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EUR Market Wrap

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  • Bunds closed 3-4bp wider with our DM team flagging corporate issuance burdens coming alongside a hawkish-leaning ECB sources piece from Reuters and slight upward revisions to the August manufacturing PMIs.
  • Main/XO ended flat at 52.5bp/288bp while €IG was -0.1bp (Corps -0.1bp, Fins -0.2bp) and €HY was -19bp (or -5bp for the liquidity-screened index). Energy outperformed at -1bp while Transport and Utilities lagged at >0.5bp wider.
  • SXXP ended flat while SPX was closed. €IG movers included Tauron Polska +6%, ICADE +5%, Leonardo -7%, Rolls Royce -6%, Sartorius -4%.
  • Equity jitters and softer commodity prices, particularly in the metals space, have dominated overnight sentiment so far. In the G10 FX space, yen is outperforming, particularly the higher beta plays. UST futures are little changed today, although off session lows.
  • US manufacturing PMI/ISM for August and July construction spending are released and BoE’s Breeden and ECB’s Buch & Jochnick appear.
DateGMT/LocalImpactFlagCountryEvent
03/09/20240630/0830***CHCPI
03/09/20240700/0300*TRTurkey CPI
03/09/20240700/0900***CHGDP
03/09/20241245/1345UKBOE's Breeden moderating ECB and European Banking Authority panel
03/09/20241345/0945***USS&P Global Manufacturing Index (final)
03/09/20241400/1000***USISM Manufacturing Index
03/09/20241400/1000*USConstruction Spending
03/09/20241530/1130*USUS Treasury Auction Result for 13 Week Bill
03/09/20241530/1130*USUS Treasury Auction Result for 26 Week Bill
03/09/20241700/1300**USUS Treasury Auction Result for 52 Week Bill
03/09/20241700/1300*USUS Treasury Auction Result for Cash Management Bill
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  • Bunds closed 3-4bp wider with our DM team flagging corporate issuance burdens coming alongside a hawkish-leaning ECB sources piece from Reuters and slight upward revisions to the August manufacturing PMIs.
  • Main/XO ended flat at 52.5bp/288bp while €IG was -0.1bp (Corps -0.1bp, Fins -0.2bp) and €HY was -19bp (or -5bp for the liquidity-screened index). Energy outperformed at -1bp while Transport and Utilities lagged at >0.5bp wider.
  • SXXP ended flat while SPX was closed. €IG movers included Tauron Polska +6%, ICADE +5%, Leonardo -7%, Rolls Royce -6%, Sartorius -4%.
  • Equity jitters and softer commodity prices, particularly in the metals space, have dominated overnight sentiment so far. In the G10 FX space, yen is outperforming, particularly the higher beta plays. UST futures are little changed today, although off session lows.
  • US manufacturing PMI/ISM for August and July construction spending are released and BoE’s Breeden and ECB’s Buch & Jochnick appear.
DateGMT/LocalImpactFlagCountryEvent
03/09/20240630/0830***CHCPI
03/09/20240700/0300*TRTurkey CPI
03/09/20240700/0900***CHGDP
03/09/20241245/1345UKBOE's Breeden moderating ECB and European Banking Authority panel
03/09/20241345/0945***USS&P Global Manufacturing Index (final)
03/09/20241400/1000***USISM Manufacturing Index
03/09/20241400/1000*USConstruction Spending
03/09/20241530/1130*USUS Treasury Auction Result for 13 Week Bill
03/09/20241530/1130*USUS Treasury Auction Result for 26 Week Bill
03/09/20241700/1300**USUS Treasury Auction Result for 52 Week Bill
03/09/20241700/1300*USUS Treasury Auction Result for Cash Management Bill