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EUR Market Wrap

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  • Bunds closed flat against a quiet macro calendar and subdued new flow with Eurozone focus for the week on UK labour market data (today), UK inflation (tomorrow)m US PPI (today), US CPI (tomorrow) and EZ second GDP and IP (tomorrow). UK previews: https://roar-assets-auto.rbl.ms/files/65733/UK_Data_Preview_2024_08_Release.pdf
  • Main/XO ended flat/-2bp at 61.3bp/326bp while €IG/€HY was flat/-3bp with Utils outperforming slightly and Fins lagging slightly. Comms and Cycs were flat and sit as the best WoW performers at -10bp/-11bp respectively vs. -8bp for €IG.
  • $IG closed +1bp/+6bp and has underperformed €IG by 2bp MoM and 22bp YTD. Tech outperformed yesterday at -1bp to extend it’s YTD outperformance while Utilities, Basic Ind, Cap Goods and Cyclicals all widened by 1bp or more (all wider YTD).
  • SXXP and SPX both ended flat. €IG movers included BT +8%, Orlen +5%, Aurizon -8%, Vestas -8%, Albemarle -7%, Brenntag -6%.
  • SX5E/SPX futures are +0.3%/+0.2%. Markets were very quiet today in Asia, except for Japan's equity market which rallied after being closed on Monday for Mountain Day. Up today:

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  • Bunds closed flat against a quiet macro calendar and subdued new flow with Eurozone focus for the week on UK labour market data (today), UK inflation (tomorrow)m US PPI (today), US CPI (tomorrow) and EZ second GDP and IP (tomorrow). UK previews: https://roar-assets-auto.rbl.ms/files/65733/UK_Data_Preview_2024_08_Release.pdf
  • Main/XO ended flat/-2bp at 61.3bp/326bp while €IG/€HY was flat/-3bp with Utils outperforming slightly and Fins lagging slightly. Comms and Cycs were flat and sit as the best WoW performers at -10bp/-11bp respectively vs. -8bp for €IG.
  • $IG closed +1bp/+6bp and has underperformed €IG by 2bp MoM and 22bp YTD. Tech outperformed yesterday at -1bp to extend it’s YTD outperformance while Utilities, Basic Ind, Cap Goods and Cyclicals all widened by 1bp or more (all wider YTD).
  • SXXP and SPX both ended flat. €IG movers included BT +8%, Orlen +5%, Aurizon -8%, Vestas -8%, Albemarle -7%, Brenntag -6%.
  • SX5E/SPX futures are +0.3%/+0.2%. Markets were very quiet today in Asia, except for Japan's equity market which rallied after being closed on Monday for Mountain Day. Up today:

Date

GMT/Local

Keep reading...Show less