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EUR Market Wrap

CREDIT UPDATE
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  • 2y/10y bunds are +4bp/+2bp – Dm team flagged that the net impact of the rally in equities and crude that began yesterday afternoon has continued to weigh on FI this morning. Regional focus remains on this afternoon’s ECB decision, where a 25bps cut is unanimously expected. Preview: https://roar-assets-auto.rbl.ms/files/67296/ECB%20Preview%20September%202024.pdf.
  • Main/XO are -2.2bp/-11bp at 55.9bp/300bp while €IG/€HY looks -1bp/-6bp with Consumer Disc outperforming slightly after recent underperformance. Autos are staging a recovery today with VW, BMW, and STLA amongst the best performers.
  • SXXP is +1.1% while SPX futures are +0.2%. €IG movers include DSV +7.5%, ICADE +6%, ASML +5%, Edenred -5%, Roche -3%.
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  • 2y/10y bunds are +4bp/+2bp – Dm team flagged that the net impact of the rally in equities and crude that began yesterday afternoon has continued to weigh on FI this morning. Regional focus remains on this afternoon’s ECB decision, where a 25bps cut is unanimously expected. Preview: https://roar-assets-auto.rbl.ms/files/67296/ECB%20Preview%20September%202024.pdf.
  • Main/XO are -2.2bp/-11bp at 55.9bp/300bp while €IG/€HY looks -1bp/-6bp with Consumer Disc outperforming slightly after recent underperformance. Autos are staging a recovery today with VW, BMW, and STLA amongst the best performers.
  • SXXP is +1.1% while SPX futures are +0.2%. €IG movers include DSV +7.5%, ICADE +6%, ASML +5%, Edenred -5%, Roche -3%.