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EUR Market Wrap

CREDIT PRE-MARKET
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  • 2y/10y bunds closed -7bp/-4bp as core EGBs strengthened for the 4th consecutive session. with a softer-than-expected US employment report driving significant intraday volatility. WoW move stands at -16bp/-13bp.
  • Main/XO ended +1bp/+4bp at 56.3bp/305bp (+3.7bp/+17bp WoW) while €IG was +0.2bp (Corps +0.4bp, Fins +0.1bp) and €HY was +4bp. €IG/€HY WoW moves were +1.4bp/+1bp with IG Fins (+0.4bp) outperforming Corps (+2.1bp) and three Corps sectors over 3bp wider (Cyc, Energy, Utils). $IG/$HY underperformed WoW at +5.2bp/+25bp.
  • SXXP ended -1.1% while SPX was -1.7% for WoW moves of -3.5%/-4.2%. Notable €IG movers WoW included Deutsche Pfandbriefbank +15%, ICADE +21%, Tritax Eurobox +9%, Kojamo Oyj +9%, Neste -16%, ASML -16%, Albemarle -16%, Grenke -14%, Elis SA -13%.
  • SX5E/SPX futures are +0.5%/+0.4%. UST futures have edged lower throughout the session, while the USD has mostly tracked higher, particularly against the safe havens. A better US equity futures tone has helped in this respect. China inflation was below expectations, with core CPI at its weakest levels since early 2021. China & HK equities have remained under pressure.
  • Later the ECB’s McCaul appears and US August NY Fed 1-yr inflation expectations and July consumer credit print.

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  • 2y/10y bunds closed -7bp/-4bp as core EGBs strengthened for the 4th consecutive session. with a softer-than-expected US employment report driving significant intraday volatility. WoW move stands at -16bp/-13bp.
  • Main/XO ended +1bp/+4bp at 56.3bp/305bp (+3.7bp/+17bp WoW) while €IG was +0.2bp (Corps +0.4bp, Fins +0.1bp) and €HY was +4bp. €IG/€HY WoW moves were +1.4bp/+1bp with IG Fins (+0.4bp) outperforming Corps (+2.1bp) and three Corps sectors over 3bp wider (Cyc, Energy, Utils). $IG/$HY underperformed WoW at +5.2bp/+25bp.
  • SXXP ended -1.1% while SPX was -1.7% for WoW moves of -3.5%/-4.2%. Notable €IG movers WoW included Deutsche Pfandbriefbank +15%, ICADE +21%, Tritax Eurobox +9%, Kojamo Oyj +9%, Neste -16%, ASML -16%, Albemarle -16%, Grenke -14%, Elis SA -13%.
  • SX5E/SPX futures are +0.5%/+0.4%. UST futures have edged lower throughout the session, while the USD has mostly tracked higher, particularly against the safe havens. A better US equity futures tone has helped in this respect. China inflation was below expectations, with core CPI at its weakest levels since early 2021. China & HK equities have remained under pressure.
  • Later the ECB’s McCaul appears and US August NY Fed 1-yr inflation expectations and July consumer credit print.