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EUR Market Wrap

CREDIT PRE-MARKET
  • Bunds closed 4-6bp tighter - Bunds edged higher in the morning session in a continuation of Tuesday's risk-off price action. Then global FI rallied in European mid-afternoon trade as US job openings came in lower than expected, spurring a bull-steepening Treasury rally.
  • Main/XO ended flat/+1bp at 54.4bp/298bp while €IG was +1.6bp (Corps +1.6bp, Fins +1.5bp) and €HY was +12bp. All sectors at least 1bp wider with only Comms, Energy and Fins avoiding a move into the red MoM. $IG was +0.9bp (Corps +0.8bp, Fins +1bp) and $HY was +4bp.
  • SXXP ended -1.0% with Tech -3.2% and just RE, Telcos and Utils staying in the green while SPX was -0.2%. €IG movers included Mondelez +4%, Tritax +4%, ASML -6%, CIE Financière Richemont -6%, Mitsubishi -6%, Neste -5%.
  • SX5E/SPX futures are -0.1%. It has been a slow session for US tsys today, futures are off session highs and now trade little changed for the day.
  • Later there are US August Challenger job cuts and ADP employment, services/composite PMI/ISM, jobless claims and Q2 final productivity/ULC, as well as euro area July retail sales and German factory orders. The ECB’s Tuominen speaks. Friday’s US payrolls data are a focus for crude markets as they await Fed easing to support demand.


Date

GMT/Local

Impact

Country

Event

05/09/2024

0545/0745

**

CH

Unemployment

05/09/2024

0600/0800

**

DE

Manufacturing Orders

05/09/2024

0730/0930

**

EU

S&P Global Final Eurozone Construction PMI

05/09/2024

0830/0930

**

UK

S&P Global/CIPS Construction PMI

05/09/2024

0830/0930

UK

BOE DMP Data

05/09/2024

0900/1100

**

EU

Retail Sales

05/09/2024

0900/1000

**

UK

Gilt Outright Auction Result

05/09/2024

1215/0815

***

US

ADP Employment Report

05/09/2024

1230/0830

***

US

Jobless Claims

05/09/2024

1230/0830

**

US

Non-Farm Productivity (f)

05/09/2024

1400/1000

***

US

ISM Non-Manufacturing Index

05/09/2024

1430/1030

**

US

Natural Gas Stocks

05/09/2024

1500/1100

**

US

DOE Weekly Crude Oil Stocks

05/09/2024

1530/1130

**

US

US Bill 04 Week Treasury Auction Result

05/09/2024

1530/1130

*

US

US Bill 08 Week Treasury Auction Result

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