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EUR Market Wrap

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  • Bunds closed 3-4bp tighter after a souring of risk sentiment with a reversal in oil futures seemingly leading the move. Broad-based weakness in other commodities (e.g. natgas and iron ore) have lent additional support to bonds.
  • Main/XO ended +1.8bp/+8bp at 57.1bp/308bp while €IG was +0.5bp (Corps +0.9bp, Fins flat) with all sectors modestly wider and Cycs +3.5bp, overtaking Tech as the worst performing sector YTD. €HY was +2bp. $IG was +2bp (Corps +2bp, Fins +1.8bp) and $HY was +10bp.
  • SXXP ended -0.5% while SPX was +0.4%. €IG movers included Aroundtown +14%, SCOR SE +6%, Capgemini +5%, Digital Realty Trust +5%, BMW -11%, Continental AG –1%, Aliaxis -7%, OCNI NV -6%.
  • SX5E/SPX futures are -0.1%/-0.6%. With Vice President Harris deemed to be the presidential debate winner we have seen lower US yields and weaker US equity futures, consistent with the viewpoint of reduced Trump election odds and lower likelihood in the reflation theme re-emerging.
  • With Vice President Harris deemed to be the presidential debate winner we have seen lower US yields and weaker US equity futures. This is consistent with the viewpoint of reduced Trump election odds and lower likelihood in the reflation theme re-emerging.

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  • Bunds closed 3-4bp tighter after a souring of risk sentiment with a reversal in oil futures seemingly leading the move. Broad-based weakness in other commodities (e.g. natgas and iron ore) have lent additional support to bonds.
  • Main/XO ended +1.8bp/+8bp at 57.1bp/308bp while €IG was +0.5bp (Corps +0.9bp, Fins flat) with all sectors modestly wider and Cycs +3.5bp, overtaking Tech as the worst performing sector YTD. €HY was +2bp. $IG was +2bp (Corps +2bp, Fins +1.8bp) and $HY was +10bp.
  • SXXP ended -0.5% while SPX was +0.4%. €IG movers included Aroundtown +14%, SCOR SE +6%, Capgemini +5%, Digital Realty Trust +5%, BMW -11%, Continental AG –1%, Aliaxis -7%, OCNI NV -6%.
  • SX5E/SPX futures are -0.1%/-0.6%. With Vice President Harris deemed to be the presidential debate winner we have seen lower US yields and weaker US equity futures, consistent with the viewpoint of reduced Trump election odds and lower likelihood in the reflation theme re-emerging.
  • With Vice President Harris deemed to be the presidential debate winner we have seen lower US yields and weaker US equity futures. This is consistent with the viewpoint of reduced Trump election odds and lower likelihood in the reflation theme re-emerging.