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EUR Market Wrap

CREDIT UPDATE


  • Bunds are 1-2bp tighter – Friday’s highs remain intact with yields off intraday richest levels with a quiet macro calendar and limited news flow. Thursday headlines this week’s regional macro calendar, with August flash PMIs due alongside the ECB’s Q2 negotiated wage tracker.
  • Main/XO are -0.3bp/-1bp at 53.6bp/294bp while €IG/€HY looks -1bp/+1bp. Curve movers include Alimentation Couche-Tard (up to 17bp wider), Banco Comercial Portgugues (~7bp tighter), Heimstaden (up to 9bp tighter).
  • SXXP is +0.3% while SPX futures are flat. €IG movers include CK Hutchison +5%, Cromwell Property +4%, Toyota -3%, NN Group -3%.

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