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EUR Market Wrap

CREDIT UPDATE


  • Bunds are 1-2bp wider having reversed the early London rally that followed softer-than-expected UK CPI data, although desks highlight subdued summer volumes. The presence of French & impending German long end supply probably added some weight while Eurozone GDP & industrial production data had no impact.
  • Main/XO are -1.2bp/-6bp at 60.3bp/319bp while €IG/€HY looks flat/-2bp. Curve movers include Kellanova (8-12bp tighter), Luminor Bank (2-9bp tighter), CK Hutch Group (-5bp), VGP NV (4-11bp tighter).
  • SXXP is +0.3% while SPX futures are flat. €IG movers include Flutter +8%, Carlsberg -4%.

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