13/08/20240600/0700***UKLabour Market Survey
13/08/20240700/0900***ESHICP (f)
13/08/20240900/1100***DEZEW Current Conditions Index
13/08/20240900/1100***DEZEW Current Expectations Index
13/08/20240900/1000**UKGilt Outright Auction Result
13/08/20241000/0600**USNFIB Small Business Optimism Index
13/08/20241230/0830***USPPI
13/08/20241255/0855**USRedbook Retail Sales Index
13/08/20241530/1130*USUS Treasury Auction Result for Cash Management Bill
13/08/20241715/1315USAtlanta Fed's Raphael Bostic
14/08/2024-NZReserve Bank of New Zealand Meeting
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